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Posts by gregoryricks
How to withdraw from your traditional 401(k) account early — the strategies to avoid penalties and fees
Withdrawing money from your 401(k) early is not recommended, since the amount is subject to 20% income tax, plus a 10% IRS penalty. While it’s hard to avoid the tax, there are ways to avoid the 10% penalty, including a loan and a hardship withdrawal. Temporary changes to the rules under the CARES Act may…
Read MoreTypical Retirement Savings By Age Groups: Are Yours Bigger?
Are your retirement savings growing as fast as other people’s in your age group? Did the conoravirus knock your retirement off track? The answer might be surprisingly upbeat. In a season filled with distressing news about the coronavirus pandemic, disappearing jobs, lost income and — don’t forget — civil strife and racial injustice, some Americans are constructing very…
Read MoreWhen will we be going to concerts and sporting events again? Here’s what experts are saying
KEY POINTS Attending sports event or concerts with packed crowds probably won’t happen until 2021 at the earliest, say health experts and government officials The entertainment, arts and recreation industry has cut its new job openings by a higher percentage than any other industry since the Covid-19 quarantines began, according to data by CareerBuilder. Large…
Read MoreHow to Be a Great Virtual Grandparent
7 ways to strengthen the grandparent-grandchild bond while sheltering in place Credit: Adobe Nothing is “normal” these days. While we don’t yet know how bad COVID-19 will ultimately be, we do know that people over 60 are at particular risk for complications, should they become ill. That has many grandparents sheltering in place and unable…
Read MoreHow to Protect Older People From the Coronavirus
People over 60, and especially over 80, are particularly vulnerable to severe or fatal infection. Here are some steps to reduce their risk. Amid the uncertainty swirling around the coronavirus pandemic stands one incontrovertible fact: The highest rate of fatalities is among older people, particularly those with underlying medical conditions. Of the confirmed cases in China to…
Read MoreDon’t Let The ‘CoronaCrash’ Mess Up Your Retirement
Coronavirus has wreaked havoc on the markets. The Dow Jones has just experienced one of the quickest bear markets in history. Does that mean we’ll see one of the quickest recoveries? Does “quick” even matter in the long run? If the sudden return of dramatic volatility concerns you, you’re not alone. “When the market moves…
Read MoreRecovering the Financial Costs of Caregiving
What to do when assisting a loved one socks your wallet Family caregivers open their hearts and their minds when caregiving for ailing loved ones. They often open their wallets, too. But there are a few ways you can try to recover the financial costs of caregiving, as experts explain below. According to the 2017…
Read MoreWednesday Q&A – What do I do if I do not have a 401k?
I do not have a 401(k). What should I do?If you don’t have a 401(k) at work, the burden falls on you to finance your own retirement savings – most commonly using an IRA. While the contribution limits can be lower for an IRA than they are for a 401(k) (or most other employer-sponsored plans),…
Read MoreHow much you need to save every month to earn $100,000 a year in interest for retirement
About half of U.S. workers think they are building a large enough nest egg to retire. A 2019 study by the Transamerica Center for Retirement Studies and the Aegon Center for Longevity and Retirement found that 54% of workers are confident that they are on track to be able to retire. The same study found that…
Read MoreThe Tax Implications of Supporting Adult Children
There are a number of hurdles to clear before you can claim an adult kid as a dependent. MANY, IF NOT MOST, empty nesters are probably glad to have their adult children return to live with them for a while. But if it turns out to be a long time, come tax time, you might be…
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