How to set up your first 401(k): A step-by-step guide

So you’ve decided to save for your retirement using your company’s 401(k) plan. Congratulations! It’s a great way to save. But now what? Which funds do you choose? How much should you contribute? Are there limits? How do your employer’s matching funds actually work? Can you access the money if you need it before retirement?

Obviously, there are a lot of questions that can arise when it comes time to set up your retirement savings, but we’re here to help. Here’s what you need to know to set up your 401(k).

What Is a 401(k)?

The section of the U.S. tax code that describes these retirement savings plans is Section 401(k), thus the name.

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