401(k) PLANS

Many employers offer a company-sponsored retirement savings plan such as a 401(k). These plans take advantage of pre-tax dollars to help you save for retirement. The other benefit of a 401(k) account is that you pay taxes on the distributions you take during retirement when you are likely to be in a lower tax bracket. 401(k) plans are tax-deferred plans.

A 401(k) is a qualified retirement plan because it meets the requirements of ERISA―the Employee Retirement Income Security Act of 1974. Many 401(k) plans offer an employer match. The match is a valuable option because your employer matches your plan contributions. Over time, this match can substantially increase the value of your 401(k) account.

Our financial representatives can help you understand how to maximize your 401(k) benefit by evaluating your asset allocations, your contribution amounts, and other factors. They can also help you set up an individual 401(k) if your company does not offer a group 401(k) plan. Contact us today for more information on how a 401(k) plan fits into your overall financial plan.
   

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