Company pensions are increasingly becoming scarce. Therefore, one of the vehicles that was available to the workers of previous decades are no longer accessible for most private sector workers. More and more companies are moving toward 401(k) plans as the primary retirement savings option for their workers. Here are some important points about contributing to a 401(k).
Open An Account
It’s impossible for a worker to save in a 401(k) plan if they’ve never opened an account. Getting set up with an account is as easy as taking a few minutes to stop by the HR office to fill out a few forms. Once an account is open, then it’s possible to start making contributions.
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