Planning for your own retirement sometimes gets pushed to the back burner when you’re busy running a business. Take a few minutes to learn more about a valuable retirement planning option you can set up for yourself and your employees – a Roth 401(k).
What is a Roth 401(k) plan?
A Roth 401(k) plan is simply a traditional 401(k) plan that permits contributions to a designated Roth account within the plan. Roth 401(k) contributions are made on an after-tax basis, just like Roth IRA contributions. This means there’s no up-front tax benefit, but if certain conditions are met both your contributions and any accumulated investment earnings on those contributions are free of federal income tax when distributed from the plan.
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Article brought to you by Altra Financial Advisors.