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What is a 401(k) plan?
- · It is a retirement savings plan sponsored by your employer and funded by you with money that is deducted from your pretax pay.
- · You will be responsible for making the investment choices in your 401(k). Usually, your employer’s plan will offer you a number of investments from which you can choose.
- · Sometimes, you will be able to choose from a wider range of options that are offered through your plan’s administrator.
- · At this time, you will need to do some research to decide how you want to invest your money – incorporating your risk tolerance and the time horizon in which you want to achieve your financial goals.
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