Puritan Financial Group 401K Retirement Plan Basics
Seniors who are nearing retirement should take advantage of the 401K retirement plan to help them fund their coming retirement periods
. If you've enrolled in the 401K plan facilitated by your employer and contribute enough to merit his or her matching contribution, you can recoup a good amount of "free" money to add to your retirement income.
Even before the plan earns a dollar in interest, your money has already grown a hundred percent if every dollar of your contribution is matched by your employer with the same amount. Even if your employer only gives fifty cents to match a dollar of your contributions, you'll still get instant and guaranteed gains of fifty percent - returns that many legitimate investments can't provide.
If you're at the age of fifty, your 401K plan can give you upwards of fifty thousand dollars upon retirement. If you don't enroll, there's the chance that you could lose more than a hundred thousand, depending on your current age.
In the example above, your employer needs to match your contributions to the 401K plan up to three percent of your earnings before taxes. You'll also need to earn around $45,000 for this year, and get your salary twice per month. Your contribution limits also need to be at $1,350 prior to taxes, with a fifth of your earnings taxed. In addition, the figures above are in line with seniors who receive a raise of three percent yearly, have 401K plan assets that grow 6.5% per year, and retire at 67 years of age.
What you get from the 401K retirement plan can help you increase your retirement funds if you and your employer contribute regularly before you retire. The plan is a great way to grow your wealth and allow you to live the lifestyle you want for yourself, your family, and your children when you quit your nine-to-five. Talk to a senior specialist or your financial advisor to know more about what you can get from your 401K plan, and what you can invest in with the money you earn.
Puritan Financial Group 401K Retirement Plan Basics
By: Carina Smith
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