By Grace W. Weinstein
An in-depth advisor to 401(k) plans--for the over 24 million americans partaking in themAs 401(k) resources collect, so do the questions on the plans--especially with reference to the funding ideas which usually comprise not less than seven offerings via employers. This much-needed ebook explains how 401(k) plans paintings, how federal rules and corporate guidelines impact retirement discount rates, find out how to improve funding suggestions that would profit person wishes, and what occurs whilst funds is taken out of a 401(k) plan. It additionally compares 401(k) plans to different tax-sheltered retirement plans, together with IRAs, 403(b) plans, and 457 plans, and gives entire listings of net and print details assets. most significantly, J. okay. Lasser's successful together with your 401(k) is helping readers to appreciate their corporation plan by way of their very own own wishes and objectives for the future.Grace W. Weinstein (Englewood, NJ) writes a weekly column on own finance for the monetary occasions and a standard column on tax concerns for Investor's enterprise day-by-day. She has seemed on sturdy Morning the United States and the at the present time convey.
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Additional resources for J.K. Lasser's Winning with Your 401(k) (J.K. Lasser--Practical Guides Series)
Worse yet, money in an insurer’s fixed accounts is part of the company’s assets and subject to creditor claims if the company should get into financial hot water. • If you are unable to make the maximum allowable contribution in some years, consider making “catch-up” contributions when you become eligible to do so. Under this provision, unique to 403(b) plans, participants may make up earlier missed contributions when they have remained with the same employer for at least 15 years. The maximum catch-up contribution is $3,000 a year over a five-year period.
For others, it’s the end of the first pay period, or the first day of the first or second full month at work. At a growing number of companies, you won’t even have to elect to participate in the plan; enrollment will be automatic unless you opt out. At least 50 large corporations have initiated automatic enrollment plans; many more are expected to follow suit in the light of recent favorable IRS rulings. Although contributions must legally be elective in order to qualify for tax deferral, the Internal Revenue Service has ruled that automatic contributions may be considered a tacit election so long as two conditions are met.
Low cost. High fees eat into your retirement savings in a big way. Some companies pick up most of the cost; others pass more costs on to plan participants. Too many companies pay little or no attention to plan costs when they choose plan providers. They use retail funds when they could use lower-cost institutional funds. • Access to plan balances and ease of investing. Look for telephone or Internet transaction capability and for the opportunity to adjust your investment mix at least quarterly.