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Threats that contribute to retirement planning
When you think about retirement, what comes to mind- a luxuriously easy life with nothing much to worry about and perhaps follow a hobby or travel?
But will it be possible if you have only a 401k plan? With growing concerns with each passing day, do you think one plan is sufficient?
What is the 401k plan?
This kind of a plan is a retirement plan. The plan is a contribution type, which is to say that the insured person will contribute to the plan from out of their pockets or paycheck. The insured person may pay such amount before or after the deduction of tax. In addition to this, the plan is subject to clearing and payment of the 401(k) plan fees.
Threats to your retirement when all you have is a 401(k) plan
There are numerous concerns and problems which arise when all you have is a 401(k) plan. Have a look at some of the issues that you may face.
A person can buy a 401(k) plan from various providers after paying the 401(k) plan fees. However, it is imperative that buyers look for another plan along with it or be careful with their payments to enjoy retirement benefits.
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