By Paul Katzeff
AARP electronic variations give you functional counsel, confirmed ideas, and specialist information.
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Extra resources for AARP Getting Started in Rebuilding Your 401(k) Account
The money you save on taxes can be invested so it grows—along with your contribution itself. It turns a loss into a gain. This is as close as you’ll ever get to the proverbial free lunch. “Before-Tax” Money Because your contribution is made before your taxable income is calculated, your contribution is referred to as “before-tax” money. Lowering Your Taxes Here’s how a tax-deductible contribution helps you. A tax deduction is taken into consideration while you are figuring out your tax bill. For instance, if you are in the 28 percent bracket, when you make a $2,000 contribution to your 401 (k) account, that $2,000 is not taxed.
All you would get out of that, however, is skipped contributions and more gray hairs on your head. You’d also make the rest of your money less productive. How? You’d play it “safe” by making more conservative investments. But those investments will lose ground to inflation and grow less than your other investments in the long run. We’ll talk more about the crucial difference between short-term safety and long-term safety, starting in Chapter 16. Defined Contribution A 401 (k) plan is known in benefits jargon as a defined contribution plan.
943 million in your account. 050 million. It’s as if you are investing more money than the Other Guy. In fact, that’s exactly what is happening. You do have more cash to invest, in the form of salary not lost to taxes plus its earnings. 4 Tax deferral speeds up your money’s growth. Instead of being handed over to Uncle Sam as taxes, more of your cash continues to work for you. Assumptions: • Each investor contributes $7,500 annually • Federal taxes: 25 percent; state taxes: 5 percent • Each account grows 8 percent annually.
AARP Getting Started in Rebuilding Your 401(k) Account by Paul Katzeff