30: All About 401(k) Plans

All About 401(k) Plans

I want to take this episode to talk about the nation’s most well-known retirement program: the 401(k). Most of us go into our first job knowing about 401(k)s in the context of having access to that plan through that specific job. But so many people don’t yet understand their options when it comes to moving on to a new job, becoming self-employed, or having a side-hustle.

As well as the most common type, there are 401(k) options if you are self-employed, and even a self-directed 401(k) plan, which I personally use, that can provide benefits not legislated for within the typical 401(k) structure. And if any of this sounds difficult to digest, don’t worry because I’m covering it all in-depth on today’s episode.

Join me on the podcast this week to learn everything you need to know about 401(k)s. Whether you’re entering the workforce and don’t yet have a 401(k), or you just want to know how to make your money work best for you, what I’m sharing today could make a huge difference to your future.

If you’re ready to take control of your money and practice medicine on your terms, you need to check out Money for Women Physicians. Click here to learn more!

What You’ll Learn from this Episode:

  • Who can open a 401(k) plan.
  • How a 401(k) plan works, what the contribution limits are, and what the associated costs are.
  • Why the rules of your 401(k) may differ from the IRS guidelines on 401(k)s.
  • What you can generally invest in inside of a 401(k).
  • How employer contributions to your 401(k) work and where to access the relevant information for your employer.

Listen to the Full Episode:

Featured on the Show:

  • Learn more about Money for Women Physicians where you’ll learn the tools to make practicing medicine OPTIONAL.
  • Follow me on Instagram
  • 14: Demystifying All Things Roth
  • Learn more about self-directed plans
  • Learn more about the eQRP, a self directed 401(k) plan
  • Learn more about SEPP or substantially equal periodic payments, a way to take out money from retirement accounts before age 59.5.
  • Learn more about ERISA Protection

 

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