An Animated Explanation of 401K

A 401(k) allows people to set pre or post tax money aside for retirement. The average life expectancy in the United States has increased by ten years from 1950 (68) to 2012 (78). Many older Americans must now work part time in order to maintain the quality of life that they're accustomed to. Learn more about a 401(k), it's features, and why it is a critical component of any retirement plan....(read more)

LEARN MORE ABOUT: 401k Plans
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A 401K is a type of retirement savings plan widely used in the United States. It is a type of qualified employer-sponsored plan that allows employees to save and invest a portion of their salary before taxes are taken out. The name 401K comes from the section of the Internal Revenue Code that created this type of plan. The beauty of a 401K is that the money you contribute is not taxed until you withdraw it in retirement. This means that you can save more money now because you are not paying taxes on the money you contribute. The money in your 401k account grows tax-free until you withdraw it in retirement. Employers may also offer a matching contribution to your 401k account. For example, if your employer offers a 50% match on your contributions up to 6% of your salary, and you contribute the maximum 6%, your employer will add an additional 3% of your salary to your 401k account. This is essentially free money that you can use to grow your retirement savings. 401K plans typically offer a variety of investment options, including mutual funds, stock and bond funds, and target-date funds. It is important to understand your investment options and choose the ones that are right for you based on your retirement goals and investment preferences. One of the key advantages of a 401K plan is that it is portable. If you change jobs, you can typically roll over your 401k account to a new employer's plan or to an individual retirement account (IRA) without taxes or penalties. It is important to note that there are contribution limits to 401K plans, which vary depending on age and other factors. In 2021, the contribution limit for employees under age 50 is $19,500 per year, while those over age 50 can contribute an additional $6,500 in catch-up contributions. In conclusion, a 401K is a valuable tool for retirement savings, offering tax-deferred growth and the possibility of employer matching contributions. It is a great way to save for retirement and secure your financial future. https://inflationprotection.org/an-animated-explanation-of-401k/?feed_id=98827&_unique_id=646637b2322f0 #Inflation #Retirement #GoldIRA #Wealth #Investing #budget #budgeting #cash #FinancialPlanning #knowledge #MutualFunds #Retirement #understanding #wealth #401k #budget #budgeting #cash #FinancialPlanning #knowledge #MutualFunds #Retirement #understanding #wealth

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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