Contribute to your 401(k) to receive the full employer match Many employers offer an employer match if you contribute a certain percentage to your 401(k) plan. This is free money so why not take advantage of this benefit? For example, if your employer match is 3% then contribute at least 3% towards your 401(k) to get the maximum match. For… Read More
Posts Tagged ‘ 401(k) ’
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How Do My 401(k) Contributions Affect My Taxes?
Most 401(k) plans allow participants to contribute to the plan either on a pre-tax basis (Traditional) or an after-tax basis (Roth). Below are the tax considerations for each choice. Pre-Tax Contributions Affect on Taxes When you save in a traditional 401(k) plan, you are saving pre-tax, meaning you don’t pay taxes on your savings until you withdraw them from your… Read More
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What are Catch-up Contributions and Should You Use Them?
For those that got off to a slow start in saving for retirement, fortunately, most retirement plans allow you to catch up later. If you will be age 50 or older this year, you can save more in your 401(k) plan—up to $6,000 more in catch-up contributions. That’s on top of the $19,000 limit for savers who are under age… Read More
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Thinking Of Borrowing From Your 401(k)? Read This First!
While it may be tempting to borrow from your retirement savings, in the end it may not be the best option. Borrowing from your 401(k) today can impact your future and defeat the overall purpose of saving for retirement. Before you withdraw from your 401(k), consider these three reasons why you should keep your hands off. Consider Tax Implications –… Read More
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What Happens to My 401(k) Plan When I Leave My Job?
While working at a company, you may participate in their retirement plan. This is a great choice to save for your future. However, you may be left with questions if you and your employer decide to part ways. One of the most common questions is “What happens to my 401(k) plan when I leave my job?” There are many things… Read More
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Tips for Contributing to Your Company’s 401(k) Plan
Traditional vs. Roth Most employer sponsored plans allow you to contribute to the plan on a pre-tax basis (Traditional 401(k)) or an after-tax basis (Roth 401(k)). Determining which option is best for you can be a difficult question to answer. There are advantages and disadvantages to each option. The Traditional 401(k) reduces your taxable income effectively lowering the amount of… Read More
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Contractor? You Can Save Your Business Money With This 401(k) Tip!
Gain a competitive edge when bidding on Prevailing Wage or Service Contract jobs. By structuring a tax-efficient 401(k) plan that factors in fringe benefits, we can help your business and your employees save money. If you are a contractor bidding on public government projects, you are required to pay out 100% of the local Prevailing Wage rate. However, you have… Read More
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How Inflation, Returns, Taxes and Fees Affect your 401(k)
Retirement is a time to stop and smell the roses. You’ve worked hard for many years and eventually it will be time to comfortably retire and enjoy the rest of your life. In order to be truly comfortable, it’s important to devise a proper plan to build wealth for you and your family. One of the best ways to… Read More
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4 Tips To Boost Your 401(k)
Having the opportunity to contribute to a 401(k) is one of the best ways to save for your retirement. Let’s take it one step further and discuss a few helpful tips to help boost your savings before you reach retirement. Start early, start now Time is your biggest asset. The younger you start, the more time you will have to… Read More