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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 493044" data-attributes="member: 12570"><p>401k contributions can be both pre-tax and after-tax. The amount that you contribute each year comes right off of the top of your gross income, which, as Tex noted, was one of the main selling points of the 401k. Your withdrawals are then taxed at the income tax rate at the time of the withdrawal, which will most likely be lower than your current tax rate, when you turn 59 1/2 (why the 1/2--I have no clue).</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 493044, member: 12570"] 401k contributions can be both pre-tax and after-tax. The amount that you contribute each year comes right off of the top of your gross income, which, as Tex noted, was one of the main selling points of the 401k. Your withdrawals are then taxed at the income tax rate at the time of the withdrawal, which will most likely be lower than your current tax rate, when you turn 59 1/2 (why the 1/2--I have no clue). [/QUOTE]
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