401k Company Contribution Limits
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After-Tax Savings For Retirement
Most of us are familiar with 401k, 403b and IRA. These retirement saving programs help you get a tax break today on the money you contribute to each saving program. When you contribute money to these retirement saving programs, you end up reducing your taxable income amount for that particular year. You can withdraw the amount after the age stipulated by the plan and you are taxed according to the prevailing tax rate of the year of withdrawal. H Read More... -
Ways To Save And Retire Rich
Most of us think that in order to have sufficient money after retirement, we just need to save money. However, the only way to save and retire rich is to begin investing early in life. This means that your savings will keep getting compounded and will have a large impact on your saving levels. Let us take an example to explain how your wealth can get compounded. Assuming you will retire at the age of 65 and the annual compounded rate of interest Read More... -
IRS Attacks 401k Part-time Employee Exclusions and Your Determination Letter is Useless
The IRS issued the February 14, 2006 Quality Assurance Bulletin (“QAB”) dealing with 401k plan exclusions of part-time, temporary, and seasonal (A.K.A. “part-time”) employees. This QAB revolutionizes the way IRS document examiners will look at 401k plan eligibility clauses and warns that inadequately drafted provisions dealing with part-time employees may be disqualifying, regardless of any plan determination letter. Why the Attack? As 401(k) p Read More...
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