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One of the best benefits ever developed to help employees fund their retirement is known as a 401(k) plan. These plans make it easy for you to save money for retirement. The benefit of 401(k) plans is that tax on compensation can be deferred many years, from the time the compensation is earned until the time it is received. Different employers call their 401(k) plans by different names. Don't let the terms confuse you. Sometimes 401(k) plans are called 'salary reduction plans,' because you 'reduce' your salary to put money in the plan. 'Cash or deferred arrangements' or 'CODAs' is another name you might hear for a 401(k) plan. Some employers just call the 401(k) the 'savings plan' or 'the thrift plan.' Employers may also have a profit sharing plan that includes a 401(k) plan feature.
For many people, a 401(k) plan is full of both wonderful opportunities and confusing choices. Spend some time with this 401(k) section. It will help you to better understand 401(k) plans, putting you in a better position to evaluate your options and make decisions. After you've done so, you will:
Securities and Investment Advisory Services are offered through LPL Financial, a Registered Investment Advisor, member FINRA/SIPC. Insurance products are offered through LPL Financial or its licensed affiliates. Heartland Planning Associates is a trade name of Heartland Bank. Heartland Bank and Heartland Planning Associates are not a registered broker/dealers and are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured Heartland Bank deposits and are not FDIC insured. These products are not obligations of Heartland Bank and are not endorsed, recommended or guaranteed by Heartland Bank or any other government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. The LPL Financial representatives associated with this website may discuss and/or transact securities business only with residents of the following state: Ohio. Check the background of investment professionals associated with this site on FINRA's BrokerCheck.
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