Is it worth contributing to a 401k?
It's probably worth sticking with your 401(k) because of the higher contribution limits versus IRAs. You can contribute up to $19,500 to a 401(k) in both 2021 (up to $20,500 in 2022), or $26,000 ($27,000 in 2022) if you're 50 or older.
Is there a downside to 401k?
Fees. The biggest drawback of a 401(k) plan is they usually come with at least some fees. There are plan administration fees, investment fees, and service fees, among others. If you work for a small company, the fees are worse.
Should I quit contributing to my 401k?
The tax-free growth and those extra employer contributions will stall when and if you stop contributing more money to your 401(k). Most experts recommend contributing to your 401(k) for at least as long as you're working.
Is contributing 5% for 401k good?
However, regardless of your age and expectations, most financial advisors agree that 10% to 20% of your salary is a good amount to contribute toward your retirement fund.
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