Many companies offer new employees in a 401k for retirement, which of the building blocks for retirement does this fall into?

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01-08-2022
Business

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Many companies offer new employees in a 401k for retirement, which of the building blocks for retirement does this fall into?

Sagot :

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-08-09T10:43:58-04:00

Many companies offer new employees a 401k for retirement, the building block for retirement this fall is Social Security. Option B

This is further explained below.

Generally, The United States Social Security Administration is an independent agency of the federal government of the United States that is responsible for the administration of the Social Security program. Social Security is a social insurance program that includes retirement, disability, and survivor benefits.

When a person or a family loses a breadwinner because of illness, accident, or old age, they are entitled to social security benefits, which include health care and income assistance for individuals and families.

In conclusion, Even though the majority of employers participate in the 401(k) plan, which is designed to facilitate retirement savings, this season's primary retirement resource is social security.

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