How Pension Plans and 401(k) Plans Differ
Posted: April 28, 2023
How Pension Plans and 401(k) Plans DifferNone of us can stay young forever – but no one should have to work for an entire lifetime. It is essential to familiarize yourself with your employer-sponsored retirement plans and the benefits they offer so you are well-prepared for the future. These two types of retirement plans can play a significant role in your life when you retire, so it is essential to plan...
Am I Too Old To Start A 401(k)?
Posted: July 28, 2022
Am I Too Old To Start A 401(k)?There is no maximum age for participation in a 401(k) plan. As long as you are still working, you are never too old to contribute. If your employer offers group benefits that include a 401(k), you have an excellent way to save for retirement. No matter your age, if you are still working, you can take advantage of the tax benefits and any matching contributions...
An In-Depth Look Into Employer 401(k) Contribution
Posted: June 28, 2021
An In-Depth Look Into Employer 401(k) ContributionYou are fortunate if you work for a company that offers a 401(k) plan as part of its benefits package. Most plans allow employees to start contributing tax-deferred dollars toward retirement with the first paycheck. Many employers provide matching contributions right away, although some require a year of service before employer matches begin. How do your employer’s 401(k) contributions measure up to other plans? The...
Will My 401(k) Ever “Expire”?
Posted: April 28, 2021
Will My 401(k) Ever “Expire”?The money accrued in your 401(k) is tied to your employer. The contributions come directly out of your paycheck, and your employer may match funds up to a specific limit. When you leave that job, you can no longer contribute to the 401(k), but the money you contributed still belongs to you. Your former employer might ask you to move your money if you contributed...
If My Company Is Acquired by Another Company, What Happens to My 401(k)?
Posted: March 28, 2021
If My Company Is Acquired by Another Company, What Happens to My 401(k)?If your employer is acquired, the fate of your 401(k) plan may depend in part on what type of acquisition it is – asset sale or stock purchase. In an asset sale, the selling company retains responsibility for the 401(k) plan. Employees of the acquired company that stay on after the sale are typically considered new employees of the acquiring company. If the acquisition is...
