Retirement planning is an ongoing process that a person needs to keep up with and manage for a financially secure retirement.
The planning process goes from accumulation of wealth to making the right decisions about assets.
A 401(k) plan is a retirement savings plan that is funded by employee contributions and (often)-matching contributions from the employer. The contributions are taken from pre-tax salary, and the funds grow tax-free until withdrawn. Also, the plans are (to some extent) self-directed, portable and the compounding effect of consistent periodic contributions over the period of 20 or 30 years is significant.
Since the program is a personal investment program for your retirement, it is protected by pension (ERISA) laws. |
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