(TSP, 401(k), 403(b)), IRA, Roth IRA, SEP) All of the above plans come under the IRS code of 401(a). The code basically provides retirement savings contributions (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation (therefore tax-deferred until withdrawn after retirement or as otherwise permitted by applicable law), and limited to a maximum pre-tax annual contribution of $17,500 (as of 2014). Houston, we have a problem. Realistically when it comes to retirement we have a lot of problems. Only the U.S. Government and 3% of private companies offer a pension plan. Employee pension plans have been replaced with the 401(k) and the 403(b). Another problem is that only a few understand the 401(k). Many are not contributing to it and missing out on the matching as well as the tax shelter. Others don't know the amount of their contribution as well as the allocation. It's a mess. We hope to resolve all these issues and more with this Webinar. Before taking the Webinar, I challenge you to find out the following about your defined benefit plan (pension) and your defined contribution plan (401(k) or other):
- if your company has a defined benefit plan (pension plan)
- the amount of your contribution to 401(k) or similiar plan
- your account balance, periodic contribution
- your allocation and respective percentages
All calculations are made using an EXCEL spreadsheet. You will receive a copy of the spreadsheet at the end of the session. If you do not see your retirement plan listed, send me an email, naming the plan, and I'll let you know if this Webinar will cover that plan.