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401k For Nanny

By Siwam Hossain

At nanny.com, we understand that full-time nannies are subject to the same financial responsibilities and concerns as lots of other people. That’s why we offer an employer sponsored 401(k) retirement plan to our nannies so that they can save for their retirement comfortably. With the 401(k) retirement savings program, you will be able to easily save a part of your paycheck while making sure your money grows in a secure and protected manner.

Table Of Content:

What is the contribution limit for this 401(k)?

The maximum yearly contribution limit for this 401(k) is $19,500 in 2020, or $26,000 if you are over 50 years old.

What kind of investment options do I have?

We provide access to mutual funds, exchange-traded funds (ETFs), stocks and other securities to help grow your investments efficiently. We also offer professional investment advice from experts if needed.

Does my employer match contributions?

Your employer may choose to match up to some percentage of your contributions depending on their policies. Please contact your employer directly for more information regarding this issue.

When can I start withdrawing funds from my account?

You can start withdrawing funds from the account once it has been in place for at least five years and after reaching age 59 ½ or older.

Conclusion:
With our 401(k) retirement plan designed for nannies, you don’t just get access to great investment options but also enjoy tax benefits that come with it. Start investing today and reap long-term rewards tomorrow!

Siwam Hossain

Senior Correspondent of this site.

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