An attractive component to many job benefits packages, employers offer 401(k) plans as a way for their employees to save for retirement. Some employers offer to match a percentage of employee contributions until they are vested. Another key feature is that your contributions are pre-taxed and all earnings grow tax-deferred. Some 401(k) plans allow employees to choose their contribution amounts and change them if needed. Fund access varies by plan, with some employers permitting you to borrow against your savings. Hardship withdrawals may also be possible without incurring penalties.
401(k) plans also tend to be very portable, meaning if you leave your job, you can remain in the plan or roll the funds into another 401(k) or IRA. Whether you are looking to set up your first 401(k) or move existing funds into a new account, Trinity Financial & Insurance Solutions can help.
Contact Louie.Berrodin@Prudential.com or call 330-352-1425.