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RFM Financial Solutions, LLC

All posts tagged 401k

Contemplating whether to contribute to a Roth IRA or a defined contribution (DC) plan (such as a 401k)? Words of advice: Follow the money! If your company offers you a match for your DC plan contribution, you should keep investing in the account up to the maximum percentage that it will match. This is free money, and you won’t find a better deal any place else.

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September 9th is National 401(k) Day!  This day is an annual celebration to promote the importance of participation in employer-sponsored profit sharing and 401(k) plans.  Ignoring these plans should  not be an option!  Do you stop for a coffee everyday?  Put that money towards your retirement instead!  Would you like to reduce your income taxes?  Participate in the retirement plan and do just that as the contributions are deducted before your taxes are calculated (except for Social Security taxes).  Does your employer offer a match?  If the answer is yes, realize you are throwing free money away by not  participating!  Do you have an old 401(k) from a previous employer?  Most employers allow you to roll your 401(k) balance into their plan and if they do not, you can open an IRA to capture those assets. 

Contact us today to discuss these options or for any assistance you may need!!

If you have recently changed jobs, it is a good idea to take a look at your qualified retirement plan with your former employer.  Rolling this over into your own individual retirement account will give you more control and choice over investments while continuing to defer taxes. 

An article by Bill Bischoff discusses a few things to consider when wanting a tax-free IRA rollover.  Click here to read entire article.