Many Americans may be missing out on the benefits of 401(k) contributions for retirement savings, according to Suze Orman. Vanguard data shows that 86% of 401(k) plans offer the option to save in a Roth 401(k), but fewer than 1 in 5 participants choose this option. Orman recommends opting into a Roth 401(k) for the upcoming year, citing it as a savvy money move that can lead to tax-free withdrawals in retirement. By utilizing a mix of traditional and Roth 401(k) plans, Orman believes individuals can set themselves up for financial success in retirement.

Read more at 1. “Stock market reaches new record highs as tech sector leads the way.” – CNBC
2. “Unemployment rate drops to 4% as job market continues to strengthen.” – Wall Street Journal
3. “Federal Reserve announces interest rate hike in effort to combat rising inflation.” – Reuters
4. “Crypto market sees significant gains as Bitcoin surpasses $60,000 mark.” – Barchart
5. “Major banks report strong quarterly earnings, exceeding expectations.” – CBS MarketWatch: Not Doing This With Your 401(k) Is ‘Nuts’