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In-s [12.5K]
3 years ago
12

Which is true about making contributions to a 401(k) account?

Social Studies
1 answer:
Dimas [21]3 years ago
6 0

Facts about 401(K) account are the following:


<span>1.      </span>Employee contributions to a 401(K) are tax deductible

<span>2.      </span>The employer's plan may not discriminate against lower paid employees

<span>3.      </span>You cannot put into more than 25% of your earned income which is counted w/your employer's contribution

<span>4.      </span>Growth within the 401(K) is tax-deferred until you withdraw your money

<span>5.      </span>If/ when you die, if you are married & have a 401(K) your SPOUSE IS THE BENEFICIARY. Federal law says that the spouse is the beneficiary UNLESS they waive their rights

<span>6.      </span>Tax sheltered but you can only put your money in investments that have been approved by your employer (diversify! Don't invest in your company's stock, look at the fees)

<span>7.      </span>You generally cannot withdraw funds without penalty before age 59 1/2 except under special circumstances.

 





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