How To Guide For: A Look At Whether You Should Move Your 401(k) Into A Money Market Account

a 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account. A money market account is a type of savings account that usually earns a higher amount of interest than a basic savings account. The minimum deposit and balance for this type of account is often considerably higher than the minimum balance of a basic savings account. So now that we've defined a 401(k) and a money market the question is should you move your 401(k) into a money market account. Before you decide to make this move you should reach out to a financial advisor or financial planner just to make sure that this is the right thing for you to do. If after consulting with a financial advisor or a financial planner or both and you realize that moving your 401(k) into a money market account is the best thing for you then you should reach out to your 401(k) representative to see what your options are. To get more information on whether you should move your 401(k) into a money market account -- click the pictures below to read the articles.