Christopher just received his checking account statement from his bank. He has a NOW account with free checking that pays 0.75% APR on the balance and requires a $500 minimum balance. His statement shows that he currently has a balance of $3,950. In looking at his statement he notices that his car payment check for $400 is still outstanding, and that his recently received payroll deposit of $3,600 had not posted at the time the statement was created. His normal living expenses average $1,500 per month including his car payment. Other than his car loan, he rarely writes any checks as he prefers to use his debit card and ATM card for day-to-day living expenses. He pays his credit card balance in full every month. Other than his checking account he does not own any investments. He has always dreamed of owning a house, and would like to buy one within the next five years. He has access to a 401(k) pension plan at work where his employer will match contributions up to 6% of his salary. He currently contributes 2% of his salary to this plan. Christopher has not received an Income Tax refund in 4 years. Is there anything you could recommend to him

A 401(k) refers to a type of savings plan that is sponsored by a business firm (employer), so as to avail its employees an opportunity to contribute a certain amount of money into.

In this scenario, I would recommend that Christopher should increase his 401(k) contributions to 6% of his salary because it would reduce his income tax for the next five years while taxing only his withdrawals.

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