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Taking full advantage of your 401k plan today can help you achieve financial goals sooner, and provide enough income for a comfortable retirement. For most working people, Social Security checks alone will not be enough to maintain the standard of living they are used to, once they are no longer working. If you are lucky, your employer offers a 401k plan which, if used wisely and to the fullest advantage, can provide you with additional income for your golden years.

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401k retirement plans are special types of accounts, financed through pre-tax payroll deductions. The funds in your account are invested in various ways. Your funds can be invested through any number of stocks, mutual funds, and other ways, and it is not taxed on any capital gains or interest until the money is pulled out or withdrawn.

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A 401(k) plan is an employer sponsored plan. The employer makes coach contributions to the account that are deducted from the employee’s paycheck. Most companies will match the paycheck contribution up to a confirmed percentage. In general, the contributions are prior to tax dollars and grow tax deferred until they are withdrawn. After-tax contributions are also allowed.

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