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403b vs 401k [Here’s The Difference]
403b vs 401k [Here’s The Difference]

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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Mega Backdoor Roth: Add $50K+ to Your 401k
Mega Backdoor Roth: Add $50K+ to Your 401k

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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Maxing Out My 401k
Maxing Out My 401k

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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Documentary: Navigating a 401k World

Early 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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Form 5500-EZ | How To Fill It Out For Your Solo 401k
Form 5500-EZ | How To Fill It Out For Your Solo 401k

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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Get the Most Out of Your 401K Contributions with a 401K True Up —
Get the Most Out of Your 401K Contributions with a 401K True Up —

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. …

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401K Withdrawal for Education | College Coach Blog

by 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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