When you are planning for your retirement, a 401K plan is a good place to start. This a very special account that you fund with pre-tax earnings and is deducted from your paycheck each pay period. These funds are then invested in a variety of bonds, mutual funds, and stocks, and no taxes are charged upon it until the funds are withdrawn from the account. Congress created this in the early 1980s and is used as a vehicle for saving for retirement. There are many benefits of a 401k plan that can make an excellent financial net when it comes time to retire. Some of the advantages include, tax, match programs initiated by employers, the flexibility to customize your investments, portability, and the ability to withdraw for a loan or hardship cases.
Most employers match a portion of the employees 401K contribution as a appealing factor of keeping employees. Some employers will even increase the amount of their match when the employee works for them for so long, it all depends on the company. It is of your best interest to invest the maximum amount you can to the 401K to fully benefit from this program. Additionally, the 401k plan allows you to customize your investments and...
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