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401(k)s are one of the most popular types of retirement accounts that have ever been created. However, many people are completely unaware of the reasons why these accounts were created. The history of the 401(k) is fascinating, and it literally impacted the lives of hundreds of millions of Americans.
In this video, tax expert Karlton Dennis explains the full history of the 401(k). He goes into detail about what retirement accounts were like before 401(k)s, why 401(k)s were created, and how 401(k)s have changed retirement saving for millions and millions of hard-working Americans who are trying to be financially secure in their retirements.
If you are someone who has a 401(k), or if you are planning on having one soon, then understanding the history of these accounts can help to broaden your perspective on what may be one of the most important financial accounts you ever have. 401(k)s are an alternative to other retirement accounts such as IRAs and 403(b)s.
CHAPTERS:
0:00 Intro
0:22 What Are Pension Plans?
1:10 So How Were 401(k)s Created?
3:07 The First Modern 401(k)
4:23 Pensions vs 401(k)s
5:30 The Reason 401(k)s Have Remained Popular
7:19 What’s Next for the 401(k)?
7:40 Subscriber Question!
8:26 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#401k #retirementplanning #karltondennis
