All Entries Tagged With: "401k"
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 [...]
My Employer Stopped Matching My 401k – Should I Still Contribute?
Tweet This is one of the most frequently asked questions I’ve been receiving lately both at work and via email. Companies across the country are trying to find ways to cut costs during this recession and a prime target is the matching program on a 401(k) or 403(b). This is bad news for employees, but [...]
5 Reasons to Not Borrow From 401k
Tweet You won’t believe what I’ve been hearing at work lately. Fellow employees are taking out loans against their 401k accounts and borrowing money! 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. In fact, I would peg [...]
Eliminate Taxes With a Roth IRA
Tweet Rocketing national debt, unstable economy, high unemployment, and high inflation. These are all factors that have Americans on edge right now. 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 [...]
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, [...]
How to Roll Over Your 401(k) When You Leave or Lose Your Job – The 401k Rollover
Tweet The 401(k) Rollover Explained Are you planning to, or have you recently left or lost your job where you had a 401(k)? The good news is that since these accounts are tied to your employer, once you cut your ties with that employer, you’re generally entitled to do what you wish with those funds. [...]
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