Saving for retirement can be a daunting and seemingly faraway concept for a recent college grad or young professional. After all, we're all navigating through busy lives and other more immediate financial obligations. Still, it's important to start saving early (here is the reason why), and a retirement account like a 401(k) is a great vehicle to save into. This post boils down the 5 things you need to understand about your 401(k) so you can effectively save for your future AND prepare for near-term obligations. Like paying off those student loans. Or making a down payment on that dream house. Or buying that new car. You get it.