Omega Management logo

These 3 Tragically Obvious Mistakes Will Kill Your 401(k) | Business News

Have you checked your 401(k) lately? If you haven’t, that’s probably a good thing, as you may not like what you see. I have certainly avoided checking my retirement accounts over the past few months. The S&P 500 is down 19% year to date as of May 20, and the Nasdaq Composite has lost 28% — that’s near or in bear market territory, depending on which index you follow.

While it’s tough to see red numbers seemingly every day, it’s important to keep in mind bull markets typically last longer than bear markets, and having a long-term focus is the best strategy to produce gains. And avoiding these three common mistakes will help you get the most out of your 401(k).

Image source: Getty Images.

Mistake No. 1: Not getting the full company match

This seems like a no-brainer, but you might be surprised how many people…

Read more…