What is a 401(k) account?
An example of an AI chatbot conversation about 401(k) accounts and their benefits.
Can you explain what a 401(k) account is?
A 401(k) account is a retirement savings plan sponsored by an employer that allows employees to save a portion of their paycheck before taxes are taken out.
What are the benefits of having a 401(k)?
Some benefits include tax advantages, employer matching contributions, and the ability to grow your savings over time through investments.
How much can I contribute to my 401(k) 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.
What happens to my 401(k) if I change jobs?
You can leave it with your old employer, roll it over to your new employer's plan, or transfer it to an IRA.
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