lucille401(k) Basics Your First Steps to Retirement
Understanding 401(k) Plans
A 401(k) is a retirement savings plan sponsored by your employer. It’s a powerful tool because it allows you to save pre-tax dollars, reducing your current taxable income. This means you’ll pay less in taxes now, and your money grows tax-deferred until retirement. Many employers even offer matching contributions, essentially giving you free money toward your retirement.
How Employer Matching Works
Employer matching is a significant benefit. Your employer will often contribute a percentage of your salary to your 401(k) account, usually matching a certain percentage of your contributions up to a specific limit. For example, they
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