Your Future Starts Now
What is a 401(k) Plan?
A 401(k) plan is a retirement savings account that allows you to contribute a percentage of your pay and invest it in a range of options, like stocks, bonds and mutual funds. The AutoNation 401(k) Plan, which includes a company matching contribution, is an important part of your total benefits package.
The AutoNation 401(k) Plan Comes Standard with
All the Options You Need Including:
- Tax savings either today or in retirement
- Company Match
- Your choice of investments, including easy to use Target Date funds
- Ability to change your contribution rate at any time
- 24/7 account access
- Free online advice
- Professional advice for a fee
Make a Down Payment on Your Future and Enroll Today!
Here are 4 reasons why:
REASON 1: YOUR FUTURE IS IN YOUR HANDS
For the average worker, Social Security may provide up to 40% of your retirement needs. Savings in the AutoNation 401(k) Plan can help be a big step toward building savings for the future.
REASON 2: GIVE YOURSELF A TAX BREAK
Pre-tax savings – contributions to the Plan are made before taxes are calculated which means you pay less taxes today.
Roth after-tax savings – contributions are taxed today, but distributions in retirement are tax free and so are the earnings.2
REASON 3: FREE MONEY FROM AUTONATION
Company Match – AutoNation contributes $0.50 for every $1 you contribute up to 5%.
REASON 4: THE MAGIC OF COMPOUNDING
The sooner you start, the more powerful your savings engine. Your contributions and earnings can grow tax-deferred and earnings are reinvested in your account. $100 saved each month over 40 years could grow to almost $200,000.
Your contributions are deducted from your paycheck before income taxes are withheld, reducing your taxable income. You pay taxes on your contributions and related earnings when you make withdrawals in retirement.1 For more information, access your 401(k) below and click on Plan Details and then Plan Highlights.
Your contributions are deducted from your paycheck after income taxes are withheld. You pay no taxes on your contributions and related earnings when you make withdrawals
1 – Professional advice provided for additional fees.
2 – For Roth after-tax contributions and earnings to be eligible for tax-free withdrawals, your initial Roth deposit must have been in your account for at least five years and you must be at least age 59½ (or in the event of your disability or your death).
3 – This amount is based on saving $100 a month, with a 6% rate of return compounded monthly. This example is for illustrative purposes only and is not intended to be investment advice or a prediction of future results.
4 – Subject to IRS restrictions.