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Answer 1/2 - Submitted 2/8/2010
A 401k is a company/employer sponsored retirement plan that allows workers to take out a portion of money from their daily paycheques, store it on a retirement plan account and earn interest tax-deferred. Tax-deferred means this saved income is not taxable until you withdraw it at the age of 65 or more. That means a special type of account funded through pre-tax payroll deductions. The funds in the account can be invested in a number of different stocks, bonds, mutual funds or other assets, and are not taxed on any capital gains, dividends, or interest until they are withdrawn.
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