What exactly is a 401(k)?

I know it’s good to have a job with a 401(k) because I always hear people talking about it, but what exactly is it?

Answer #1

401(k) is a type of investment account that provides for some tax benefits, as well as personal security given that most people don’t have a pension plan. A lot of employers offer a “401(k) match, which means for every amount of money you put into your own plan, they’ll add a % of the money that you add.

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