Workplace Retirement Plans helps you save

June 18, 2009 - PRLog -- You may be lucky enough to avoid losing your job in this economic down slum, but there may be some benefits that you may wish to take into account. Whether you have a high flying corporate career or you are working in some non profit organization, having some workplace retirement plans will add to your funds and help you to be financially stable in the post retirement period.


Out ff all the workplace retirement plans , the 401 (k) plans are the most preferred by the retirees. Most of the companies and organizations in the private sector offer the 401k plans. They provide you with compounded increase on your funds and also help you to enjoy a number of tax exemptions.

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If you are covered under the 401 k plans, you can earn around $15,500 of pre-tax earnings. If you are 50 years or more, you can even around $20,500. Another advantage of the 401 (K) plans is that your contributions are tax deferred until you withdraw the money from the account.

401 (K) plans also includes the matching contributions. If your employer or company is offering you the match to your 401 (k) contributions, it is wise to accept it. Recent surveys say that Americans prefer these contributions to cope up with the present economic challenges. The limit on the combined matching contributions is $45,000 for every individual while it is $50,000 for those who are 50 or above.

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However, the present recession has forced many companies to suspend their 401 (K) matching contributions. Recent surveys have showed that since 2008, around 90 companies have lowered or stopped their 401 k matches to cope up with their losses.

So what do we do in this present situation? Experts say that the best way is to play the waiting game. Invest carefully in the 401 k plans and after the present down slum ends, you will really enjoy great benefits.

Website : http://www.Futureyears.com

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