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Frequently Asked Questions
What is a 401(k) plan?
A 401(k) is a retirement savings plan sponsored by an employer that lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account.
How does employer matching work?
Many employers offer matching contributions to your 401(k). For example, if your employer matches 50% of your contributions up to 6% of your salary, and you earn $60,000 and contribute 6% ($3,600), your employer would add $1,800 to your account.
What is the maximum I can contribute?
For 2023, the IRS allows individuals to contribute up to $22,500 to their 401(k) accounts. Those aged 50 and older can make an additional catch-up contribution of $7,500, bringing their total to $30,000.
When can I withdraw from my 401(k)?
You can start withdrawing from your 401(k) without penalty after age 59½. Withdrawals before this age may incur a 10% penalty in addition to regular income taxes, with some exceptions.