Aspire Financial Services 457(b) Plan - Reviews, Benefits, Fees & Ratings

Looking for an Aspire Financial Services 457(b) Plan? You have come to the right place!

In this guide, we will provide you with all the information you need to make an informed decision about whether or not this plan is right for you. We will cover reviews, benefits, fees and ratings so that you can be sure that this plan is the best possible option for your needs. Let's get started!

What is an Aspire Financial Services 457(b) Plan?

An Aspire Financial Services 457(b) Plan is a retirement savings plan that allows employees to contribute a portion of their salary on a pretax basis. The money in the account can then be invested and grows tax-deferred until it is withdrawn at retirement. This makes the 457(b) Plan an attractive option for those looking to save for retirement.

How Does an Aspire Financial Services 457(b) Plan Work?

An Aspire Financial Services 457(b) Plan works by employees contributing a percentage of their salary each pay period before taxes are taken out. The money is then invested and grows tax-deferred until it’s time to start taking distributions, usually at retirement.

What Are The Key Features of an Aspire Financial Services 457(b) Plan?

An Aspire Financial Services 457 plan allows you to save for retirement on a tax-deferred basis. This means that you can contribute to your account pre-tax, and any earnings in the account grow tax-deferred until withdrawal. Withdrawals from the account are taxed as ordinary income.

One of the key features of an Aspire Financial Services 457 plan is that it allows you to make catch-up contributions if you are age 50 or older. Catch-up contributions are additional contributions that you can make to your account above the standard contribution limit. This can be beneficial if you have not been able to contribute the maximum amount to your account in previous years.

Another key feature of an Aspire Financial Services 457 plan is that it offers a wide variety of investment options. This can be beneficial if you want to have control over how your money is invested. The investment options offered by Aspire Financial Services include stocks, bonds, mutual funds, and exchange-traded funds (ETFs).

What Commissions and Management Fees Does an Aspire Financial Services 457(b) Plan Come With?

An Aspire Financial Services 457(b) Plan comes with a 0.25% commission and an annual management fee of 0.35%.

What Are The Advantages of an Aspire Financial Services 457(b) Plan?

These types of retirement plans offer a number of advantages, including:

Tax deferral on earnings

Contributions are made with pre-tax dollars, which can lower your taxable income for the year.

Potential for employer matching contributions

Some employers may offer to match a certain percentage of employee contributions, which can help you save even more for retirement.

A wide range of investment options

With a 457 plan, you'll have access to a variety of investment choices, including stocks, bonds, and mutual funds. This can help you create a diversified portfolio that meets your unique retirement goals.

Flexibility

With a 457 plan, you can typically take withdrawals before age 59½ without incurring a penalty. This can be helpful if you need to access funds for an unexpected financial emergency.

What Are The Disadvantages of an Aspire Financial Services 457(b) Plan?

The disadvantages of an Aspire Financial Services 457(b) Plan are that it is not portable and there are contribution limits. Also, if you leave your job, you may have to pay a withdrawal penalty.

What Are Some Alternatives to an Aspire Financial Services 457(b) Plan?

There are a few alternatives to an Aspire Financial Services 457(b) Plan.

One option is to use a Roth IRA. With a Roth IRA, you can contribute after-tax dollars and all future withdrawals are tax-free.

Another option is to invest in a taxable account. This account will not offer any tax benefits, but it may be the best option if you are already maxing out your retirement accounts.

How Do You Open an Aspire Financial Services 457(b) Plan?

You can open an Aspire Financial Services 457 plan by visiting their website and completing the online application. You will need to provide some personal information, such as your name, address, and Social Security number.

Once you have completed the application, you will be asked to choose an investment option and make an initial deposit. After your account is opened, you can begin making contributions.

What is The Minimum Amount Required to Open an Aspire Financial Services 457(b) Plan?

The minimum amount required to open an Aspire Financial Services 457(b) Plan is $500. This is a great option for those who want to start saving for retirement, but don't have a lot of money to put away each month.

What Are The Aspire Financial Services 457(b) Plan Contribution Limits?

Aspire Financial Services 457(b) Plan contribution limits are set by the IRS. For 2019, the contribution limit is $19,000. However, if you're over 50 years old, you can contribute an additional $6000, for a total contribution limit of $25,000.

What Are The Eligibility Requirements for an Aspire Financial Services 457(b) Plan?

To be eligible to participate in an Aspire Financial Services 457(b) Plan, you must be employed by a state or local government entity, or a non-profit organization that has elected to participate in the plan. You must also be at least 18 years old and have completed one year of service with your employer.

Do You Pay Taxes On an Aspire Financial Services 457(b) Plan?

Contributions to a 457 plan are not taxed. That means you can save more money upfront. And when you withdraw the money in retirement, it will be taxed as ordinary income.

When Can You Withdraw Money From an Aspire Financial Services 457(b) Plan?

Generally, you can withdraw money from an Aspire Financial Services 457(b) Plan after you retire or leave your job. However, there may be some restrictions on when and how much you can withdraw.

How Does an Aspire Financial Services 457(b) Plan Compare to a 401K?

If you're like most people, you probably have a 401K through your employer. But what if your employer didn't offer a retirement savings plan? How would an Aspire Financial Services 457(b) Plan compare?

An Aspire Financial Services 457(b) Plan is very similar to a 401K in that it's a retirement savings plan offered by your employer. The biggest difference is that a 457(b) Plan is sponsored by a state or local government, while a 401K is sponsored by a private company.

Like a 401K, an Aspire Financial Services 457(b) Plan allows you to save for retirement on a tax-deferred basis. This means that you won't pay taxes on the money you contribute to your 457(b) Plan until you withdraw it in retirement.

The other big similarity between a 401K and a 457(b) Plan is that both plans offer employer matching contributions. This is when your employer matches a certain percentage of the money you contribute to your retirement savings plan.

For example, if you contribute $100 to your Aspire Financial Services 457(b) Plan, and your employer offers a 50% match, then your employer would contribute an additional $50 to your retirement savings.

One of the biggest differences between a 401K and a 457(b) Plan is that you can withdraw money from your 457(b) Plan without penalty if you leave your job before retirement age. With a 401K, you typically have to wait until you're 59 ½ to withdraw money without paying a penalty.

What Assets Are Available With an Aspire Financial Services 457(b) Plan?

You have a few options when it comes to asset allocation with an Aspire Financial Services 457(b) Plan. You can choose from a variety of stocks, bonds, and mutual funds. You also have the option to invest in real estate or other alternatives.

The important thing is that you diversify your investments so that you are not too heavily invested in any one asset class. This will help you maximize your returns and minimize your risk.

Why Do People Use an Aspire Financial Services 457(b) Plan?

There are a few reasons that people use an Aspire Financial Services 457(b) Plan.

The first reason is that it allows them to save for retirement. The second reason is that it can be used as a supplement to their other retirement savings plans. The third reason is that it can be used to pay for medical expenses. Lastly, it can be used to pay for long-term care expenses.

Does an Aspire Financial Services 457(b) Plan Accept Rollovers?

An Aspire Financial Services 457(b) Plan does accept rollovers from other eligible retirement plans, such as a 401(k) or 403(b). This can be a great way to consolidate your retirement savings and keep them all in one place. Plus, it may help you save on fees and paperwork.

However, before you make any decisions, be sure to talk to a financial advisor to see if this is the right move for you.

How Long Does It Take to Transfer to an Aspire Financial Services 457(b) Plan?

If you're thinking about transferring to an Aspire Financial Services 457(b) Plan, the process is actually pretty straightforward. Depending on your current provider, the entire process could take as little as two weeks. Here's a step-by-step guide to help you make the switch:

Gather Your Information

The first step is to gather all of the necessary information. This includes your current account balance, investment mix, and contact information for your current provider. You'll also need to have an idea of how much you want to contribute to your new Aspire Financial Services 457(b) Plan.

Contact Aspire Financial Services

Once you have all of the required information, the next step is to contact Aspire Financial Services. They will need to confirm your eligibility and set up an account for you.

Transfer Your Funds

Once your account has been set up, you can then begin the process of transferring your funds. This is usually done through a direct transfer form. You'll need to provide your current provider with Aspire Financial Services' account information and routing number.

Monitor Your Progress

The final step is to monitor your progress. Once the transfer is complete, you'll want to make sure that all of your funds have been transferred over and that your investment mix is still on track. You can do this by logging into your Aspire Financial Services account and checking your balance and investment mix.

Making the switch to an Aspire Financial Services 457(b) Plan is a smart move for anyone who is looking to save for retirement. The process is simple and straightforward, and it can be done in a matter of weeks.

How Do You Put Money Into an Aspire Financial Services 457(b) Plan?

You can put money into an Aspire Financial Services 457 plan in a few different ways. The most common way is through payroll deductions from your paycheck. You can also make lump sum contributions or roll over money from another retirement account.

Can You Open an Aspire Financial Services 457(b) Plan For a Child?

If you're like most parents, you want to do everything you can to set your child up for success in life. One of the best ways to do that is to start saving for their future as early as possible.

One option you may be considering is an Aspire Financial Services 457(b) Plan. But can you open one of these accounts for a child?

The answer is yes! You can open an Aspire Financial Services 457(b) Plan for a child as long as they are under the age of 18. This account can be used to save for their future education or any other major expenses they may have.