My company offers a 401k plan, my questions are as follow:
- Will this be taxed when i am ready to retire?
- Would it be wiser to do what i do now, i take 15% of every paycheck (bi-weekly pay) and deposit it into a saving account with my spouse?
- I see that the company will match the first 3% at 100%, would this be considered free money in a way, whats the catch?
- What do they mean "This 3% contribution will increase by 1% each year on January 1st until you reach a maximum of 10%"? Followed by " 50% of the next 2% that you contribute to the plan".
- Is this a smarter option, should i continue to save on my own, i tend to do really well with that.
Any advice on this would be greatly appreciated, thank you.
Here is the document that was given to us for reference:
Submitted January 10, 2019 at 10:50AM by i8ur4re http://bit.ly/2D294PS
