“Do not save what is left after spending: instead spend what is left after saving” – Warren Buffett
Did you know September 8th is National 401(k) day?
One of the best decisions you can make for the future is to save and save early. One of the best ways to do so is through your employer’s 401(k) plan. A few of the details on taking advantage of these plans are listed below!
- Many employers will match your contribution up to a pre-determined amount. This is free money you earn and invest towards your future
- Contributions are generally Pre-tax directly from your paycheck (Some also offer a Roth Option)
- Reinvesting capital gains and interest help your account grow faster
- The contribution limit within a 401(k) plan is significantly higher than that of an IRA under age 50 = $22,500 , over age 50 = $30,000
- You select your investments and can change them over time to help meet your retirement goals
Our team is happy to discuss with you further and in more detail. We strive to be a resource in every facet of our client’s lives through personalized retirement planning.
August 2023
