Outside the Box: The 401(k) is here to stay — how to make it work for you

This November marks the 40th anniversary of the legislation that paved the way for 401(k) plans, meaning that many workers on the cusp of retirement have had access to a 401(k) during their entire careers.

While a lot of these folks may be utilizing a variety of strategies to prepare for retirement, plenty are relying heavily on their workplace plans. In fact, nearly 40% of baby boomers (aged 54 to 70) said in a recent study that a 401(k) is their largest or only source of retirement savings.

Read: Why it might be better to take Social Security at 66 instead of 70

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