An employer-sponsored retirement account that allows employees to contribute pre-tax income, often with an employer match.
Contributions to a traditional 401(k) reduce taxable income in the year they're made, and grow tax-deferred until withdrawal in retirement. Many employers offer a matching contribution up to a certain percentage of salary, which is generally considered a key benefit worth maximizing since it's effectively free money. Some employers also offer a Roth 401(k) option, funded with after-tax dollars.
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