Everything You’ve Ever Wanted To Know About 401(k) Plans
- By
Jazmine Denise
Source: Jamie Grill / Getty
401(k) plans have great tax benefits
“You can grow that (contribution) over time on a tax-deferred, and sometimes, tax-free basis,” adds Royal. “It’s a better way for you to grow retirement savings. You’re not paying taxes every year on your gains and it kinda keeps the government out until retirement.”
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