Taking advantage of employer-sponsored retirement plans - Employer-sponsored qualified retirement plans such as 401(k) s are some of the most powerful retirement savings tools available. If your employer offers such a plan and you're not participating in it, you should be. Once you're participating in a plan, try to take full advantage of it. UNDERSTAND YOUR EMPLOYER-SPONSORED PLAN Before you can take advantage of your employer's plan, you need to understand how these plans work. Read everything you can about the plan and talk to your employer's benefit officer. You can also talk to a financial planner( ), a tax advisor, and other professionals. Recognize the key features that many employer-sponsored plans share: • Your employer automatically deducts your contributions from your paycheck. You may never even miss the money--out of sight, out of mind. • You decide what portion of your salary to contribute, up to the legal limit. And you can usually change
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)