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Financial Focus
Put unused vacation days
to work — in your 401(k)
Now that the year is almost over, for you to defer more of your sal- if you have unused vacation or sick
you may want to explore some last- ary into your 401(k). Fortunately, time you can’t carry over.
minute steps you can take to poten- there may be a way in which you Not all employers are willing or
tially boost your financial fortunes can boost your 401(k) contribu- able to turn vacation or sick hours
Hair Solutions, Inc.
and improve your tax returns for tions — without cutting into your into retirement plan contributions,
2010. And one good place to look take-home pay. so check with your human resourc-
15% OFF first visit
is your 401(k). Specifically, you may be able to es or benefits office to see if you can
Your 401(k) is a great retirement convert any unused vacation and make this move. If it is allowed,
Kim Breeding -Stylist/ Owner
savings vehicle. You typically fund sick time to your 401(k) or other though, consider taking action.
your plan with pretax dollars, so employer-sponsored retirement Once you know how many retire-
the more you put in, the lower your plan, such as a 457(b) or 403(b). ment plan dollars can result from
taxable income. Plus, your earnings Many employers have offered this your unused vacation or sick days,
can grow on a tax-deferred basis, conversion option for years, but go over your 401(k) or other plan,
which means your money can grow relatively few employees have taken perhaps with the help of your finan-
faster than if it were placed in an advantage of it. Now, however, the cial advisor, to determine an appro-
investment on which you paid taxes Obama administration has asked priate allocation of your money. For
every year. Also, you can spread the U.S. Department of the Trea- example, you may have accounts
your 401(k) dollars among a range sury and the IRS to issue new rul- within your plan that are currently
of investments to match your risk ings on the topic in the hope of get- under-funded. Or you might ben-
tolerance, time horizon and retire- ting more people to increase their efit from “rebalancing” your plan
ment goals. Clearly, then, it would retirement savings. And this is an by adding some new money into Heavy Truck Repair
be nice to “max out” on your plan important goal, because many of us different accounts. Keep in mind,
each year. But during difficult eco- still need to put away much more however, that diversification does
Specializing in: Brakes • Clutches • Drivetrain • Suspension
nomic times, it may not be easy money on a regular basis if we’re not guarantee a profit or protect
Preventive Maintenance • Engine and Transmission Repair •
going to enjoy the type of retire- against loss.
Air Hydraulic Service • Heat and Air Conditioning
ment lifestyle we’ve envisioned. In any case, consider this oppor-
We also repair automobiles and pickups
- Gas
Diesel -
Local Hauling
T_he ability to convert vacation tunity to add to your retirement
or sick time to your 401(k), 403(b) plan. T_he more you save today, the
We now do in-house walking beam bushing repair.
North Buncombe
or 457(b) plan can help you make brighter your outlook could be for
Take beams out, press in new bushings,
and re-install beam. Same day service.
Madison area
progress toward that lifestyle. tomorrow.
While the conversion feature won’t
Competitive pricing.
Stone • Dirt • Mulch
enable you to exceed the contribu- T_his article was written by Ed-
Keith McCurry -Owner
tion limit for your plan —which ward Jones for use by Bill Bough-
for 2009 is $16,500, or $22,000 if ton, Weaverville’s local Edward
51 Ray Hollar Road
you’re 50 or older — it may make it Jones Financial Advisor.
Weaverville, NC 28787 Mobile 828-230-7326
Easy access only please!
easier for you to beef up your con-
tributions for this year, particularly
Come in and see our complete collection of furnishings!

and as always

Bill Boughton
Financial Advisor Shope Furniture

61 Weaver Boulevard
Weaverville, NC 28787
Scott Shope
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