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What is the difference between a 401(k) and a 401(a)?
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The main difference between a 401(k) and a 401(a) is that a 401(k) is typically offered by employers, whereas a 401(a) can be established on your own. A 401(k) allows you to save pre-tax money from your salary and make withdrawals for retirement purposes, while a 401(a) does not provide any tax benefits but instead provides an opportunity to invest in stocks or bonds.