Our CEO and Co-founder, Brett Bernstein, CFP® was recently quoted in Barron's in a piece titled “Playing catch-up on your 401(k)? Read this now”, about an alternative strategy that high earners may want to consider under new IRS rules.
If you're age 50 or older and make more than $150,000 in W-2 wages from your current employer, it's worth checking your 401(k) this year. Under new IRS rules, catch-up contributions must now be made to a Roth 401(k) instead of a traditional pre-tax account. Take a moment to review your pay stub or retirement account to confirm your contributions are being deposited correctly, as errors are easier to fix if caught early. While you'll pay taxes on these contributions now, qualified withdrawals in retirement can be tax-free, giving many investors greater tax flexibility over the long term.
Check out the full article on MSN to read more.
Have questions about how these insights and ideas could impact your personalized wealth management strategy? Let’s talk.
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