401 K plan queries!!

**bjl584** · 11-12-2012, 09:22 AM

Does your employer offer one? If so, then go speak to your HR department. They can tell you more details.

**thesimplemoneyblog** · 11-13-2012, 08:28 PM

A 401k plan allows you to save for retirement. It has some tax advantages in that you can deduct contributions from your taxable income made to the plan in the year of the contribution, but you have to pay taxes on the money when funds are withdrawn.

Also, employers often match what you contribute (or a portion of what you contribute). Another option might be if your employer offers a Roth 401k which differs from a regular 401k primarily in that contributions made are not tax deductible, but then aren't taxable in the year of distribution.

As bjl584 said, consult with your HR department for further details on your plan. Additional information can be found at: Tax Topics - Topic 424 401(k) Plans

**jpg7n16** · 11-14-2012, 06:30 AM

You should check this out:

MintLife Blog | Personal Finance News & Advice | In Graphics: What Is a 401(k) Plan? (You may need to scroll down to see it)

401(k) - Wikipedia, the free encyclopedia

What has you curious about a 401k? What had you looking into this today?

**thesimplemoneyblog** · 11-15-2012, 03:04 PM

Another good resource is Tax Topics - Topic 424 401(k) Plans. The IRS has some great snippets on their site as well as some PDFs with much greater detail in case you would like any additional research.

**Jimhassel** · 11-23-2012, 12:05 AM

Thanks everyone for your replies and sorry for the late reply from my side. I consulted the HR of my company and she says that the companies offers the 401 K plan benefits to its employees and would let me know in written everything. Thanks again all of you.

401 K plan queries!!