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In the United States, a 401(k) plan is the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Code.

Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee’s paycheck before taxation (therefore tax-deferred until withdrawn after retirement or as otherwise permitted by applicable law), and limited to a maximum pre-tax annual contribution of $18,000 (as of 2015).

Other employer-provided defined-contribution plans include 403(b) plans, for nonprofit institutions, and 457(b) plans for governmental employers.

These plans are all established under section 401(a) of the Internal Revenue Code. 401(a) plans may provide total annual addition of $52,000 (as of 2014) per plan participant, including both employee and employer contributions.

A 401(K) can be rolled over into a gold IRA. You would of course need to speak to one of the best gold ira companies on the market, to ensure this was done correctly for you, if this was your option for diversifying your retirement plan.

About the author 

Nathan Tarrant

Nathan has worked in financial services, marketing, and strategic business growth for over 30 years, as well as working in internet marketing since 1998.

In 2008 after the financial crash, Nathan operated as a financial & investment advisor to delegates of the United Nations, the World Health Organization, and senior managers of Fortune 500 companies in Geneva, Switzerland.

He started Gold Trends as he enjoys working with alternative investments, having advised on them in the past.

Please note: Nathan is no longer a financial or investment advisor. The information he shares on this site is purely for education and information purposes only. You can read more on the About page.

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