HannahnMatt

by HannahnMatt
Last updated 5 years ago

Discipline:
Partners
Subject:
Next Generation Global Education
Grade:
11

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HannahnMatt

We picked a 401k retirement plan because you can put money in tax free. There is an employer match, and you can contribute more to it than an IRA.

We pick 401k!

Matthew Wackler 'Hannah Lawson

1.Decide which 401(k) plan type is right for you2.Review providers and purchase your plan3.Select plan features that best fit your needs4.Rollout your 401(k) plan to your employees5.Make your contributions automatic each payroll6.Take advantage of annual tax credits and deductions for your business

A 401K is a long term savings plan that is designed to accumulate money towards retirement.

Why did we choose 401k?

Backup PlanWe could choose the 403b. It is the closest to a 401k in our eyes. A 403b is also tax deffered.

PROS

CONS

Steps To Create A 401k

Once your 401(k) plan is up and running, review your own account once or twice a year to ensure your investment direction still aligns with your goals.

High contribution limitEmplyer match401k loan for emergenciesNO DEPOSIT TAX!

Limited flexibilityTaxable on withdrawPentalized if withdrawn before age 72Waiting period to start a 401k

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