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Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.com
September/October 2019
Know Your 401(k) Words
If you’re like many workers, you contribute to a company-sponsored 401(k) plan, but you might not understand all the financial jargon that comes with one. If you’re among the justifiably confused, some of these definitions may clear up any uncertainty.
Beneficiary
As with a life insurance policy, you’ll need to name one or more beneficiaries of your 401(k) plan so its assets can pass as intended in the event of your death.Contribution Limit
In 2019, you may contribute up to $19,000 plus another $6,000 if you’re at least age 50. Your plan, however, may have different limits, so ask about them.Distribution
IRS-speak for withdrawals, don’t take distributions before age 59 1/2 because, with few exceptions, you’ll pay a penalty and income tax on the amount.Match
That’s how much of your contributions an employer matches. Make it a point to contribute enough to take full advantage of the match.Required Minimum Distributions
This mouthful is better known as RMDs. They are not space movie robots, but required withdrawals you generally must begin taking at age 70 1/2. Fail to do so and you’ll owe a penalty.Vested Interest
Your contributions belong to you, but you may not immediately vest fully in your employer’s match, which can take up to five years.Jump Start
Now that you know a few more 401(k) plan words, take the next step and begin contributing more. The retired you will appreciate your early efforts.CONTACT US
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
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