Ric Edelman: Hi! I'm Ric Edelman. In this series we're talking about some of the biggest financial mistakes I've seen people make. One mistake I see time and again taking financial advice from people who know little or nothing about personal finance. You know who they are? Co-workers.
Yeah. Somebody might say I moved my 401(k) to cash or I've stopped contributing until the market improves and you should too. This can be very dangerous advice. Another piece of bad advice, only contribute enough to your 401(k) to get the employer match; that's terrible advice.
Employer Retirement Plans are the best way for you to save for retirement, regardless of whether or not there's a match from your employer. If you don't put any money in, you won't have anything in retirement.