Book an appointment with GFS Financial Advisors using SetMore

What is a 401k and How Does it Work?

With a 401(k) plan, you elect either to receive cash payments (wages) from your employer immediately, or defer receipt of a portion of that income to the plan. The amount you defer (called an “elective deferral” or “pre-tax contribution”)... Read more

Laid Off

There are a number of ways you can smooth the transition to your next job. To begin, you’ll want to plan on your job search taking six months and budget accordingly. Your budget should reflect the money you’ll need to use while looking for your new... Read more

401(k) Plans

401(k) Plans Qualified cash or deferred arrangements (CODAs) permitted under Section 401(k) of the Internal Revenue Code, commonly referred to as “401(k) plans,” have become one of the most popular types of employer-sponsored retirement plans. With a... Read more

Gifting

To determine your basis in property you received as a gift, you must know the property’s adjusted basis to the donor just before it was given to you, its fair market value (FMV) at the time it was given to you, and the amount of any gift tax paid with respect to... Read more