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LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
A 401(k) is a retirement savings plan offered by many employers to their employees. It is a tax-advantaged way for individuals to save for their retirement years. Here is a breakdown of how a 401(k) works and why it is an important tool for saving for the future.
First, let’s talk about the basics of a 401(k) plan. When you enroll in a 401(k) plan, you can choose to have a portion of your pre-tax income deducted from your paycheck and deposited into your 401(k) account. This money is then invested in a variety of funds or investment options, based on your preferences and risk tolerance.
One of the main benefits of a 401(k) plan is that the contributions you make are tax-deferred. This means that you do not pay income taxes on the money you contribute to your 401(k) until you withdraw it in retirement. This can help lower your taxable income each year and allow your contributions to grow tax-free until retirement.
Another key feature of a 401(k) plan is that many employers offer a matching contribution. This means that your employer will match a certain percentage of your contributions, up to a certain limit. This is essentially free money that can boost your retirement savings even further.
It is important to note that there are limits to how much you can contribute to a 401(k) each year. As of 2021, the annual contribution limit is $19,500 for individuals under the age of 50, and $26,000 for those age 50 and older. These limits are set by the IRS and are subject to change each year.
When you reach retirement age, typically around 59 ½, you can start withdrawing money from your 401(k) without incurring a tax penalty. However, if you withdraw money before this age, you may be subject to a 10% early withdrawal penalty in addition to regular income taxes.
In summary, a 401(k) is a powerful tool for saving for retirement. It allows you to save for the future in a tax-advantaged way and take advantage of employer matching contributions. By contributing to a 401(k) consistently over time, you can build a substantial nest egg to enjoy in your retirement years. It is important to start saving for retirement as early as possible and take advantage of the benefits of a 401(k) plan to secure your financial future.
I am living just on my retirement mint of only $1180 dollars a month ,I only have car insurance and phone and rent .how do I make this allotted money last to live on I am 64 years old and on medicare
This is totally wrong. IRS manages this under gently kick to nuts subsection a little less suck. Next chapter is how to make things that we made suck less suck more.
Traditional IRA: Tax Deductable Now, Taxed Later
Roth IRA: Taxed now, not taxed later
God is love.
We all fall short and sin.
Love is just and merciful.
Because God is loving He must judge sin, we all stand judged.
Because God is merciful He provided a way out from under the weight of the law and for us to be regenerated.
If we trust Jesus shed His sinless blood, died and rose from the grave He forgives us of our sins and gives us a new heart that wants to look God as our Father genuinely and delight in Him, freeing us from being slaves to sin.
The rest is our mind catching up with that reality and taking hold of His teaching and truth until He returns, or we die.
We aren't saved or kept saved by obedience. We can only be lost through unbelief (trusting in our own righteousness, to be or remain saved) or blasphemy of the Holy Spirit (attributing clear works of God, healing/deliverance, to demons and Satan).
Commandments aren't have to's, they are what we do because we actually want God's direction and It's what fulfills us.
You can't be born again without the desire to honor God. (Works based salvation "Christians" and "lawless Christians" are both wrong.)
We love because God first loved us.
Jesus is God, the Son, "the first and the last", God along with God the Father "the Lord God", this title is mentioned with being tied to God in Isaiah 44:6-8, and that same is sent along with the Lord God's Spirit in Isaiah 48:11-16.
Jesus further claims this title also in Revelation 1:8-17.
Leave catholicism/orthodox/protestant churches that preach strife, or inform them.