401(k) Do's and Don'ts

Americans don’t save as much money as they should.

According to the Employee Benefit Research Institute’s annual Retirement Confidence survey, only 68 percent of Americans save for retirement. Of those, roughly half are confident they can live comfortably in retirement, but 27 percent don’t know how much they should be saving.

“The biggest mistake people make is not thinking long term,” said Terry Conner, managing partner with The Mutual Fund Store. “People spend about 700 hours during their life planning their vacations, but only about 10 hours planning for retirement.”

Conner believes it’s never too late to do the right thing, but what is the right thing when it comes to 401(k) investing? Here are eight do’s and don’ts from local money managers.