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401k Investing Strategy

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401k Investing Strategy

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  1. Understanding Your 401K A 401K is a retirement plan sponsored by your employer. The contributions made is considered tax deductible because you can save a portion of your paycheck before taxes are taken out, which reduces the amount of taxes you pay. 401k Investing Strategy

  2. Below are some scenarios where you may not incur the 10% penalty. • Permanent disability of the participant. • Qualified 1st time home buyer for owner occupied property (taken out as a loan). • Qualified military reservists called to active duty. • Rollover of your 401K to another qualified IRA plan for previous employers. You will not be allowed to rollover your 401K for an employer you currently work for.

  3. Why Save for Retirement? As the aging population continues to grow older and living longer, we are more likely to spend a longer period in retirement. Below are statistical data. 1970: Men spent an average of 11.3 years in retirementWomen spent an average of 15 years in retirement 1990: Men spent an average of 15.5 years in retirementWomen spent an average of 19.1 years in retirement 2016: Men spent an average of 17.2 years in retirementWomen spent an average of 20.6 years in retirement

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