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401 K

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401 K

  1. 1. 401K: How to Get Started
  2. 2. You Just Started a New Job: <ul><li>You should receive a package from your employer stating your benefits </li></ul><ul><li>Human Resources should also have 401(K) information </li></ul><ul><li>Talk to a manager who is knowledgeable about their 401(K) </li></ul>
  3. 3. Are you eligible for a 401(K)? <ul><li>You must be 21 years of age or older </li></ul><ul><li>Have worked for the company for at least 6 months, or 1 year, depending on company </li></ul><ul><li>Companies allow up to 15% contribution of your paycheck into 401(K) and they will make a percentage of matching contributions as well. </li></ul>
  4. 4. If you are NOT eligible, what else is there? <ul><li>Roth IRA </li></ul><ul><li>Traditional IRA </li></ul><ul><li>Pension Plans </li></ul><ul><li>CD’s </li></ul><ul><li>Bonds </li></ul><ul><li>Social Security (Not reliable, may not be there when we retire) </li></ul>
  5. 5. The Benefits of a Roth IRA: <ul><li>Principal grows tax free </li></ul><ul><li>After tax dollars are put in </li></ul><ul><li>Few restrictions on withdrawing money </li></ul><ul><li>No age requirement </li></ul><ul><li>Created for working people; there are limitations to who can have a Roth IRA based on income (If you are single, under the age of 50, and make less than $110,000 your contribution limit is $4,000 for 2007.) </li></ul><ul><li>Companies that offer Roth IRA: Fidelity, Vanguard, & T. Rowe Price </li></ul>
  6. 6. 401(K) Summary: <ul><li>When you start your new job, inquire about their 401(K) and if you are eligible. </li></ul><ul><li>If you are not eligible, seek out other investment opportunities. </li></ul><ul><li>Roth IRA is the most beneficial alternative to an 401(K), do research and decide what fits your needs. </li></ul>