The BMC 401(k) plan gives you three contribution options: before-tax (traditional), after-tax or Roth contributions. Making before-tax contributions to your 401(k) gives you an immediate tax break; Roth contributions give it to you down the road. Which is better? It depends on how long the money stays in the account, how much it earns, and what your tax rates are when you put the money in and take it.
For some, it might be a good idea to make both before-tax and Roth contributions if you can, giving you taxable and tax-free withdrawal options. Financial planners call this tax diversification, and it's generally a smart strategy. Each individual's tax situation is different so take time to consider all the facts and consult your tax advisor.
Learn more about 401(k) contributions and income tax strategies on the Fidelity Viewpoints website. Try the Fidelity "Traditional vs. Roth Retirement Savings Plan Modeler" or the "401(k) or Roth?" calculator at bankrate.com.
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.
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