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True Retirement Debt Management - 401K

Thinking you'll be able to retire in style with your company pension and social security? Think again. Company pensions continue to decline on a year to year basis, and it is very questionable as to whether social security will even be around in 20 years. This means you may have to do the bulk of your retirement "heavy lifting" by yourself. Your only alternative is either staving retirement off as long as possible, or racking high amounts of debt. Neither one is a particularly attractive alternative. But saving is not such a bad deal, and can be done easily, especially with your 401K.


A 401K Plan is a savings plan that may be available through your employer (not all employers offer them). Typically, your employer will select a company which administers the plan, which will typically offer you are variety (sometimes wide, sometimes quite narrow) of investment choices where you can place your 401K funds. These choices may include such investment instruments as CDs, mutual funds, bonds or company stock, depending on the plan. With the 401K plan, you are given the opportunity to place certain amounts of money into your investments which is typically drawn every pay period. A great benefit of the 401K is that this investment is not taxed at the time it is deposited, which reduces your overall tax liabilities. Funds from the plan are taxable, however, but not until they are withdrawn. Another bonus is that any earnings your investments make within a 401K are also sheltered from taxes. Finally, some companies will actually match your contribution to your 401K, up to 100%, and in some cases, more.


Get Your 401K On Track

Getting moving with investing with your 401K should be a huge priority for you. By beginning to use the vehicle right away, you will immediately see the effects of compound interest on your investment, which is very, very good. This will also enable you to immediately take advantage of any matching offers your company makes which you may have missed.


If you are changing jobs, you may want to transfer your 401K money to an IRA, or perhaps simply "rollover" the funds to your new company's workplace. Resist the temptation to withdraw funds from either your IRA or 401K plan, as both will cause you to experience heavy penalties.


Investing in a 401K as soon as today is a superb idea. It will help ensure that when retirement finally comes your way, you can avoid debt, and be able to live the lifestyle you want.


Having issues with credit card debt? Contact us here for a free debt consultation. We may be able to provide debt help.

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