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What are the benefits of having a 401k plan?
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The primary benefit of having a 401(k) plan is the tax-deferred growth on your retirement savings. This means that you don’t pay taxes on the money until you withdraw it, usually in retirement. Additionally, 401(k) plans typically offer employer contributions and matching funds, which can significantly increase the amount of money saved for retirement. Finally, 401(k) plans often allow employees to save more than they would otherwise be able to through traditional IRAs or other retirement accounts.