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RFM Financial Solutions, LLC

All posts tagged profit sharing

Utilizing this benefit offered by your employer is an essential key to saving for retirement.  This money is withheld pre-tax from your paycheck, which will lower your taxable income for that year (or post-tax if participating with a Roth 401(k)).  This money will grow tax-free until it is time for you to retire.  Many employers contribute to these plans with matching and/or profit sharing.  It is very important to understand your employer’s retirement plan so you are maximizing your contributions to get the maximum amount of match/profit sharing from your employer.

Contact us today if you need assistance determining the best plan for contributing to your employer’s retirement plan.

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!!