Fund your 401(k) or IRA first?
Will you really save on your own?
"If you don't put that money in your 401(k), do you have the resolve and willpower to save it somewhere else?" asks Ted Benna, president of Malvern Benefits Corp. and the consultant who discovered the loophole that launched the 401(k) industry.
"Most people, myself included, don't have the discipline to do it on their own," he says.
But with a payroll deduction, Benna says, "It happens, it's systematized, you don't have to think about it."