Savings Flashcards
1
Q
an account you pay into for savings. If you wait till you are 60 years old to withdraw you will not have to pay taxes on that income.
A
401 k
2
Q
a retirement plan that requires an employer to contribute a certain amount to a pool of funds for the employee’s future benefit
A
Pension plan
3
Q
what is the main difference between a Roth 401k and a traditional 401k
A
tradiotional you pay taxes when you take out. Roth you pay taxes of what you put in
