A 401(k) contribution can be an effective retirement tool. The Roth 401(k) allows you to contribute to your 401(k) account on an after-tax basis - and pay no taxes on qualifying distributions when the money is withdrawn. For some investors, this could prove to be a better option than contributing on a pre-tax basis, where deposits are subject to taxes when the money is withdrawn.
Use this calculator that compares costs and savings scenarios of traditional 401k to a Roth 401k to help you determine the best option for your retirement. Just add your Current age, projected retirement age and your yearly 401(k) contributions.
How much do you need to retire?
There is no one-size-fits-all plan, see some common guidelines and benchmarks.
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This strategy can be beneficial in the short-term, but it's important to work with a financial advisor to reach your financial goals.
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A financial plan is a roadmap for your financial life. A solid financial plan could keep you on the right track designed to match your goals.
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