• word of the day

    401-k

    401-k - Dictionary definition and meaning for word 401-k

    Definition
    (noun) a retirement savings plan that is funded by employee contributions and (often) matching contributions from the employer; contributions are made from your salary before taxes and the funds grow tax-free until they are withdrawn, at which point they can be converted into an IRA; funds can be transferred if you change employers and you can (to some extent) manage the investments yourself
    Synonyms : 401-k plan
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