What does tax-deffered mean?
Basically, you don’t pay income taxes on your plan contributions or earnings until you retire and/or begin to take payments from your account. This may lower your taxable income currently.
What does after-tax mean?
Unlike tax-deferred contributions, after-tax contributions are taxed before they are invested in your plan. Then the withdrawals that you take in retirement are tax-free, as long as certain conditions are met.
Can I combine retirement accounts?
Team MSRP Retirement Specialists will work with you to combine or consolidate your other eligible retirement accounts into your MRSP account. This may make managing your retirement investments a little easier.
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59 ½. Neither Nationwide nor any of its representatives give legal or tax advice. Please contact your legal or tax advisor for such advice.
How much can I contribute to my plan?
Check out the current contribution limits.