401(k)

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What is a 401(k)?

 

A 401(k) is an employer-sponsored retirement plan. It is offered by for-profit organizations in the private sector for employees who have served the company for a minimum of one year. Participating employees should be at least 21 years old. 

 

What makes a 401(k) unique? 

 

A 401(k) is a defined contribution plan. This generally means that the employee is the one who decides how much of their salary they want to contribute to their 401(k). While the contribution amount is entirely up to the employee, it is still subject to IRS regulations. According to the IRS, the contribution limit for employees is $19,500 in 2021. 

Employees can opt to invest the money in their 401(k) account in mutual funds or other  interest accruing funds, stocks, and bonds offered by the plan. 

 

Who can make contributions to a 401(k)?

 

Contributions may be made by both participating employees and employers. To help employees grow their savings for retirement, most employers offer to match 401(k) contributions.

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