401(k) or 403(b)
The bridge to understanding corporate retirement savings with total simplicity
Service Description
Many workers in the US receive 401(k) or 403(b) retirement plans from their employers but don't understand how they work, where the money is invested, or what fees are charged. We help you decipher your retirement plan, optimize company matches, and plan your goals without hard jargon.
Retirement Savings in Simple Words
If you work for a company or institution in the United States, you've likely heard the terms 401(k) or 403(b). At first glance, they look like boring math codes, but in reality, they are simply special savings accounts sponsored by your employer to help you prepare for retirement and pay fewer taxes at the same time.
What is a 401(k) plan?
It is a retirement savings plan created by for-profit corporations for their workers. The money is automatically deducted from your gross paycheck, meaning before the government takes out income taxes.
What is a 403(b) plan?
It is a plan virtually identical to a 401(k), but designed for people who work in tax-exempt organizations, such as public schools, universities, government hospitals, churches, and non-profits.
The "Employer Match" or Free Money from Your Company
One of the greatest benefits of these accounts is that many employers offer to match your savings. For example, if you save 3% of your salary, your company deposits another 3% for free into your account. At Enterprises Capital LLC, we help you review your pay stub to ensure you receive this free money and don't leave it behind.
Common Cases to Review Your Accounts
We suggest requesting a free professional consultation if you identify with any of these situations:
- You have a new job and want to know what percentage to contribute.
- You left a previous job and your money is stuck in an old 401(k).
- You don't know which investment funds your money is in or what hidden fees you are being charged.
- You are afraid of stock market volatility and prefer to move accumulated funds to safe vehicles with no risk of loss.
"I worked 6 years at a construction company and left my 401(k) there when I left. I didn't know what to do with it. Patricia explained everything in my language and helped me roll it over into a secure retirement account. Now I know exactly how much money I have and that it is protected from stock market crashes."
How the Process Works
Review of your current 401(k) or 403(b) account statement.
Analysis of investment options available within the employer's plan.
Adjustment of recommended periodic contributions to obtain maximum benefits.
Account monitoring and tax planning for future withdrawals.
Frequently Asked Questions
What is the difference between a 401(k) and a 403(b)?
A 401(k) is a retirement plan offered by for-profit companies. A 403(b) is a similar plan but offered by non-profit organizations, hospitals, churches, and public schools.
What is 'Employer Match'?
It's free money. Many employers promise to match a percentage of what you save (e.g., 100% of your contributions up to 3% of your salary). We help you make sure you don't leave that money behind.
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