India, Sept. 30 -- A San Francisco-based CEO with $9.8 million in his retirement savings plan has divided opinion after refusing to take his wife on a vacation. Kevin Xu, founder and CEO of Alpha AI, revealed in a social media post that he had $3,000 in his checking account and only $296 in his savings account. His 401(k), however, holds a significant percentage of his savings with a balance of $9.8 million.

A 401(k) is a workplace retirement plan in the United States that allows employees to contribute a portion of their paycheck to long-term investments. Employers may offer a match on employee contributions. However, withdrawal from a 401(k) account attracts a penalty until the participant reaches retirement age.

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