What’s 401k

401ks are a common retirement plan option. But, what is a 401k? Learn about 401k plans, how they work, the types, and which plan might be right for you.

The 401k plan was established to encourage individuals to save for their future retirement needs. A 401k plan is established by an employer to assist their employees to save for retirement. Individuals who are eligible to save through a 401k plan can save money on a pre-tax basis, lowering their annual taxable earnings, and in some cases with qualified plans, can contribute additional funds …

401(k) Plan Definition – What is a 401k?

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401(k) Plan Example: For example, 401(k) Plans can be either a participant directed plan or a trustee directed plan. A participant directed plan allows the employee to select from a number of different investment choices within the retirement fund.

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