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CNNMoney's Allen Wastler walks you through the ins and outs of 401ks. Part 1 of 4.
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Mistake 1: Not participating in your 401(k)
If you're like a lot of workers you won't have a defined benefit pension coming to you in retirement, and living on Social Security alone means you'll be cutting it pretty close to the bone.

So, unless you're angling to live like Mother Theresa minus the selflessness and international acclaim, you should take advantage of your 401(k), which offers you free money, tax breaks and a very convenient way to build your nest egg.

Any contributions you make will reduce your taxable income for the year and will grow tax-deferred until retirement. Plus, many employers will match a portion of your savings. And that extra dollop of money is tax-free to you.

The sooner you start, the better, since you won't have to save nearly as much of your salary to reach your goals if you start young than if you start in your 40s or 50s. (Not that all is lost if you get started late, it just takes a lot more discipline, as Walter Updegrave explains.)

Remedy:

Call your benefits office to find out how to sign up for your 401(k).

The task may soon be made easier for employees as more companies are adding an auto enrollment feature. Here's how it works: as soon as you are eligible to participate in the company's 401(k), a small percentage of your pay is automatically deducted and put in a 401(k) account. You are free, however, to change your contribution level and investments.
xxx Follow these guidelines and feel confident that you'll be making the right financial decisions. (more)
xxx You don't have to spend a lot of time to put your financial house in order. Money Magazine shows you the easy way. (more)

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.