From Cynthia Scott, OMC Financial Services:
The economy, of course, is on the minds of many Central New Yorkers.
Should you continue your 401k contributions if your employer stops a 401(k) match?
· generous income limits for 401(k) contributions
· lower income limits for Roth IRA contributions
· 401(k) contributions are tax deductible; Roth's are not
· 401(k) and Roth's earnings are tax deferred
· Roth IRA's can be self-directed; 401(k) investment choices are limited by plan
· Roth withdrawals are tax free; 401(k) withdrawals are taxable
If you have a question or a topic you would like discussed, call us at 477-9400 or email us at news@cnycentral.com
