According to the Social Security Administration, a retiree may need to provide 60% of their retirement income while in retirement. 401(k) plans can help individuals fulfill their retirement income needs.
- 401(k) plans provide tax savings opportunities through salary deferrals. Contributions and earnings grow tax-deferred in a 401(k) plan.
Koss currently makes a matching contribution to the participants that are in the company’s 401(k) plan. This is “extra money” just for participating in the 401(k) plan!
- 401(k) retirement plans offer an easy and convenient way for a person to begin a disciplined savings approach. The pre-tax or after-tax salary deferrals can be established without much effort or paperwork.
- A 401(k) plan gives a participant access to quality investment options to help them meet their retirement goals.