: Ask your HR department for the login to the plan provider’s website (e.g., Empower, Fidelity, or Vanguard).
: For 2024, you can contribute up to $23,000 (or $30,500 if you're age 50 or older). 4. Choose Your Tax Treatment
: You pay taxes on the money now, but your withdrawals in retirement are tax-free . 5. Select Your Investments
: Most people gain access to a 401(k) through their full-time employer.
Since a 401(k) is an employer-sponsored retirement plan, you don't "buy" it in the traditional sense; rather, you through your workplace or open a similar individual account (like a Solo 401(k)) if you are self-employed. 1. Check Your Eligibility