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Video - Money - Know It to Grow It - 401k

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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Synchrony Staff

This article contains contributions from multiple staff members for the Synchrony blog.

*The information, opinions and recommendations expressed in the article are for informational purposes only. Information has been obtained from sources generally believed to be reliable. However, because of the possibility of human or mechanical error by our sources, or any other, Synchrony does not provide any warranty as to the accuracy, adequacy or completeness of any information for its intended purpose or any results obtained from the use of such information. The data presented in the article was current as of the time of writing. Please consult with your individual advisors with respect to any information presented.