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Asked 12/12/2008
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401k I am currently 19 years old and have extra money that I want to start investing with. I am looking into a 401k and would like to know more information about these retirement plans. What is a typical interest rate for a 401k? At what age can you take money out of a 401k without a penalty? How can I start a 401? Can I start a 401k without my current employer? |
Answer 1/2 - Submitted 12/13/2008
The 401k refers to a retirement plan associated with employment. You cannot have one without an employer who has set up such a plan. The employer is the one who offers the plan to you. Once the money is in, it cannot generally be taken out without penalty until you reach 59 1/2.. Depending on how the money is invested, there may be no interest. The actual investment depends on what your employer offers you. You could always start and IRA on your own.
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