Gina Buchholz of 401k Plan Professionals provides a brief overview on the tax benefits and advantages of having a 401k.... ( read more )
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A 401k is a popular retirement saving plan funded by employers, allowing employees to save their money while enjoying the tax benefits that come with it. While saving for your retirement, a 401k plan offers you several tax advantages that can help you achieve your retirement dreams. One of the most significant tax benefits of a 401k plan is its tax-deferred nature. This means that contributions made to the plan are tax-deductible, reducing your taxable income by the amount you have saved. For example, if you earn $100,000 per year and contribute $10,000 to your 401k plan, you will only pay taxes on $90,000 of your income for that year. Additionally, any growt
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