The Nuts and Bolts of a 401(k) plan

Does Your Spouse Have a 401(k) Plan?

Married couples, when both partners have the opportunity to participate in 401(k) plans, should carefully analyze the features of both plans to determine which one offers the best options and maximize contributions to that one first. Look at the variety of investment choices, the ease in which you can move in and out of investments, and if the company matches any portion of your contribution. For instance, if your company's 401(k) plan does not offer a match and your spouse's plan offers a dollar-for-dollar match up to 6% of contributions, you would be unwise if you didn't invest at least 6% in your spouse's plan (provided you can afford to).

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