How 401k Plans Work

How 401k Plans Work,[link widoczny dla zalogowanych]
In 1978, Congress decided that Americans needed a bit of encouragement to save more money for retirement. They thought that if they gave people a way to save for retirement while at the same time lowering their state and federal taxes,[link widoczny dla zalogowanych], they might just take advantage of it. The Tax Reform Act was passed. The plan got its name from its section number and paragraph in the Internal Revenue Code -- section 401,[link widoczny dla zalogowanych], paragraph (k).
Ted Benna,[link widoczny dla zalogowanych], who was a benefits consultant,[link widoczny dla zalogowanych], actually came up with the first version of this plan. His plan was officially accepted by the IRS and proposed regulations were issued in 1981. In 1982, taxpayers were able to take advantage of this new plan for the first time. It took almost 10 years, but final regulations were eventually published in 1991.
Free money from your employerLower taxable incomeSavings and earnings that accumulate without you having to remember to make depositsThe opportunity to retire and not have to worry about money anymoreDoes this sound too good to be true,[link widoczny dla zalogowanych]? It isn't. It's what you can gain from investing in your company's 401(k) plan,[link widoczny dla zalogowanych]. The 401(k) is one of the most popular retirement plans around,[link widoczny dla zalogowanych].
Although retirement plans may be the farthest thing from your mind,[link widoczny dla zalogowanych], think about how much of a difference 10 years can make in the investing world. You'll learn about that difference in this article. If your employer offers a 401(k) plan,[link widoczny dla zalogowanych], it makes a lot of sense to participate in it as soon as possible. If you start early,[link widoczny dla zalogowanych], maybe when you're 25 or so,[link widoczny dla zalogowanych], you can very likely have a million or two (or more) in your account by the time you retire.
In this article,[link widoczny dla zalogowanych], you will find out how small monthly investments can turn into a million dollars by the time you retire. You'll find out why the 401(k) plan is one of the best ways to save for retirement,[link widoczny dla zalogowanych], why your employer offers it,[link widoczny dla zalogowanych], and how you can make the most of your account.
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