what is a 401k

retirement plan

This article explains the 401k very well.

http://money.howstuffworks.com/personal-finance/retirement-planning/401k.htm

A 401(k) is a type of retirement savings plan offered by many employers in the United States. It allows employees to contribute a portion of their salary into a tax-advantaged account specifically designated for retirement savings. The contributions made to a 401(k) are typically deducted from the employee's paycheck before taxes are withheld, meaning that the money invested in the account is not subject to income tax at the time of contribution.

To get more detailed information about 401(k), you have several options:

1. Consult your employer: If you are currently employed, your employer should be able to provide you with information about the specific 401(k) plan they offer. They can explain the features, contribution limits, and any matching contributions they may offer.

2. Research online: Various financial websites, retirement planning websites, and government resources provide information on 401(k) plans. You can search for terms like "401(k) retirement plan" or "how does a 401(k) work" to find reliable sources that explain the concepts and specifics.

3. Speak with a financial advisor: A financial advisor or retirement planner can guide you through the details of a 401(k) plan, including investment options, withdrawal rules, potential tax implications, and how it fits into your overall retirement strategy.

Remember, it's important to familiarize yourself with the specific details of any 401(k) plan, as they can vary from one employer to another.