A401(k) retirement plan is an excellent tool to help employees save for retirement. Many employers offer a company match, which is basically extra compensation. Not only that, but you also usually get a tax break for your contributions in the year you make them.
But if you’re only saving for retirement in a 401(k), it could end up hurting you when you’re ready to start living on your savings. Here are five drawbacks of only using a 401(k) for retirement.