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For the most part, the plan operates similarly to a 401(k) or 403(b) plan with which most people in the US are familiar. The key difference is that unlike with a 401(k) plan, it has no 10% penalty for withdrawal before the age of 55 (59 years, 6 months for IRA accounts) (although the withdrawal is subject to ordinary income taxation).
This means that if you make $60,000 per year and contribute 6 percent of your pay to the 401(k) plan, or $3,600, your employer will also contribute $1,800 (half of your contribution) for a total ...
You may find your company’s 401(k) plan may not be the best option for you. And you may get better investment choices and tax breaks if you open an IRA or a Roth IRA.
Your investment options within a 401(k) plan are usually limited to the mutual funds of a single investment company's funds. And even then, you might not have access to all of that organization's ...
If you decide that your 401(k) savings need work in the coming years, by all means, do what you can to increase your contributions. But make that decision based on your own numbers -- not the ...
For example, if you had a 401(k) loan balance and left your employer in January 2024, you’ll have until April 15, 2025 to repay the loan to avoid default and any tax penalty for the early ...
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