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SECURE Act 2.0 has substantially increased the available tax credits for small employer plans. Below provides an overview of the credits and how they are valuable to business owners considering a new 401(k) plan.

What Can I Do with My Old 401k? 1. Roll over to IRA 2. Roll over to a new workplace plan 3. Stay in your old 401(k) 4. Cash out (and pay taxes) Note: Withdrawing $50,000 in cash before age 59½ could cost $20,500 or MORE in penalties and taxes! Let's discuss your options and see which direction is best for your goals! Madison Robidart Financial Advisor with Eagle Strategies LLC (307)-686-2157

🚨 YOUR 401(K) IS NOT A SCAM. 🚨 Many employers are now offering a Roth 401(k). This could be beneficial to you if you: 🔹 Are worried about future tax rates increasing. 🔹 Make too much money to contribute to a Roth IRA. 🔹 Would rather pay tax on the money today. If you want more personalized guidance, comment “CHECKUP” below. 👇 #401k #investing #wealthbuilding #roth #roth401k #taxfree #lifeinsurance

"Great post, thank you for sharing! Being in charge of planning your retirement and managing financial risks is usually challenging for everyone, some more than the others. To help out with this, there are a few free tools/apps out there now that can help individuals with making informed decisions about which funds to put their 401k dollars in. Plootus (www.plootus.com) is one such app that can help maximise returns based on your life-stage and goals, all at your fingertips!"

Did you know you can do a one-time rollover of pre-tax dollars from your 401(k) to your HSA, up to the annual contribution limit? This could be a great strategy to free up funds for upcoming medical expenses if your HSA balance is running low. Feel free to reach out if you have questions on how to efficiently manage your money. Happy 4th, everybody!

💡 Thinking about what to do with your 401(k)? While an IRA rollover is usually the best move, there's a special case where a lump-sum distribution might make more sense — and it's more relevant than ever! 🚀 Tax and IRA expert Ed Slott recently chatted with Morningstar’s Christine Benz about the Labor Department’s new fiduciary rule. The rule aims to ensure advisors don’t just default to IRA rollovers but consider all options for your old 401(k). Here are your three choices: 1️⃣ Roll it over to an IRA 2️⃣ Leave it in the company plan 3️⃣ Roll it to a new company’s plan or take a lump-sum distribution and pay the tax While the IRA rollover is generally the best move, there’s a big exception: net unrealized appreciation (NUA) in employer securities. If you have highly appreciated company stock in your plan, you might qualify for a tax break that turns ordinary income into long-term capital gains, potentially saving you a lot on taxes! 💰 Advisors should ask: 1️⃣ Do you have company stock in your plan? 2️⃣ Is it highly appreciated? If yes, and you qualify for a lump-sum distribution, you could roll other assets to an IRA and transfer the stock to a taxable account, paying tax only on the original cost. The rest could be taxed at the lower long-term capital gains rate when you sell. 📈 This could be a game-changer for many, especially with the market's recent run-up. Make sure your advisor is considering all your options! 💼 #FinancialPlanning #401k #IRARollover #TaxTips #InvestSmart

Two Common Mistakes High-Earning W-2 Employees Make: 1. Choosing Roth 401(k): The focus should be on minimizing taxes over your lifetime, not just in the current year. 2. Maintaining IRA Funds: Having traditional IRA funds can block the ability to do tax-free Backdoor Roth IRA contributions.

You may have the option between two types of 401(k) plans: traditional and Roth. In a 401(k), you can contribute $22,500 per year if you're younger than 50. But you must be 59.5 years old to withdraw from your 401(k) or incur an early withdrawal penalty plus the taxes you owe.

𝐕𝐢𝐝𝐞𝐨 𝐐&𝐀: A common question we often receive is "𝐖𝐡𝐢𝐜𝐡 𝟒𝟎𝟏𝐤 (𝐨𝐫 𝐈𝐑𝐀) 𝐬𝐡𝐨𝐮𝐥𝐝 𝐈 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐞 𝐭𝐨--𝐏𝐫𝐞-𝐓𝐚𝐱 𝐨𝐫 𝐑𝐨𝐭𝐡?" Click here to listen to Sheena present factors that impact whether pre-tax or Roth contributions are most beneficial for you. https://lnkd.in/gtDdYa4H

Make a Tax-Free Move From a 401(k) to a Roth IRA Here's what you need to know about how to properly make the switch. https://lnkd.in/eHCMbdKq