Maximum 401k Contribution for 2014 Has Been Announced
Each year the Internal Revenue Service sets the maximum amount of contributions a person can make toward their 401k plan. On Thursday October 31, the IRS announced that the contribution limit will remain unchanged for 2014, here. The amount maximum contribution amount will be $17,500, the same as 2013 maximum 401k contribution limit. The IRS […]
Saving Too Much For Retirement? Is It Really Possible?
Conventional wisdom tells us it’s impossible to be saving too much for retirement, but is this really true? We’ve been hearing about the need to save more for retirement, and for good reason. Ask many of the Baby Boomers who are getting ready to retire and you’ll find that many of them have come to […]
403b Loan – How to Borrow Money From Your Retirement Plan
During my years as a financial advisor and retirement planning consultant, one of the most common complaints I received from people was about being able to take money out of their employer-sponsored retirement plans such as a 401k or 403b. For more on what the 403b is check this out. They insisted that it’s their […]
What is a 403b Plan?
Most people have heard of a 401k plan, and it’s often a topic of discussion in the news and around water coolers in many offices, but what is a 403b plan? The IRS created the 403b as a tax-deferred retirement plan for members of public education organizations, some non-profit organizations, cooperative hospital service organizations, and […]
The Roth IRA: What You Should Know
You know that putting savings towards your future retirement is important, but deciding where to build your nest egg can be a bit daunting. 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 confusion […]
Are 401k Plans Too Risky For Retirement?
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, they had followed every step for how to become a millionaire but never made it. We hear […]
It's Not Too Late to Max Out Your 2011 IRA Contribution in 2012
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 file […]
5 Reasons to Not Be Borrowing From Your 401k
You won’t believe what I’ve been hearing at work lately. Fellow employees are borrowing from their 401k accounts. Why do people take out loans against their 401k accounts and borrowing from 401k accounts when instead they should be looking at doing a maximum 401k contribution? I don’t know if there are people out there giving […]
Eliminate Taxes With a Roth IRA
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 and […]
Getting The Most From Your Retirement
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 it’s […]
