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What is a 401k and how does it work?
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A 401(k) plan is an employer-sponsored retirement savings plan that allows employees to save for retirement. It's typically offered as part of a larger benefits package, such as health insurance or paid time off. Contributions are made by the employee, and the money is invested in stocks, bonds, and other securities. The contributions are usually matched, either partially or fully, by the employer. As long as the funds remain in the account, they can be withdrawn at any time without penalty.