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401(k) retirement plans and Social Security are crucial retirement options facing different challenges.
401(k) retirement plans are defined contribution plans where both the employer and the employee contribute, with the employee often investing in various options. These plans are portable and offer tax deferral benefits, helping individuals save for retirement. In contrast, Social Security is a government-run program funded by payroll taxes, facing challenges due to an aging population, with predictions of potential system collapse by 2037.
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