#NEW YORK LIFE 401K LOGIN HOW TO#
#NEW YORK LIFE 401K LOGIN CODE#

How to choose the right Target Date Fund for you: All you have to do is select the fund with the target year closest to your retirement date.Like other plan investments, Target Date Funds should be monitored and adjusted if your retirement date or other life circumstances change. As the target date nears, a fund’s investment mix is likely to shift to a less risky, more conservative mix of funds with more fixed-income securities. If you have a ways to go until retirement, a fund’s investment mix is more likely to include a higher percentage of funds with more equity securities and carry more risk. Over time, the mix of investments in each fund changes according to a pre-determined “glide path.” Each fund becomes more conservative in its investing approach as it nears its target retirement date to help reduce risk. How they work: The funds are offered in 5-year increments.Investment professionals make the complicated investment decisions, such as asset allocation, for the investors in the funds. Target Date Funds are “funds of funds”-meaning that they seek to achieve their investment objectives by investing primarily in other mutual funds. What they are: These mutual funds are built on a basic principle-that your retirement investing needs depend on your age.The 401(k) Savings Plan offers Target Date Funds as part of its investment lineup. Learn more about the advantages of each type of contribution. If you’re considered highly compensated (for 2023, your 2022 earnings exceeded a set amount), the maximum amount you can contribute to the plan is different.ĢYou must be at least age 59½ (or disabled) and the Roth account must be at least five years old at distribution.

Penalty based on the type of contribution(s)ġThe Internal Revenue Code limits the maximum benefits salary that can be used to calculate contributions-for 2023 that limit is $330,000.00. Yes, penalty on earnings only (unless disabled) Yes, taxes and penalties on earnings only Taxed based on the type of contribution(s)ġ0% penalty for distributions before age 59½ Here’s a quick side-by-side comparison of the different contribution types. There is no 'wrong' type of contribution, and the only 'right' type is what works best for you.

The type of contributions you make to the 401(k) Savings Plan depends on your savings goals and your preference for when you want to pay taxes on contributions and their earnings. Learn about how to get the most from your 401(k) Savings Plan.

However, be sure to consult with a financial or tax advisor to understand the tax implications before making a conversion. You can convert all or a portion of your existing 401(k) Savings Plan balances to a Roth account (called an 'in-plan conversion'). If you think you'll be in a lower tax bracket when the money comes out, pre-tax contributions might make more sense. In simple terms, if you think you might be in a higher tax bracket in the future when you take the money out, Roth contributions can be appealing. It comes down to your tax bracket and whether you prefer a tax savings now or tax-free income during retirement. *You must be at least age 59½ (or disabled) and the Roth account must be at least five years old at distribution. The total of your Roth 401(k) and pre-tax 401(k) contributions can't exceed this limit. Roth contributions are subject to the same annual limit as pre-tax contributions. This means tax-free income in retirement-you don’t owe any taxes when you receive a qualified distribution* from your Roth account. Roth contributions are different from pre-tax contributions because they're taxed at the time you make them. Learn about all your 401(k) contribution options by clicking on the next section: 'Understand your contribution options'. Roth contributions provide another way the 401(k) Savings Plan can help you prepare financially for your future- if they're a good fit for you.

#NEW YORK LIFE 401K LOGIN HOW TO#

#NEW YORK LIFE 401K LOGIN CODE#

New york life 401k login