Should I opt out of my 401(k)?

I am 23 years old and currently have a 401(k) account at work. I recently got a raise and now I make less than when I started (because of the higher tax bracket). I want to opt out of my 401(k) and put the funds into a different account. Where should I move this money to?

Personal Finance, 401(k)
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September 2016
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First, I think it is great that at 23 you are contributing to your 401k. There may come a day when you have other short term commitments such as a birth of a child and your spouse may need to stay home for a bit and feel you need to temporarily cut back on contributions so you have more take home pay.

I urge you to continue contributing regardless of the higher tax bracket this. Contributions to your 401k actually lower your taxable income so I think it makes even more sense to continue these deposits.

If you feel you still want to stop, I suggest contributing enough to at least get the company match if that is offered.

September 2016
September 2016
September 2016
September 2016