Maxing out your 401(k) is a mistake if you carry high-interest credit card debt

Financial experts warn that maxing out a 401(k) retirement account is a major mistake when you carry high-interest credit card debt, which often charges over 20% annually. Investment returns rarely outpace the cost of such debt. The recommended approach is to grab the employer match, then aggressively pay down high-interest debt and build an emergency fund before maximising retirement contributions.