A 401k is one of the most popular deposit accounts specially designed to save money for retirement. With a 401k, you can set aside a portion of your regular paycheck toward retirement savings, and your contributions aren’t taxable until it comes time to withdraw them.
One of the best ways to take advantage of a 401k is to enroll in an account with automatic payments so your contributions are set aside at regular intervals, which alleviates missed manual payments and transfers. Another perk is the availability of employer-sponsored 401ks: If your workplace offers matching contributions to your account, it’s like getting free money toward your retirement goal.
Learn more about 401ks here on GOBankingRates, where there are always new articles and tips on saving for retirement and making the most out of your finances.