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Things You Should Know About Your 401(k) Plan

Here are some key pieces of information you should know about your 401(k) plan. Visit http://heartcg.com/401k-plan-administrator

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Things You Should Know About Your 401(k) Plan

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  1. heartcg.com Things You Need to Know About Your 401(k) Plan

  2. Everyone should know the basics about how their 401(k) works. Here are the most important pieces of information you should know about your 401(k) Plan. heartcg.com

  3. How Much You Can Contribute? Workers can contribute up to $17,500 to a 401(k) in 2014, an amount that is adjusted annually for inflation. Employees age 50 and older can deposit an additional of $5,500. heartcg.com

  4. How Much You Can Save in Taxes? Traditional 401(k) accounts allow you to defer paying income tax on the funds you contribute until you withdraw the money. To find out how much you will save, multiply your contribution amount by your tax rate. heartcg.com

  5. How to Get a 401(k) Match? Getting a 401(k) plan is the quickest way to build up a large 401(k) balance. Many employers will match part or the entire amount you contribute to a 401(k) plan. Formulas can vary depending on the employer but the most common match is 50 cents for each dollar saved up to 6 percent of pay. heartcg.com

  6. How to Avoid the Early Withdrawal Penalty? If you leave a job with a 401(k) before age 55 or roll the money over to an individual retirement account, you’ll have to wait until age 59 ½ to avoid penalty. heartcg.com

  7. What To Do When You Change Jobs? When you switch jobs, you have three options that will allow you to avoid paying income tax and the early withdrawal penalty. Leave the money in your old 401(k) plan, roll it over to an IRA or shift the balance to your new employer’s 401(k) plan. heartcg.com

  8. Heartland Consulting Group – Get a Quote Today! Heartland Consulting Group works with small and medium-sized businesses ranging from sole-proprietorships to companies with hundreds of employees. For more details, Call +1 913-649-3171 Visit www.heartcg.com/401k-plan-administrator heartcg.com

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