A 401k is often a better, and a more traditional way of saving for a retirement than an IRA. The 401k is designed specifically for retirement, but a IRA is just a savings account.
A 401k is a retirement savings account which has very strict rules and regulations concerning deposits and withdrawals.
Making pre-tax contributions is generally better for maximizing retirement savings in a 401k plan because these contributions are not taxed until withdrawal, allowing the full amount to grow tax-deferred over time.
You can certainly pull out of 401K savings if you thing your debt out weights your savings goal. I will say you jeorperdize your future to get over the present situation. I suggest to make proper debt reduction plan and saving on your 401K in parallel. You can plan it out and can have a better future. Use Quicken to maintain your account. You'll know everything about what you are spending on
a 401k plan is an life time money dealing plan you should have after you quit your job
Having a 401k with ING enables you to borrow money from ING using your 401k savings as collateral. You still recieve the other benefits of a 401k such as defered tax free savings.
A 401k is often a better, and a more traditional way of saving for a retirement than an IRA. The 401k is designed specifically for retirement, but a IRA is just a savings account.
A 401k is a retirement savings account which has very strict rules and regulations concerning deposits and withdrawals.
Making pre-tax contributions is generally better for maximizing retirement savings in a 401k plan because these contributions are not taxed until withdrawal, allowing the full amount to grow tax-deferred over time.
yes a 401k can always be rolled into your IRAs and other savings you may have.
You can certainly pull out of 401K savings if you thing your debt out weights your savings goal. I will say you jeorperdize your future to get over the present situation. I suggest to make proper debt reduction plan and saving on your 401K in parallel. You can plan it out and can have a better future. Use Quicken to maintain your account. You'll know everything about what you are spending on
a 401k plan is an life time money dealing plan you should have after you quit your job
An employee savings plan is a general term for any employer-sponsored savings program, while a 401k is a specific type of retirement savings account. A 401k is typically more beneficial for long-term retirement savings because it allows employees to contribute pre-tax income and often includes employer matching contributions, which can help grow savings faster.
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A 401k plan is some sort of savings program and it involves forms. You must fill out these forms in order to apply for a 401k plan. It is a government program.
If your employer does not offer a 401k plan, you may need to consider other retirement savings options.
Merrill Lynch 401k is an investment and savings plan with a profit and sharing contribution, a 401k feature and an ESOP component. Check out their website for further details.