Question

What's the primary reason that a person would contribute money to a 401(k)?
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Question 5 options:



To set aside extra spending money




To save for a significant expense, such as a house




To earn short-term gains in the stock market




To save up for retirement

Answer 1

Answer:

Maximizing your 401(k) involves understanding the investments offered, which are best suited for you, and how to manage them, among other strategies.

Explanation:

Answer 2

The primary reason that a person would contribute money to a 401(k) account will be to save up for retirement. Hence, option D holds true.

What is the significance of a 401(k) account?

A policy, sponsored by an employer, where an employee, by whatever name called, has a right to set aside or divest a small amount from their monthly or periodic paychecks that can be withdrawn only upon retirement is known as a policy of 401(k).

The primary purpose of depositing any such amount of monies into a 401(k) account is to save a significant amount of retirement fund by contributing a small amount to the same at a present date.

Hence, option D holds true regarding the significance of a 401(k) account.

Learn more about a 401(k) account here:

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