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401K plan

We’ve all come to the conclusion that the 401(k) is an important tool for building a retirement fund. The passage of law that created it might not have intended to create a new way to plan for a pension but that’s how it has developed: as a retirement fund for employees with a host of benefits.

Because the 401(k) is tied to a workplace, it can receive matching payments from an employer that can significantly boost an income. It’s tax-beneficial, allowing taxpayers to move taxable income they don’t need now to a time when they’ll pay a lower tax rate—and need the money more.

Some 401(k)s—though not all—also allow for borrowing, giving investors a useful way to access short-term funds.

To make the most of those matching payments and tax benefits, you should put as much you’re your 401(k)s as possible. You should pay attention to vesting times so that you know how much you’ll lose if you leave your job. And you should know where your 401(k)s are as you move through your career, and how much they’re worth.

In conclusion,Track your 401(k), and you should find that your retirement remains on track.

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