Machen Wealth offers our clients services pertaining to various Retirement Plans including IRAs, 401(k) and 403(b).
An IRA is an account set up that allows you to save for retirement with tax-free growth or on a tax-deferred basis. There are different types of IRAs with different benefits:
A 401(k) is a retirement savings plan sponsored by an employer. It lets employees invest a portion of their paycheck before taxes are taken out. Most companies allow you to enroll in a 401(k) right away, although some smaller employers might make you wait up to a year.
A 403(b) plan is a retirement plan offered by public schools and certain charities and is similar to a 401(k) plan maintained by a for-profit entity. It lets employees defer some of their salary into individual accounts. The deferred salary is generally not subject to federal or state income tax until it's distributed. However total contributions to each employee’s 403(b) account or annuity are limited.
Fortunately, you don't have to choose between an IRA and a 401(k) or 403(b); you can contribute to both. Machen Wealth can help you determine what’s best for you based on your financial needs and goals. To schedule a consultation with Scott Machen regarding Individual Retirement Accounts, call 916-526-2680 or email us at [email protected]