Just watch an hour of TV and you’ll find a half dozen 401k companies vying for your attention.
This one wants you to follow a green line. That one wants you to listen to that guy from “Law & Order.” The other one has a talking baby. And they all make your eyes glaze over when they start talking about markets and investing and retirement.
Given how confusing and daunting retirement savings can be (especially in the wake of a struggling economy) it’s no wonder there are so many gimmicks — not to mention so many mistakes made — in regard to 401(k) plans.
But neither companies nor individuals should let talk of tax codes and portfolios bully them into denying their employees a valuable benefit or opting for a retirement-savings-sized piggy bank instead of investing. To administer or participate in a plan successfully, all you have to do is avoid these common pitfalls: