Dedicated to enhancing 401(k) plans

Help secure tomorrow so that you can live for today.

Backed by years of experience, Alliance Wealth Management of WNY specializes in enhancing 401(k) administration, financial advising, and investment management. Our focus is on providing tailored, strategic solutions that cater to the unique needs and goals of each client.

A relationship with a financial advisor is an important one – especially as your finances get more complex. Your individual advisor provides value far beyond what shows up on a financial statement. They understand your overall goals, and they know what keeps you up at night. They can look at the facets of your financial life to help you understand what’s happening in the short term — and help guide you so you can be positioned for the long term.

What is a 401(k) plan?

With pension plans becoming increasingly rare (46% of companies offered them in 19801 but that fell to 11% by 20212), employer-sponsored 401(k) plans are now the go-to way to save for retirement. You simply put a percentage of your paycheck into an account to help you save for the kind of retirement you want—some employers will even give you what is essentially free money by matching your contributions. Enrolling in a 401(k) plan is a smart way to make your retirement plan even stronger, and the sooner you start, the more time your money will have to grow.

Which 401(k) plan is right for you?

Employers typically offer two plan types: Traditional and Roth. Here's the difference between them and how they can help you save for the retirement you've always dreamed of.

Traditional 401(k)

Use pre-tax dollars (meaning before taxes are taken out) to not only save for retirement, but also reduce your taxable income today. Once you start making withdraws in retirement, you'll be taxed at your income level then which may or may not be lower than today.

Roth 401(k)

You can use after-tax dollars (meaning contributions are made after taxes are taken out), but once you start making withdrawals in retirement, they'll typically be tax-free. This option may be better for people who expect to be in a higher tax bracket in retirement.