Paychex’s Post

What are the tax implications of cashing out my 401k from my old employer at 25? #OldEmployer401k #RetirementSavings #TaxImplications What to Do When Your Old Employer Sends You Your 401k Understanding 401k Payouts When you leave a job, your employer may send you the balance of your 401k plan. This payout can come in various forms, such as a direct deposit, a paper check, or a rollover into an IRA. If you receive a check, like in your situation, you'll need to understand th... Source: https://lnkd.in/gDERi4xZ #mymetric360

REMINDER - we can now convert SIMPLE IRAS mid year to 401k plans 🏆 we no longer have to wait until Jan 1. SIMPLE to 401k Plan Benefits: ✅ increased limits ✅ Roth component ✅ more flexibility ✅ discretionary profit sharing we can put a 6 yr vesting schedule on to help retain employees We still have to provide a 60 day simple IRA termination notice to employees, limits are pro rated just for this year, and the 2 year rule on SIMPLE IRA rollovers is no longer existent however, recordkeepers are still working to accommodate those assets so if they can’t accept them, we don’t roll them over yet. #401k #simpleira #plandesign #secure2 #financialadvisors #businessowners #ceo #401kplan #retirementplans #consultant #plandesign #tpa

It's National 401(k) Day! Let's take a moment and reflect on the value of our 401(k) and the impact that 1% can have on your future. I'm here if you have any questions. Make it a great weekend! Hear more >> https://lnkd.in/gr7Eba5v #National401kDay #WealthManagement

Life happens, and sometimes emergencies require quick access to funds. But did you know that tapping into your 401(k) before 59½ can result in hefty taxes and a penalty? It's crucial to understand these impacts before making a decision. For more insights on managing your 401(k) effectively, check out my blog, 'The Top 5 Things You Should Know About Your 401(K) Benefits.' https://cstu.io/d76f58 #FinancialPlanning #401k #RetirementSavings #401k #FinancialPlanner

It's National 401K Day! Today’s the perfect reminder to take steps toward a brighter financial future. Our team did this yesterday by hosting a lunch & learn with Human Interest. We talked about 401k plans benefitting employees and businesses from a tax standpoint. #DannibleMcKee #DMpride #401kday #401k #RetirementPlanning

Life happens, and sometimes emergencies require quick access to funds. But did you know that tapping into your 401(k) before 59½ can result in hefty taxes and a penalty? It's crucial to understand these impacts before making a decision. For more insights on managing your 401(k) effectively, check out my blog, 'The Top 5 Things You Should Know About Your 401(K) Benefits.' https://cstu.io/d76f58 #FinancialPlanning #401k #RetirementSavings #401k #FinancialPlanner

Affordable 401k plans for all! 💰 Small contributions can make a big difference for your employees' future! Catch the full video ➡️ https://lnkd.in/ewcqxdqu #TeachingMillionaires #BusinessGrowth #WealthBuilding #MoneyMatters #BusinessStrategy #401k #FinancialWellness

2024 is the first year your client is finally able to change from a Simple IRA to a 401(k) within the calendar year. Ditch the frustration of low contribution limits and a fixed match ASAP! Make sure you keep in mind the following: • The 401(k) must start the day after the Simple IRA ends • Provide the employees with a 60 day notice of Simple IRA termination • The 401(k) must have a safe harbor match associated with the plan design Speak to your Simple IRA clients, especially since they just paid too much and taxes and let them know the good news. Send me your questions --> @drewtirney

Can Employers Legally Withhold 401k Match After Approval Delay? Answers: https://lnkd.in/gTCeVRKP #401kMatch #EmployeeBenefits #Compensation #FinancialPlanning Hey there! So, I’ve been pondering a situation that some folks may find familiar – particularly those who rely on their employer’s 401k match as part of their compensation package. Imagine this: You usually look forward to seeing that 401k match hit your paycheck in June, but this year, crickets. 🤔 When you ask about it, the response is that it's awaiting approval from the executive committee. Now, that leads me to wonder: What’s to approve? Isn’t this part of the deal when you start working there? Is there a legal obligation for employers to fulfill the match? Have they already benefitted from tax credits by promising this match? It feels a bit frustrating, doesn’t it? Your employer might be having a change of heart or simply a delay in their process, but it leaves employees in the lurch, especially when they’ve counted on that match as part of their financial planning. Pain Points: Lack of clarity: Employees deserve to know where their compensation stands. Financial uncertainty: Missing that...

Can Employers Legally Withhold 401k Match After Approval Delay? Answers: https://lnkd.in/gRdXVtuM #401kMatch #EmployeeBenefits #Compensation #FinancialPlanning Hey there! So, I’ve been pondering a situation that some folks may find familiar – particularly those who rely on their employer’s 401k match as part of their compensation package. Imagine this: You usually look forward to seeing that 401k match hit your paycheck in June, but this year, crickets. 🤔 When you ask about it, the response is that it's awaiting approval from the executive committee. Now, that leads me to wonder: What’s to approve? Isn’t this part of the deal when you start working there? Is there a legal obligation for employers to fulfill the match? Have they already benefitted from tax credits by promising this match? It feels a bit frustrating, doesn’t it? Your employer might be having a change of heart or simply a delay in their process, but it leaves employees in the lurch, especially when they’ve counted on that match as part of their financial planning. Pain Points: Lack of clarity: Employees deserve to know where their compensation stands. Financial uncertainty: Missing that...