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401k Plan

A 401K plan is a type of retirement account in which an employer funnels money from the employee's earnings directly into the retirement account. Because the employee does not have access to these funds, it is one of the best ways to put money away for retirement. This type of retirement account is tax deferred which means that the funds are not taxed going into the account but rather when they are being withdrawn. The largest benefit here is that when it comes time to withdraw the funds, in retirement, the individual's income tax bracket will be much lower than it is currently, during their wage earning years. This means a lower amount of tax levied on the funds in total.

Fast Facts

  • Of those who are eligible for 401k retirement accounts through their employer, 78 percent of people held a balance in those accounts.
  • The most common reason for not participating in a 401k plan offered to the employee was a lack of extra money to save.
  • A secondary reason why people select not to use a 401k plan is that they are using another form of retirement savings.

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401k plan - Financial Planners, Articles and Q&A

Search Results for "401k plan"

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Results 1-5 of 6 for "401k plan"

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