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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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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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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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…
Read articleCan I Take a Lump Sum From My 401k When I Retire? Not sure how to withdraw money from your 401k when you retire? Can you take a lump sum? Be sure to fully understand all of your options before deciding to avoid a big tax mistake. Gary,How will my money be given out to…
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When it comes to retirement anxiety, it’s best to set aside all those matters that fall outside your ability to manage. You can’t change everything. Focus instead on what you can change. This content was originally published here.
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What to do with an Old 401k or IRA Account? What happens if you have an old 401k or IRA account from a previous employer? Most Financial Advisors will give you four options: First, just leave your account where it is. This is what most people do when the balance is above $5,000. Is this…
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Since the beginning of 401(k) plans in 1978, people have considered it to be the quintessential retirement plan—you get to save money before taxes and in most cases, the company puts money into your account, too. What could be better than that? But now, 44 years later, it’s time to take a broader look at…
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Investment committees of 401k plans should take heed of the DOL’s concerns raised in the Information Letter and the Supplemental Statement. The key takeaways regarding adding or maintaining an asset allocation fund including PE investments are as follows. This content was originally published here.
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Disclaimer: We may receive a referral fee from some of the companies featured in this article. This article does not constitute financial advice. Refer to a professional for financial advice, and only invest what you can afford to lose. If you’ve been contributing to your 401k for several years, and have recently left your job…
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