401(k) Plans

401(k) Plans

How does a 401(k) plan work?

With a 401(k) plan, you elect either to receive cash payments from your employer immediately, or defer receipt of a portion of that income to the plan. The amount you deferĀ isn't currently included in your income; it's made with pre-tax dollars. Consequently, your federal taxable income (and federal income tax) that year is reduced. And the deferred portion (along with any investment earnings) isn't taxed to you until you receive payments from the plan...

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