Dee Lee: Author Dispels 401(k) Myths

Opiela, Nancy
June 1998
Journal of Financial Planning;Jun98, Vol. 11 Issue 3, p89
Academic Journal
This article profiles author Dee Lee and her book The Complete Idiot's Guide to 401(k) Plans. while more than one out of three people in the U.S. is eligible to participate in some kind of 401(k) plan, many avoid learning how best to manage their retirement investment to achieve maximum returns. That is especially troubling when on consider that for many people, the 401(k) plan will be their largest asset, come retirement. The lack of education by the U.S. regarding 401(k) plans comes as no surprise to the co-author of the book, Lee. After 15 years in practice as a financial planner, Lee founded Harvard Financial Educators in Harvard, Massachusetts, to offer seminars designed to help corporate and institutional employees understand their benefit packages and make sound decisions regarding their pension and profit sharing plans. Lee hopes that the book will help its readers avoid many of the mistakes she has seen employees make. Lee said that the biggest mistake across the board is not taking advantage of the match of the company. The next is choosing investments that are too conservative. The third mistake people make is when they have a new plan and two weeks to make choices. Also, people make the mistake of taking money out of their plans, paying the penalty and taxes, and buying a new car.


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