Retirement Planning resources
The main difference between the traditional and Roth 401(k) is that with the pre-tax option, you pay the tax on your contributions and the earnings when you withdraw them at retirement at that current tax bracket, whereas with the Roth, you pay the tax on your contributions upfront, but the earnings can be withdrawn tax free.
Depending on how your workplace 401(k) is set up, your employer can match a certain percentage of your 401(k) contribution. Think about it as free money! This is a great benefit employers often provide to allow you to build up your retirement savings.
While both an IRA and a 401(k) are retirement vehicles, a 401(k) is an employer-sponsored retirement account whereas an IRA does not involve your employer but still allows you to contribute towards retirement. Be sure to look into the contribution limits of each.
What’s Ahead For Your Taxes If Biden Takes The Presidency
With the election around the corner and recent news of Joe Biden’s running mate, Kamala Harris, we wanted to take a look at his proposed tax plan and what impact
You’re Running out of Time to Reverse this Retirement Withdrawal and Save on Taxes
Required Minimum Distributions (RMDs) are the annual withdrawals you must take from your individual retirement account and 401(k) plans after you reach age 72 (or age 70 ½ if you
Did You Take A Required Minimum Distribution In 2020 From Your Retirement Account? If So, You May Be Able To Put It Back.
If you took a required minimum distribution from your retirement account this year and want to reverse it, you now may be able to. The IRS announced on 6/23/20 that
Has Your Employer Suspended Its 401(k) Matching During COVID-19?
According to a recent survey, 16.1 percent of organizations have suspended matching employer contributions due to financial hardships caused by COVID-19. Worse yet, 1.3 percent of businesses have terminated their
Ways To Build Wealth And Boost Your Savings While You’re Stuck At Home
We’re all spending more time at home these days and it’s likely that money and finances are a stress for many during this pandemic. As the markets continue to be
Who is responsible for 401(k) participation?
If someone were to ask the famous Nobel Prize winner Richard Thaler this question, I think his answer would clearly be “managers and executives”. And to be honest, he makes