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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
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)