With a change in the laws, there never was a better time to start a 401(k) retirement fund. In fact, you may find that you have already started one, because under the new law, your employer can put you into a 401(k) retirement fund automatically.
If that happens or has happened – to you, you might not pleased at first because some of your salary will be deducted to pay it. But believe me, any investment for your retirement is a good investment and if you have not started one, do so today. It is that simple.
Other changes in the law are that the Roth 401 (k) is now permanently available. The difference between a Roth and ordinary 401(k) retirement fund is that you invest out of taxed income, but with withdraw tax-free. With a 401(k) retirement fund, you get tax relief on your investment, but get taxed when you start to withdraw from it.
401(k) or Roth 401(k)
Which is best? That depends on your situation, and it is best to discuss this with a financial adviser but make sure you find a good one. You are likely to do better with a Roth 401 (k) if you are a high earner and will pay a lot of tax on your retirement income but this may not be the...
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