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But this is one big area where average people make a mistake -- cashing in their 401Ks (or equivalent) when they switch jobs.

All the retirement planning methodology from 10-15 years ago is obsolete. It included retirement plans as a source of income.

Last night we met friends for a meal out. During the conversation, the wife mentioned that her husband (consulting engineer) only had a 401k but no retirement plan. (She still has a retirement plan, thanks to the union she belongs to.)

I pointed out the MDH also did not have a retirement plan.

I refrained from noting that my "retirement plan" was converted to a "cash balance" plan over 10 years ago.

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