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What is a 401(k) plan?
401(k) is the section of the Internal Revenue Code that allows
employees to participate in a retirement savings plan.
Contributions
are tax-deferred, and interest and earnings accumulate on a tax-deferred
basis. A 401(k) retirement plan is an effective and powerful
method of saving.
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Because it's good for you. Are you one of 12.5 million Americans
not participating in your companies 401(k) plan? The fact
is, of the 50 million Americans eligible to participate in
their employer's plan, only 37.5 million actually participate.
Many of the 37.5 million are not contributing enough for their
retirement.
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Social Security will pay the average retiree about 40% of
pre-retirement earnings.
Experts estimate that Americans will need 60 to 80 percent
of their pre-retirement income -- lower-income earners may
need up to 90 percent to maintain their current standard
of living when they stop working.
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Enter the company username and password to complete your personal analysis.
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to learn more about 401(k) plans? Click below to begin
our online tutorial.
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