Transcript:
What is a 401k?
A 401k is a retirement saving plan that many U.S. employers offer to their employees...
...that has some advantages over a standard investment account.
When you agree to put a percentage of each paycheck into a 401k, two things can happen.
The employer may agree to match some or all your contribution…
...that's additional, free money that goes directly into your 401k to invest.
Plus, with a traditional, non-Roth, 401k, all the money put in grows tax deferred.
So you don't have to pay any tax until you start withdrawing money at a future retirement date...
…a time when your income could be lower and taxed lower, too.
Check with a financial expert for details.
So that's a 401k. Find more ways to know and grow your money at synchronybank.com.
READ MORE: Video - Money: Know It to Grow It - Estate Planning
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