What is true about making contributions to a 401k account
Asked by admin @ in Social Studies viewed by 272 People
Which is true about making contributions to a 401(k) account?
Answered by admin @
Facts
about 401(K) account are the following:
1. Employee contributions to a
401(K) are tax deductible
2.
The
employer's plan may not discriminate against lower paid employees
3.
You
cannot put into more than 25% of your earned income which is counted w/your
employer's contribution
4.
Growth
within the 401(K) is tax-deferred until you withdraw your money
5.
If/ when
you die, if you are married & have a 401(K) your SPOUSE IS THE BENEFICIARY.
Federal law says that the spouse is the beneficiary UNLESS they waive their
rights
6.
Tax
sheltered but you can only put your money in investments that have been
approved by your employer (diversify! Don't invest in your company's stock,
look at the fees)
7. You generally cannot withdraw
funds without penalty before age 59 1/2 except under special circumstances.
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