Everyone knows a 401(K) is a tax-advantaged way to save for retirement and that many companies offer a matching component, but did you know there are several other features associated with a 401(k)?
After all, it benefits everyone if Americans save for their retirement, so juicing up 401(k) plans makes sense. For the government, it may relieve some of the burden for supporting older Americans in retirement, and for companies, it can be a great way to recruit and retain workers. The cost of turnover typically outweighs the expenses associated with offering a 401(k) plan.
