Protect Your 401(k) By Avoiding These Mistakes

We're living longer and more active lives -- so experts say saving enough money for retirement is more important than ever.

But a number of common mistakes can ruin your 401(k) retirement plan  -- and investment pros say they're all avoidable.

Experts at the Motley Fool say in story in USA Today that the top two errors are taking an early withdrawal from your 401k and borrowing money from it.

But wealth advisor Derrick Kinney says that instead, you should be salting away more cash -- particularly if you've hit age 55.

Another mistake is cashing out a 401(k) when you switch jobs – instead of rolling it in to a fresh 401(k) or other pretax savings instrument.

Experts say the other no-no's are missing out on employer matching of your contributions ... and failing to track the performance of your investments through a semiannual review.

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