Many might still ask, what is a 401(k)?A “401(k) Plan,” according to Investopedia, “is a qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.”
Unfortunately, in recent years, there has been significant mismanagement of those 401(k)
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