What is a 401(k) plan?
An example of an AI chatbot conversation about a 401(k) retirement savings plan.
Can you explain what a 401(k) plan is?
A 401(k) plan is a retirement savings plan sponsored by an employer that allows employees to save a portion of their paycheck before taxes are taken out.
How does it work?
Employees can choose to contribute a percentage of their salary to the plan, and employers may match contributions up to a certain limit.
What are the benefits of having a 401(k)?
The benefits include tax advantages, potential employer matching contributions, and the ability to grow savings over time through investments.
Are there any penalties for withdrawing early?
Yes, if you withdraw funds before age 59½, you may face a 10% penalty in addition to regular income tax on the amount withdrawn.
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