Best Qualified Retirement Plan - Keep You Financially Secure
Global Trade Investment Solutions Having a solid retirement plan is the best keep you financially secure as you age. Read our article on the 7 best retirement plan options to learn more.
A qualified retirement plan meets the requirements of Internal Revenue Code Section 401(a) of the Internal Revenue Service (IRS) and is therefore eligible to receive certain tax benefits, unlike a non-qualified plan. An employer establishes such a retirement plan on behalf of and for the benefit of the company's employees. It is one tool that can help employers attract and retain good employees.
Understanding Qualified Retirement Plans
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Qualified retirement plan example
If you work for a company that offers a qualified retirement plan, especially a defined-contribution plan, you'll likely get to choose a certain percentage of your income to contribute to the plan.
For instance, if your employer offers a 401(k) plan, you can decide how much of your income you want to contribute to that 401(k). Contributions are tax-free, and are made during each pay period.
In addition, many employers also match employee contributions up to a certain percentage. If your employer matches 3 percent of your contributions, it is in your best interest to contribute at least that much to take advantage of the full employer contribution.
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