How 401(k) Plans Work
A 401(k) lets you contribute pre-tax income to a retirement account. Many employers match a portion of your contributions — that's essentially free money. The 2024 contribution limit is $23,000 ($30,500 if 50+).
Frequently Asked Questions
How much should I contribute? At minimum, contribute enough to get the full employer match. Ideally, aim for 15% of your salary including the match.