For any Americans on GFY - GoFuckYourself.com

ldinternet · 06-28-2001, 12:12 PM

Could someone please explain to me what a 401K is (or what 401Ks are), or the meaning of the term "401K"?

Thanks in advance.

Gemini · 06-28-2001, 12:24 PM

It's a sort of retirement fund that you can set up through some employers. They set aside a cetain amount of your income and usually match it in some way. It's invested in markets or other stuff by the owner of the 401k company. The IRS doesn't tax you on it until you withdraw it at it's maturity. Then you pay income tax on it. If you withdraw early any amount then you have to pay a penalty as well as the tax on the amount. Of course you get interest on the funds you have in it.

I'm sure I left some details out but thats it in a nutshell.

Jamdin · 06-28-2001, 12:26 PM

Read http://www.401khelpcenter.com/401k_defined.html & that should help (it's basically a retirement plan)

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ldinternet · 06-28-2001, 12:28 PM

Thanks for the info yous twos.

06-28-2001, 12:12 PM	#1
ldinternet Confirmed User Join Date: Apr 2001 Posts: 8,245	For any Americans on GFY Could someone please explain to me what a 401K is (or what 401Ks are), or the meaning of the term "401K"? Thanks in advance.

06-28-2001, 12:24 PM	#2
Gemini Confirmed User Join Date: Jan 2001 Location: o-HI-o Posts: 7,183	It's a sort of retirement fund that you can set up through some employers. They set aside a cetain amount of your income and usually match it in some way. It's invested in markets or other stuff by the owner of the 401k company. The IRS doesn't tax you on it until you withdraw it at it's maturity. Then you pay income tax on it. If you withdraw early any amount then you have to pay a penalty as well as the tax on the amount. Of course you get interest on the funds you have in it. I'm sure I left some details out but thats it in a nutshell.

06-28-2001, 12:26 PM	#3
Jamdin Registered User Join Date: Jan 2001 Location: Kansas Posts: 3,560	Read http://www.401khelpcenter.com/401k_defined.html & that should help (it's basically a retirement plan) ------------------ Moongem Erotica Moongem Fiction Trafic Cash Gold

06-28-2001, 12:28 PM	#4
ldinternet Confirmed User Join Date: Apr 2001 Posts: 8,245	Thanks for the info yous twos.