system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What are the downsides to a 401k?

I've been reading posts about it and everything sounds all good and dandy. You put money in, companies match and put in an equal or more amount. More money! So.. I don't understand why my dad and a lot of my Asian friends' parents think that it's a rip off and don't put their money into their 401k. What are the downsides aside from having a smaller paycheck?
gpt
The money is essentially locked there until you retire unless you want to pay severe tax penalties to withdraw it early.

It may also not be the best tax situation if you're not currently making a lot of money or pay a lot in interest since it would be taxed at a very low rate today, but much higher in the future.

The funds in the plan may or may not be top performers, that varies by plan and allocation.