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New regulations in effect for 401(k) contributions!
Plus, tip on why maxing out your 401(k) may be advantageous for several reasons:
.New regulations in effect for 401(k) contributions!
Plus, tip on why maxing out your 401(k) may be advantageous for several reasons:
1.Tax Advantages: Contributions to a traditional 401(k) are typically made with pre-tax dollars, meaning the amount you contribute, may reduce your taxable income for the year. This may result in immediate tax savings, allowing you to keep more of your income in your pocket. Additionally, the earnings on your investments within the 401(k) grow tax-deferred until withdrawal, potentially allowing your investments to compound more rapidly over time.
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2. Employer Matching: Many employers offer a matching contribution to your 401(k) contributions, up to a certain percentage of your salary. By maxing out your contributions, you can take full advantage of this matching program, effectively doubling your investment without any additional effort. Failing to contribute enough to get the maximum match is essentially leaving free money on the table.
3. Retirement Savings Growth: The more you contribute to your 401(k), the more you'll have saved for retirement. By maxing out your contributions, you may be setting yourself up for a more financially secure retirement. With longer periods of compounding and potential market growth, you may significantly increase your retirement nest egg, providing greater financial stability and flexibility in your later years.
To take action on maximizing your 401(k) contributions and ensure you're making the most of your retirement planning, it's essential to seek guidance from a trusted financial advisor. At Matisse Capital, our team of experienced professionals focus on helping clients navigate their retirement planning strategies. Reach out to us today to schedule a consultation and take proactive steps towards securing your financial future.
ali@matissecap.com -or- 503.210.3004
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