What is this 401k that Americans keep talking about? Is it anything like Australias Superannuation?
“401k” is short for the U.S. Internal Revenue Code that permitted the establishment of retirement savings accounts that could be funded in part by employers. Often employers “match” contributions [or at least they did before the recession] made by employees at a given ratio. Examples would include contributing $1 for every $5 an employee puts in, or $2:$5, or even as high as $1:$1.
