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In short, the employees who most need a retirement plan may be the ones who can least afford to participate in a 401(k). A big incentive for participating in a 401(k) is getting the matching funds offered by most employers. To get all these funds, employees must contribute a certain amount (often twice what the employer contributes).
When hit with a spending spike, 3 in 5 households increased their credit card debt and then took out a 401(k) loan, according to a new report by EBRI and JPMorgan Asset Management.
Thinking of using your 401(k) buy a car? Review the potential downsides first.
A 401(k) retirement plan is a key benefit for any private-sector worker, and employees have come to expect a robust plan as part of their total benefits package.
A 401(k) loan begins when you make a loan request to the plan administrator, who evaluates your eligibility as a borrower based on the plan’s standards and IRS regulations.
Beginning in 2006, 403(b) and 401(k) plans may also include designated Roth contributions, i.e., after-tax contributions, which will allow tax-free withdrawals if certain requirements are met. Primarily, the designated Roth contributions have to be in the plan for at least five taxable years and you have to be at least 59 years of age.
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