Employer Retirement Plans

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MINT HILL, NC – Retirement plans offered through employers include 401(k), 403(b), and profit-sharing plans.  If you have access to a retirement plan with your company, I encourage you to take advantage of it.  I learned this the hard way.  When I was younger my thought mentality was, if you aren’t going to stay at a job for a long period of time, there is no use in contributing.  Please please please don’t think that way.  It is incorrect.

401(k) plans are offered by some companies, and employees can contribute with pre-tax deferrals from their salary.  Most of the time, but not always, employers elect to make contributions as well.  This is called a “match.”  They typically match up to a certain percentage.

403(b) plans are for employees of a non-profit business, such as a church or school district.   Employees can always contribute, and some plans allow employers to as well.

Lastly, profit-sharing plans are simply plans offered by businesses with fluctuating income or those looking to tie company performance to individual benefits.  Contributions are only made at the employer’s discretion and can vary from year to year.

If you would like to sit down and review your retirement plan, I am happy to help.

Let us help you find your clarity of purpose!

Portions of this article were written by Principal for use by your local Cambridge Investment Research Financial Advisor.

To discuss further, please contact me at (704) 817-4480 Option 2, or by email at mmiller@fulcrumwealth.com.

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