401K Plan – Charlie Kim Insurance & Financial

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401K Plan for your sound retirement

Everyone has difference financial needs so we can tailor your portfolio to your own profile

A 401(k) is a retirement plan that allows employees to save a portion of their wages in an account that can grow tax-deferred over time. Employees can choose how much of their income to contribute to the plan, which is usually a percentage, and their employer automatically deducts that amount from each paycheck. Contributions to a 401(k) are usually pre-tax, which can lower taxable income in the current year. However, the money will be subject to income taxes when it’s withdrawn.

Employers can also contribute to their employees’ 401(k)s, often by matching some or all of employee contributions. For example, an employer might match up to the first 6% of an employee’s annual compensation that they contribute to the plan.

When an employee retires, they can choose to take regular distributions from their 401(k) in the form of an annuity, or they can take nonperiodic or lump-sum withdrawals.

Fidelity Investments suggests that employees aim to save at least the equivalent of their salary by age 30, three times their salary by age 40, six times by age 50, eight times by 60, and 10 times by 67.

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Maria Marlin Retired Govt Officer, ON, Canada

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

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