What are the benefits of a 401(k)?
An example of an AI chatbot conversation about the advantages of a 401(k) retirement plan.
What are the benefits of a 401(k)?
A 401(k) offers tax advantages, employer matching contributions, and helps you save for retirement.
Can you explain the tax advantages?
Sure! Contributions are made pre-tax, reducing your taxable income, and taxes on earnings are deferred until withdrawal.
What does employer matching mean?
Employer matching means your employer contributes additional funds to your 401(k) based on your contributions, boosting your savings.
Are there any penalties for early withdrawal?
Yes, withdrawing funds before age 59½ typically incurs a 10% penalty, plus you'll owe income tax on the amount.
How much can I contribute each year?
For 2023, the contribution limit is $22,500, or $30,000 if you're age 50 or older, thanks to catch-up contributions.
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