what should an employee know when deciding whether or not to contribute to his companys 401(k) retirement…

what should an employee know when deciding whether or not to contribute to his companys 401(k) retirement plan?\nthe more money an employee contributes to the retirement account, the less money the employee will collect from social security.\nthe earlier an employee contributes to the retirement account, the greater the amount of money available for use during retirement.\nemployee contributions to the retirement account are matched 100 percent by the federal government.\nmoney in the retirement account can be withdrawn by the employee for any purpose, at any age, without penalty.

what should an employee know when deciding whether or not to contribute to his companys 401(k) retirement plan?\nthe more money an employee contributes to the retirement account, the less money the employee will collect from social security.\nthe earlier an employee contributes to the retirement account, the greater the amount of money available for use during retirement.\nemployee contributions to the retirement account are matched 100 percent by the federal government.\nmoney in the retirement account can be withdrawn by the employee for any purpose, at any age, without penalty.

Answer

Brief Explanations:

Contributing more to a 401(k) earlier means more money for retirement. Social - Security is not directly affected by 401(k) contributions. Employer matching is not always 100% and federal government doesn't match 401(k) contributions. Withdrawals from 401(k) before a certain age usually incur penalties.

Answer:

The earlier an employee contributes to the retirement account, the greater the amount of money available for use during retirement.