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Traditional 401k 401(k) Contribution Example

Yearly wages = $20,000
Yearly 401k 401(k )Contribution = $2,000 
At the end of the year you will only be responsible to pay federal taxes on $18,000.

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Roth 401k 401(k) Contribution Example

Year wages = $20,000
Yearly 401k 401(k) Contribution = $2,000 
At the end of the year you will only be responsible to pay federal taxes on $20,000.

However, if that grows with interest to $100,000 over 35 years you will not owe taxes when you withdraw it.

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