All Entries in the "Retirement" Category
The Roth IRA: What You Should Know
Tweet You know that putting savings towards your future retirement is important, but deciding where to build your nest egg can be a bit daunting. Â But the Roth IRA has too many tax benefits to ignore. Confusing lingo and acronyms make it hard to choose an appropriate investing method, and trying to wade through the [...]
Are 401k Plans Too Risky For Retirement?
Tweet The 401k gets a bad reputation, especially when the markets and economy are on the rocks. We read countless stories about 60-somethings on the cusp of retirement who lost half their nest egg and need to continue working, and we hear about how people aren’t putting enough money into the plans to be able to afford [...]
It’s Not Too Late to Max Out Your 2011 IRA Contribution in 2012
Tweet Max Out Your 2011 IRA in 2012 The calendar may have flipped to the new year, which means most tax tricks, tips, and deductions have closed the book on last year’s taxes, but that isn’t the case for your IRAs. Individual Retirement Accounts are unique in that they give you up until when you [...]
5 Reasons to Not Borrow From 401k
Tweet You won’t believe what I’ve been hearing at work lately. Â Fellow employees are taking out loans against their 401k accounts and borrowing money! Â I don’t know if there are people out there giving advice to do this, but it’s probably one of the worst ideas I’ve ever heard of. Â In fact, I would peg [...]
Eliminate Taxes With a Roth IRA
Tweet Rocketing national debt, unstable economy, high unemployment, and high inflation. Â These are all factors that have Americans on edge right now. Â What has the American public even more scared is the fact that the federal government has started to tap into public pension funds to pay for bankrupt social programs such as Social Security [...]
Getting The Most From Your Retirement
Tweet Retiring is a fact of life and once you hit that point, which we all do, the idea is to enjoy your time. Ideally you have adequate resources and savings that will allow you the leisure that comes when you retire but it’s not always the case. It’s important to enjoy your time but [...]
Planning for Your Financial Future in Retirement
Tweet When it comes to planning for the future, most people think of retirement. Retirement planning is important because it allows you to do the things that you were unable to do while working‒travel, start a business, go back to school, be closer to family, or simply relax. Because retirement is such an important phase [...]
Don’t Treat Your 401(k) Like a Savings Account
Tweet As a Chartered Retirement Planning Counselor and someone who deals specifically with retirement issues I spend a lot of time helping participants with their retirement plans. One of the most common reasons participants would meet with me is because they say need money and they are looking to take it out of their retirement [...]
Are You Saving Too Much for Retirement?
Tweet As a CRPC and having spent time in the retirement planning industry I have seen a lot of trends emerge. Most notable is the huge disparity between what people have actually saved for retirement versus what they need to have saved. This is nothing new, and if you turn to any financial news outlet [...]
2011 401k, 403b, and 457 Plan Contribution Limits
Tweet Retirement Plan Contribution Limits Remain Unchanged in 2011 Employees saving for retirement are not getting any favors from the government this year. The contribution limits for the major employer-sponsored retirement plans: 401(k)s, 403(b)s, and 457(b)s will not get an increase. That means like in 2010, the 2011 limit remains $16,500 for those under age [...]
How Much Money Do I Need to Save For Retirement?
Tweet Calculating How Much Money You Need for Retirement Every so often I receive questions from readers. I try to answer them all directly, but occasionally a question comes up that is very broad and is one that more people are thinking about but not asking. Everybody wants to know how much they should be [...]
Are Automatic IRAs the Answer for Low Income Workers Saving for Retirement?
Tweet There has been increasing discussion lately about new ways to help lower income employees who may not have access to more traditional retirement savings to begin saving for retirement. We already have a number of retirement vehicles available for most people, but there are still millions of people who simply don’t save anything for [...]
The American Workers, State, and Business Relief Bill of 2010 to Expand Roth 401(k) Conversions
Tweet Have you heard of The American Workers, State and Business Relief Bill of 2010 that’s been floating through Congress this year? Don’t worry, you’re not alone. It hasn’t received much press, but there was one little tidbit that caught my attention since it has to do with Roth 401(k)s and conversions. The idea is [...]
The 401k Loan: How to Borrow Money From Your Retirement Plan and What You Need to Know
Tweet The 401k Loan May Have Benefits, but it Isn’t Without Pitfalls Roughly 75% of 401(k) plans have a loan provision. This is good news for participants who find themselves in a bind and need quick access to some cash, but it also potentially puts a lot of retirement nest eggs at risk. In fact, [...]
Social Security – What You Need to Know About Benefits, Coverage, and Eligibility
Tweet Social Security Benefits and You Social Security is a sore topic for many people. The system is flawed, it’s in significant financial trouble, and the younger generations aren’t expecting to see a penny from it when they retire. While it’s true that Social Security has its problems, it still pays out benefits to tens [...]
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