Your workplace retirement plan—the benefit that lasts long after work
Work is hard. But saving doesn’t have to be. You choose the amount you want to save, and your employer automatically deducts it from your pay. Not only that, every plan is tax-advantaged and compounds the interest you earn over time. And one day, when you retire, you can have a benefit to live on for years to come.
To maximize your benefit, it helps to educate yourself on the best ways to invest in your plan. Whether you’re just getting started, trying to stay on track, or about to retire, you can learn something today that will benefit your future.
Saving for retirement
Get to know the basics of saving in a workplace retirement plan.
- How does my workplace retirement plan work? – A plan at work has its own characteristics, including tax advantages, investment options and plan expenses.
- How much should I save? – See what the experts suggest and decide what’s appropriate for your unique financial situation.
- Am I getting retirement savings right? – Think about the big picture when it comes to saving for retirement.
Few of us are investment experts, but all of us can learn the basics to set ourselves up for success.
- What should I know about investing for retirement? – Understand the typical investment options in your plan and how to spread out your money appropriately.
Taking money out
While retirement plan investing is for the long haul, those nearing retirement or who need to access their savings should know their options.
- Can I take a loan from my plan? – Borrowing from your savings is one way to access your funds, but be aware that there could be plan contribution and tax implications.
- How do I make a hardship withdrawal from my plan? – Understand how hardship withdrawals work, how to qualify, and the taxes and potential penalties involved.
- How do I plan for retirement income? – If you’re nearing retirement, it’s time consider how you’ll withdrawal your plan savings.
Staying on track
As life goes on, being smart with your money will help you meet your retirement goals.
- What should I do with my plan when I change jobs? – Transferring or rolling over a retirement plan account from your previous employer could make good financial sense.
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The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.
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