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What Does 401k Mean?

... ( read more ) LEARN MORE ABOUT: 401k Plans REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing What is a 401(k)? When it comes to planning for retirement, one of the most popular investment options available is a 401(k). But what exactly is a 401(k) and why is it so widely used? In simple terms, a 401(k) is a retirement savings plan offered by many employers in the United States. It allows workers to save and invest a portion of their salary for retirement, with the added benefit of potential tax advantages. The name "401(k)" comes from the section of the U.S. Internal Revenue Code that governs this type of account. The main advantage of a 401(k) is its tax-deferred nature. When an employee contributes a percentage of their salary to a 401(k), this amount is deducted from their taxable income in the current year. As a result, they pay less in income taxes for