The ability to accumulate tax-deferred income and earnings, as well as the potential for employer contributions and a wide choice of investment options make this a popular way to save for retirement.

As a component of benefits offered to employees, k plans are a very popular way to accumulate tax-deferred income and earnings for retirement. Employers offer k plans as a way to help their employees save for retirement. You choose how much pre-tax income you wish to contribute and that amount is automatically deducted from your paycheck and placed into your account within the k plan.

Your retirement savings can continue to grow tax-deferred until you make a withdrawal. You do not pay taxes on your salary deferrals or earnings until you take a withdrawal from the plan.

One difference from an IRA is that k plans permit higher contribution limits and are only available through your employer. Because your employer sponsors the k plan, there may be other valuable benefits offered in addition to salary deferrals. Check your plan carefully. The following are key features provide a brief overview to assist you:.

The k is a key financial tool for almost anyone trying to save as much as possible for their retirement. This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk.

We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation. The information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties.

Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Securities and investment advisory services offered through Voya Financial Advisors, Inc. Neither Voya nor its affiliated companies provide tax or legal advice.

Please consult with your tax and legal advisors regarding your individual situation. Planning Expenses to Consider. Getting Ready Planning Your Transition. Protecting Your Family Marriage Children Aging Leaving a Legacy.

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About Voya For Employers For Professionals Investment Management Investor Relations LOGIN TO YOUR ACCOUNT. Home Products Workplace Retirement Plans k Plans. Eligibility You must be employed by a plan sponsor offering a k plan to participate.

If you leave employment, you will no longer be able to contribute to the plan. Some employers will let you keep your savings in their plan after you leave. You can always combine all of your old plans into one rollover IRA or in most cases, into the k plan offered by your new employer.

Contributions are deducted from your paycheck up to certain IRS-defined annual limits. Contributions can be designated as a specific dollar amount or percentage of your pay. The contributions are taken before taxes, lowering your current income tax bill. You will owe income taxes when you make a withdrawal from the plan.