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There are so many retirement saving plans, including the 403b and 401k. However, before putting your money into any saving plan, you should first understand how it works, its terms and conditions, and the difference between the 403b vs 401k. 403(b) and 401(k) are both retirement saving plans suitable for different types of employees and…
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The Mega Backdoor Roth takes investing in a traditional 401(k) to the next level for high-income earners. If you meet the eligibility requirements, you could stash an extra $41,500 for retirement in a Roth IRA. However, it’s complicated, and mistakes can be costly. Although the mega option is similar to the backdoor Roth IRA, they’re…
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This may surprise some readers but this is actually the first year I’ll have maxed out my 401(k) contributions. That’s right, nearly 10 years into my working career this is the first time I’ll have contributed the max allowed by the IRS (the tax authority). That amount is $19,500 for 2021. On the other hand…
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Bonus Checks and 401k Contributions It’s March and that means bonus time. I always like to front load my 401k contributions for the year and often do a lot of it during the month where I get my bonus. That way I can get those 401k contributions in early and avoid the hefty withholding that…
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This post was originally published on this site Read Time16 Second Human Interest announced an additional $55 million to its Series C round of VC, bringing its total raised to $136.7 million for its benefits tech that connects 401k retirement savings […] This content was originally published here.
Read articleEarly in this new documentary, the director’s message seems to be that retirement finances are messy, elusive, and too complicated for mere mortals to understand. He’s right on all counts. Filmmaker Doug Orchard reminds us in “The Baby Boomer Dilemma: An Exposé on America’s Retirement Experiment” that there are no easy solutions for Social Security,…
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What would it take to realize the fiduciary liability of overtly using “risk tolerance” metrics? And what can 401k plan sponsors do about it? This content was originally published here.
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The IRS requires Solo 401k plan owners with more than $250,000 in their plan to file a Form 5500-EZ every year. The form satisfies annual reporting and filing obligations set by the IRS. It’s another “to-do” for already busy self-employed people. Thankfully, the “EZ” in the form name indicates the difficulty of filing this form.…
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401ks are a great way to save. Investing in a 401k lowers employees’ income taxes, creating a retirement nest egg. However, it can be challenging to ensure you receive the maximum matching funds from your employer. Companies use True Ups to reconcile the matching funds an employee receives with the matching funds they are owed. …
Read articleby Shannon Vasconcelos, former financial aid officer at Tufts University Parents are increasingly sacrificing their own retirements in favor of their children’s educations. As discussed in the Boston Globe, three-quarters of parents report a willingness to delay retirement in order to pay for college, and, in fact, by 2024 nearly a quarter of those over age 65…
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