Welcome, 1199 SEIU-UHW United Healthcare Workers West! Here are some resources that can help you with your retirement planning. If you have additional questions after viewing the slide deck and Zoom recording, please scroll to book a one-on-one meeting with an SAS Advisor. The consultations are 20 minutes in length and not a cost to you, they are part of your benefit.
Step 1: Read the information provided below
Step 2: View the Google Slide presentation below
Step 3: Watch the Zoom recording for a refresh of the information presented in the seminar
Step 4: View the additional provided resources about your workplace retirement plan
Step 5: For further questions, book a complimentary consultation with an SAS Advisor or contact us at info@sasadvisors.com
Getting Started:
Eligibility:
You are eligible to participate in your workplace retirement plan upon attaining 21 years of age and one year of service
Start by:
1. Log in to your workplace benefits
2. Choose how much to participate (either designating a % or a $ amount and choosing Pre-tax Savings or Roth Savings- you can choose either or both- SAS is happy to walk you through considerations)
Max contribution under age 50 is $19,500/year
Max contribution for employees age 50 and over is $26,000/year
Option to contribute up to 100% of your paycheck towards your 401(k)
(max contribution amounts are subject to IRS revision annually, above numbers are true in 2021)
3. Choose your investments (the Betterment onboarding will guide you through this step)
4. Choose your beneficiaries
5. Optional if you want to roll old retirement plans (old 401(k)s) to this account for consolidation.
The alternate recommendation is consolidating old 401(k)s to an IRA- SAS is happy to talk you through this step and considerations
Also: Potential "Savers Credit" on your tax return of between 10%-50% of your 401(k) contribution if your Adjusted Gross Income is within specified IRS income limits (less than or between $39,500 and $66,000 for Married Filing Jointly filers and less than or between $19,750 and $33,000 for Single Filers)
Match and Match Vesting
-If there is an employer match: you can access the FULL match by participating and deferring the required % of your own salary into the 401(k) plan
-There may be a vesting schedule for match dollars, meaning those funds are forfeited if you leave your employer before the vesting period ends. They are "yours" in your account if you stay at your employer beyond the vesting period.
100% of your contributions to the plan are immediately 100% vested.
Match dollars are the only funds subject to a vesting schedule. Some examples: "25% after 1 year of service, 50% after two years of service, 75% after three years of service, and in order to retain 100% of employer match dollars, you would have needed to be employed with the company for 4 or more years."
Pro Tip: Target to save between 10-15% of your salary, but starting anywhere, even $10 a paycheck is a GREAT start.
If you have questions about anything related to your 401(k), feel free to view the 401(k) Zoom and slide deck. If you have additional questions scroll below for our 20-minute consultation booking tool.
Here are the Google Slides that were presented during the seminar:
