401(K) Retirement Savings
A retirement savings plan that allows employees to set aside a portion of their paycheck for investment. The money grows tax-free until it's withdrawn.
A feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts.
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Individual Retirement Accounts (IRA)
An individual retirement account (IRA) is a tax-advantaged investment account designed to help you save toward retirement. IRAs are one of the most effective ways to save and invest for the future.
An IRA offers a tax-advantaged way to save for retirement. Depending on what type of IRA you use, it can reduce your tax bill when you make contributions or take withdrawals in retirement. Investment gains are tax-deferred (for a traditional IRA) or tax-free (for a Roth IRA).
IRA: Key Points
Contribution Deadlines
By tax filing deadline for previous year.
Early Withdrawal
10% penalty before 59½, plus income tax.
RMDs
Start by April 1 after turning 73 (2024).
401(k) & IRA Penalties and Rollovers
1. RMD Failure
2. Excess Contribution
3. Rollover Rules
Switching Between Retirement Accounts
401(k) to IRA
Possible upon leaving employer. Direct rollovers avoid 20% withholding.
Traditional to Roth IRA
Anytime. Taxes owed on converted amount. No early withdrawal penalty.
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Wagner, Manufacturing CEO
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Robert & Mary K., Retirees
FIG's personal tax services have made our retirement planning so much easier and more profitable.
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