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Prudential 401K plan
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<blockquote data-quote="Ms.PacMan" data-source="post: 1095860" data-attributes="member: 4656"><p>Yes, you can do a rollover into an IRA if you were to leave UPS BUT if you have more than $1000 invested you can just leave the money in our 401K (the fees are very low).</p><p></p><p>A traditional 401K is pre-tax - the amount will not be counted as income on your W-2 for tax purposes and will be taxed when you withdraw it.</p><p></p><p>A Roth 401K is after tax - you will pay taxes at the end of the year on that money because it will be included in your wages on your W-2 and when you withdraw it, it will be tax free. The Roth is a better way to go if you are young because the gains will also be tax free.</p><p></p><p>Contribute any amount - it will add up over time. Play around with this calculator <a href="http://www.moneychimp.com/features/401k_calculator.htm" target="_blank">401k Calculator</a></p><p></p><p>I only started contributing to a Roth IRA the last couple years and wish I had done this sooner.</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 1095860, member: 4656"] Yes, you can do a rollover into an IRA if you were to leave UPS BUT if you have more than $1000 invested you can just leave the money in our 401K (the fees are very low). A traditional 401K is pre-tax - the amount will not be counted as income on your W-2 for tax purposes and will be taxed when you withdraw it. A Roth 401K is after tax - you will pay taxes at the end of the year on that money because it will be included in your wages on your W-2 and when you withdraw it, it will be tax free. The Roth is a better way to go if you are young because the gains will also be tax free. Contribute any amount - it will add up over time. Play around with this calculator [url=http://www.moneychimp.com/features/401k_calculator.htm]401k Calculator[/url] I only started contributing to a Roth IRA the last couple years and wish I had done this sooner. [/QUOTE]
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