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401k or 401(k) refers to a tax-deferred investment category created by the IRS with the goal of allowing Americans to save for retirement without paying income taxes on the invested money. 401k contributions are deducted from the investor's paycheck before taxation.

Key Points of a 401K

  • There are strict limits on the allowable annual investment by investor and contributed by the investor's employers, if a matching or contribution program is in place