What Is a 401(k)?

Quick facts about the 401(k) A 401(k) is a tax-favored retirement savings account offered by employers Individuals can contribute up to $18,000 a year ($23,000 if age 50 or older) Some employers offer the choice of both a traditional 401(k) and a Roth 401(k) You can contribute to both a 401(k) and an IRA in the … Continued