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One of the primary advantages to contribution to a 401(k) is taking advantage of the tax savings. Regardless of whether you choose Roth or Traditional contributions, you'll enjoy tax savings that you don’t get in a typical investment account.
- With pre-tax (Traditional) contributions, you get to take a tax deduction today for any amount you contribute to the plan, lowering your taxes now.
- With Roth contributions, you elect to pay the taxes now, but the money becomes tax-free for life. That means that when you pull the money our in retirement, you won’t owe any taxes at all.
Regardless of which you choose, your money invest in the plan will grow year after year without taxes, putting the power of compounding on your side!