A 401k is a retirement savings plan sponsored by an employer. It’s a tax-deferred savings account, which means you can contribute pre-tax dollars and all of the earnings are tax-deferred. This is one of the big advantages of a 401k.
The contribution limit for a 401k for 2020 is $19,500. If you’re 50 years old or older, you can make an additional “catch-up” contribution of $6,500, for a total contribution limit of $26,000.
401ks have become the most popular retirement savings plan in the US, probably because they’re a great way to save for retirement. Employers often offer 401ks as a benefit to their employees, and they may even offer a matching contribution.
If you have a 401k, you should contribute as much as you can to take advantage of this great retirement savings tool.
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