The Nuts and Bolts of a 401(k) plan
- Introduction
- Contributions
- Your Money Stays in the Plan
- Rollover from a Previous Employer
- Investing Your 401(k) Funds
- Selecting a Beneficiary
- Comparing your 401(k) to Other Retirement Plans
- Should You Participate in a 401(k) Plan?
- Does Your Spouse Have a 401(k) Plan?
- Deciding How Much to Contribute to the Plan
- What Can You Afford to Contribute?
- Limits on Contributions
Does Your Spouse Have a 401(k) Plan?
Married couples, when both partners have the opportunity to participate in 401(k) plans, should carefully analyze the features of both plans to determine which one offers the best options and maximize contributions to that one first. Look at the variety of investment choices, the ease in which you can move in and out of investments, and if the company matches any portion of your contribution. For instance, if your company's 401(k) plan does not offer a match and your spouse's plan offers a dollar-for-dollar match up to 6% of contributions, you would be unwise if you didn't invest at least 6% in your spouse's plan (provided you can afford to).
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. First Community Financial Consulting is a trade name of Pennian Bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value. NOT FDIC INSURED BY ANY FEDERAL GOVERNMENT AGENCY, NOT GUARANTEED BY THE BANK, MAY GO DOWN IN VALUE.
