August 20, 2022

7 Tips to Get The Most Out Of Your 401k v/s Pension
7 Tips to Get The Most Out Of Your 401k v/s Pension

When it comes to company-sponsored retirement plans, 401(k)s are likely the most common offering. While pensions were once fairly widely used, that isn’t the case any longer. For some professionals, this is incredibly frustrating. Pensions – also called defined benefit plans – come with a level of stability and predictability that you don’t always find…

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Self-Employed Retirement Plans: SEP IRA vs Solo 401K vs SIMPLE IRA
Self-Employed Retirement Plans: SEP IRA vs Solo 401K vs SIMPLE IRA

While completing my taxes in prior years, I started noticing that I would have a not insignificant tax bill due from self-employment and side project income unless I found a way to reduce my taxable income (especially with full-time employment income in the mix). Our (Mrs. 20SF and I file jointly) income levels were beyond…

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What's the Difference Between a Traditional 401k and Roth 401k?
What's the Difference Between a Traditional 401k and Roth 401k?

Saving for your retirement is one of the most important financial hurdles you will be faced with. While there are a number of options including IRAs, chances are you’re most familiar with the 401(k).  401(k) accounts are one of the most popular retirement plans offered by employers for their employees. Made up of a variety…

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How to become a 401k millionaire — without living on crackers and water
How to become a 401k millionaire — without living on crackers and water

Many of us are not ready financially for retirement, yet getting to $1 million is not impossible. Most 401k millionaires got there with steady saving and investing over decades. Getting to retirement with wealth means knowing how to make sure it compounds with minimal risk. Shocking new statistics reinforce a basic truth of the world’s…

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