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What Is a 401K?
A 401K is a type of retirement plan that you get through your employer. You pay a portion of your income into the 401K plan every month and, at a certain point after retirement, you can start to collect disbursements from the account.
Benefits to a 401K
There are many benefits to a 401K plan. One is that depending on how long you have been with the company; your employer may match some or all of the funds that you invest in the 401K account, potentially doubling your investment.
Another big advantage to the 401K plan is that your contributions are tax-free. You can collect interest on the entire amount, and only pay taxes on the money when you withdraw it.
Yet another advantage of a 401K is that you, as the employee, get a lot of control over how the 401K money is invested. This is also a big responsibility however, and it can be a good idea to consult a 401K attorney, a financial expert who can offer ideas on how to invest your 401K contributions and who can answer any questions you may have about 401K plans and your options.