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An employer-sponsored retirement account funded by payroll deductions, often with a company match.
A 401(k) lets you invest part of each paycheck for retirement with tax advantages, and many employers match a portion of contributions. A traditional 401(k) reduces taxable income now and is taxed at withdrawal; a Roth 401(k) is funded with after-tax money and grows tax-free. Annual contribution limits are set by the IRS and rise periodically.
Contributing at least enough to capture the full employer match is the first priority in a 401(k).
Retirement savings benchmarks by age give you a reference point for whether you are on track — but the right number depends more on your specific income and expenses than on your age.
Read article →Educational disclaimer: All content on WealthSerene.com is for educational purposes only and does not constitute investment advice. Projections and calculations are illustrative — actual results will vary based on market conditions, your specific situation, and many factors outside this tool’s scope. Always consult a qualified financial professional for advice specific to your situation. View full disclosures →