Category: Uncategorized
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Like anything else, every investment has benefits and downsides. Saving for retirementis no exception.Here are some of the benefits of 401k:
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Taxes affect your 401k or 403b significantly. Whether you have Roth or traditional 401k, taxes still affect your investment but differently. Taxes affect Roth when you get paid. In other words, every time you get a check from your employer weekly, bi-weekly or monthly, taxes are taken right away before your money is invested. This…
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For those who live in Canada and USA, you must have heard of a Health Savings Account commonly known as HSA. HSA is very important especially in USA where health care cost is high. This account has triple tax advantages. First, it is pretax and therefore it reduces your taxable income. You pay less in…
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For those who have invested in 401K, you have seen Roth 401k and wondered what the difference between Roth and regular traditional 401k is. The main difference lies on how they are taxed . 401K Roth is a post-tax and traditional 401k is pre-tax. Both offer different benefits depending on your financial situation. To decide…
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401K has been around for decades, and yet only few employees contribute to 401k, or 403b (non-profit organizations). The reason for only few employees contributes to 401k is because of lack of information. Actually, most HR vaguely talk about 401k to their employees and this result in fewer employees enrolled to this important investment vehicle.…
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