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401 K

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Information about 401 K
Finance

Published on March 24, 2009

Author: fpcksc

Source: slideshare.net

Description

Student Created Presentation
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401K: How to Get Started

You Just Started a New Job: You should receive a package from your employer stating your benefits Human Resources should also have 401(K) information Talk to a manager who is knowledgeable about their 401(K)

You should receive a package from your employer stating your benefits

Human Resources should also have 401(K) information

Talk to a manager who is knowledgeable about their 401(K)

Are you eligible for a 401(K)? You must be 21 years of age or older Have worked for the company for at least 6 months, or 1 year, depending on company Companies allow up to 15% contribution of your paycheck into 401(K) and they will make a percentage of matching contributions as well.

You must be 21 years of age or older

Have worked for the company for at least 6 months, or 1 year, depending on company

Companies allow up to 15% contribution of your paycheck into 401(K) and they will make a percentage of matching contributions as well.

If you are NOT eligible, what else is there? Roth IRA Traditional IRA Pension Plans CD’s Bonds Social Security (Not reliable, may not be there when we retire)

Roth IRA

Traditional IRA

Pension Plans

CD’s

Bonds

Social Security (Not reliable, may not be there when we retire)

The Benefits of a Roth IRA: Principal grows tax free After tax dollars are put in Few restrictions on withdrawing money No age requirement Created for working people; there are limitations to who can have a Roth IRA based on income (If you are single, under the age of 50, and make less than $110,000 your contribution limit is $4,000 for 2007.) Companies that offer Roth IRA: Fidelity, Vanguard, & T. Rowe Price

Principal grows tax free

After tax dollars are put in

Few restrictions on withdrawing money

No age requirement

Created for working people; there are limitations to who can have a Roth IRA based on income (If you are single, under the age of 50, and make less than $110,000 your contribution limit is $4,000 for 2007.)

Companies that offer Roth IRA: Fidelity, Vanguard, & T. Rowe Price

401(K) Summary: When you start your new job, inquire about their 401(K) and if you are eligible. If you are not eligible, seek out other investment opportunities. Roth IRA is the most beneficial alternative to an 401(K), do research and decide what fits your needs.

When you start your new job, inquire about their 401(K) and if you are eligible.

If you are not eligible, seek out other investment opportunities.

Roth IRA is the most beneficial alternative to an 401(K), do research and decide what fits your needs.

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