Maximizing your workplace retirement benefits is one of the smartest ways to secure your financial future. Whether you have access to a 401(k) plan or a Payroll Deduction IRA, understanding how these plans work and how to make the most of them can significantly boost your retirement savings.
401(k) Plans
A 401(k) plan is a popular retirement savings option offered by many employers. This IRS resource provides a comprehensive guide to 401(k) plans, including how to choose a plan, participate in it, and manage contributions. It also explains important features like designated Roth accounts and automatic enrollment. If you’re looking to maximize your employer’s contributions and make smart investment decisions, this guide is a great place to start.
The Beginner’s Guide to 401(k)s
For those just starting their careers, planning for retirement might feel like a distant priority. However, the sooner you start saving, the better off you’ll be. This guide explains the importance of contributing to your 401(k), especially when your employer offers a match. It breaks down how matching contributions can significantly boost your retirement savings and offers tips on making the most of your 401(k) even when facing financial challenges like student loans. It’s a valuable resource for understanding the long-term impact of starting early and the tax benefits of 401(k) contributions.
The Beginner’s Guide to 401(k)s | Finra
Payroll Deduction IRAs
For employees who work for businesses that don’t offer a 401(k), a Payroll Deduction IRA can be a simple and effective retirement savings option. This IRS resource explains how Payroll Deduction IRAs work, how to set one up, and the benefits of using this plan to build retirement savings. It’s an easy-to-manage option with little administrative hassle, making it a great fit for both employees and employers.
