What is a 401(k) retirement plan?
Asked a year ago
A 401(k) retirement plan is a type of employer-sponsored retirement savings plan that allows employees to contribute a portion of their pre-tax income towards their retirement. These contributions are then invested in a range of investment options, typically including stocks, bonds, and mutual funds. One of the main advantages of a 401(k) plan is the ability to defer taxes on both the employee's contributions and the investment earnings until they withdraw the funds during retirement. Additionally, many employers often offer matching contributions to incentivize employees to save for retirement. Employees have control over their 401(k) accounts, including the ability to choose how much to contribute and how to allocate their investments. Overall, a 401(k) plan offers a tax-advantaged way to save for retirement while allowing individuals to take an active role in their investment strategy.
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