Did you know that the term 401(k) comes directly from the Internal Revenue Service tax code? Section 401, paragraph (k) allows employers to offer these tax-deferred plans as a way for employees to save for retirement.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.