Retirement accounts
In shortSuper, a 401(k) or a workplace pension: what it is, and three things to check.
General information only. It isn't financial advice and doesn't know your situation.
A retirement account is savings for later life, with tax rules that help it grow. You usually can't take the money out until you're older.
In Australia it's super, and most employers must pay into it for you. In the US it's often a 401(k) at work, or an IRA you open yourself. In the UK it's a workplace pension, and in New Zealand it's KiwiSaver.
Money your employer puts in is part of your pay, just paid later. If your employer matches what you put in, skipping the match leaves some of your pay behind.
- Check you have one account. Changing jobs can leave you with several, each charging fees.
- Check the fees, and any insurance you pay for inside it.
- Check your employer is paying in. Your statement or payslip shows it.
In Stuffed, add it on Net worth so your whole picture is in one place.
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