I have an option with my company to invest in what they call a Supplemental Savings and Retirement Plan. Essentially I make too much so my 401k max is 12k total a year. I don’t really make a ton but I know that’s all relative.
Long story short that SSRP is held by my company not by me like a 401k. Where as I can pick my stocks and such but if the company went under I’m basically their creditor. The companies been around for over a 100 years with great trends forward so not worried about that.
There is a max of 350k you can put in per year but I wouldn’t even skim that.
My ask is this. If they match 5% is the only advantage I have of doing say 10% is that it helps reduce by taxable income at the end of The year?
Is it better to only do 5% and then take the rest and invest myself so I have it if needed with no penalty?
Thank you in advance. If I missed any just let me know.
Submitted April 23, 2024 at 03:07AM by Whats-that-flyer https://ift.tt/Ta5r4JU
