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In
this chapter:
Introduction
Retirement
savings plans
The
401(k) plan
IRAs
Roth
IRAs
The
IRA decision
How
your savings grow
Some
(minor) drawbacks
Dividing
your savings
Inflation
& taxation
A
newfangled pension
Questions
& answers
Security
and your 401(k)
The
scoop on IRAs
Your
savings priorities
If
you're self-employed
Financial
cramming
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1
2
3
4
5
6
7
8
9
10
11
12
13 14
15
16
17
How
Safe Is Your 401(k)
If
the company you work for is facing rough financial times, you
may worry whether your boss can dip into the 401(k)
to pay his bills. The answer is no. Your employer is not legally
allowed to use the 401(k) money for business purposes. What’s
more, if your employer files for bankruptcy, the 401(k) money
is protected, and none of the employer’s creditors can touch your
account. The person (or company) who is legally responsible for
ensuring that no one tampers with your 401(k) is called the trustee.
The trustee might be, for example, a bank or the president of
your company. And what if your employer decides to end the plan?
You’ll still be okay, because you’ll receive all the money you
put in plus any contributions made by your employer on your behalf.
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