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“An average American, no matter their age, can still start planning and saving for retirement”.
These are the words of the renowned financial advisor, Dave Ramsey, well-known for his famous “rice and beans, beans and rice until you are debt free and on the right track for retirement”. He rightly framed the saving aspirations of the working class. 401(k) is a retirement saving plan that offers tax benefits to individuals.
The 401(k) plan is a robust investment vehicle for a happy and financially stable retirement. According to Empower, 70% of Americans contribute to a retirement plan like 401(k) and 403(b).