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American posters! Can you explain a 401k

1 reply

ChanelNo19EDT · 25/02/2024 21:07

I know it's basically a pension, but
is it a percentage of your salary? Is that fixed? does it come off automatically like tax? do you have the control to increase the contribution? reduce it?
What age can you draw down your pension? Is it actuarially reduced if you retire early? what is early? In my country it's 67 (or will be when I'm 67)
What happens if you get to retirement age and you have nothing?

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