and what it can do for you
You Have Two Options
So, what’s the difference?
The difference is that in a traditional 401k, you are not taxed upon deposit, you are taxed upon withdrawal. Meaning that you can save for the next 30 ears without ever being taxed but once you withdraw the money from the account, you are taxed on the amount taken and if you take all of it, you’re taxed in one lump some which can be bad as your numbers get higher. On a Roth 401k, the money you deposit is deposited after-tax and therefore can be drawn in its full amount as long as you are 59 years old or disabled.
Meet our 401K advisor, Sonny Flores
“I wanted to take the time to introduce myself. Aside from 401(k) management, my team and I provide overall financial planning for our clients. This can mean investment strategies around retirement or college planning, distribution strategies, risk management (insurance) or trust planning (revocable or irrevocable, charitable, generation skipping etc.)”
– Sonny Flores