Jahwana works for a large corporation with a 401(k) retirement plan- The company matches dollar for dollar the first 5% of the employee's salary contributed to the 401(k)- Jahwana currently earns $40,000 in gross salary and she currently contributes 15% of her salary into her (k)- How much money in dollars is the total contribution to her account every year?

Retirement planning refers to financial strategies of saving, investments, and ultimately distributing money meant to sustain oneself during retirement. Many popular investment vehicles, such as individual retirement accounts (IRAs) and 401(k)s, allow retirement savers to grow their money with certain tax advantages.