A 401(k) plan is an employer-sponsored retirement savings plan. It allows workers to invest a portion of their paycheck before taxes are taken out. Learn more.
A 401(k) plan is atax-advantagedretirement savings plan. What Is a 401(k) Plan? Named after a section of the U.S. Internal Revenue Code, the 401(k) is adefined-contribution planprovided by an employer.1The employer may match employee contributions; with some plans, the match is mandat...
What is a self-employed 401(k) plan? Are you self-employed? Here's what you need to know about solo 401(k)s and how to open one. A self-employed 401(k) plan — also called a one-participant 401(k), individual 401(k) or solo 401(k) — is a type of retirement account for...
A 403(b) plan is actually quite similar to the more well-known 401(k). This retirement account was designed for specific types of employees. You may be able to acquire a 403(b) plan if you are a professor, school administrator, teacher, doctor, nurse, librarian, employee of a tax-exe...
A safe harbor 401(k) plan is a simpler 401(k) that is exempt from many of the tax rules and compliance requirements of traditional 401(k) plans.
A 401(k) plan is a retirement savings account typically offered by employers. Contributions are made through deductions from the employee's paycheck and may be matched by the employer.
What is a solo 401(k) plan and how does it work? A solo 401(k) plan, also called a one-participant 401(k) or a solo K, offers self-employed people an efficient way to save for retirement. There are no age or income restrictions, but participants must be business owners with no...
A 401(k) is a retirement savings plan that lets you invest a portion of each paycheck before taxes are deducted depending on the type of contributions made. Because of 401(k) tax advantages, the federal government imposes some restrictions about when you can withdraw your 401(k) contributions...
Most 401(k) loans have a maximum repayment period of five years. However, there is one important exception to that rule. If you are using the loan toward the purchase of a primary residence, the term may be extended up to 10 years or more. Consult with your plan administrator to determi...
Loan amounts are limited to 50% of the 401(k) balance or a maximum of $50,000 if the account is fully vested—whichever is lower. As the IRS explains, “Generally, the employee must repay a plan loan within five years and must make payments at least quarterly.” But there are some...