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PODCAST36: What are the rules for 403b savings plans
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Read MoreHow Do Your 401(k) Contributions Compare to the Average?
Are you keeping up with your peers? by Christy Bieber Contributing to a 401(k) is a smart way to save for retirement if you have access to this type of workplace plan. And you’ll need to make sure you’re investing enough for financial security as a senior. If you’re wondering how your contributions stack up…
Read MoreIf You Inherited A 401(k) From A Parent, Here’s When You Need To Take The Money—And When You Should
As part of the Secure Act, most adults who inherit a 401(k) from a parent must take the money in 10 years. Depending on your financial position and life stage, this could complicate your tax situation. After inheriting a 401(k) from a parent, consider ways to balance the benefits of extending tax-deferred investment growth with the tax…
Read MoreMaxing Out Your 401(k) Can Make You a Millionaire by 45
To max out your 401(k) in 2020 or 2021, you’d need to contribute $19,500. If you’re 50 or older, you’re allowed to make a $6,500 catch-up contribution, so $25,000 is your maximum. Let’s face it: $19,500 a year is a lot of money, particularly if you’re just starting your career. But if you can contribute…
Read MoreWednesday Q&A Should I cash out my old 401k or roll it into an IRA?
Should I cash out my old 401k or roll it into an IRA? A Winning at Life caller has a question about what to do with an old 401k from an old job. Should he roll it into an IRA or cash out? Get Gregory’s thoughts in this clip from the show. Do you have…
Read MoreBoost Your Retirement Savings
Saving for retirement is a great way to lower your taxes and build a sizable nest egg. Use these tax tips to boost your retirement savings. Would you walk away from money? If you’re among the 51 million Americans who participate in a company’s 401(k) plan, you can contribute up to $19,500 in 2020. And…
Read MoreThe difference between a Roth 401(k) and a traditional 401(k), and how to decide which retirement plan is right for you
Roth 401(k)s and traditional 401(k)s are similar in many ways, but they differ in how your contributions and withdrawals are taxed. Traditional 401(k)s offer up-front tax breaks; you pay the IRS on withdrawals when you retire. With Roth 401(k)s, you pay taxes on deposits, in exchange for tax-free withdrawals later. When deciding between a Roth…
Read More3 signs you won’t be ready to retire in 30 years, according to a financial planner
Financial planner Jovan Johnson. Courtesy of Jovan Johnson Even if you have 30 or more years before retirement, it’s possible that there are already some signs you won’t be ready. If you haven’t started using your employer’s 401(k), or are still making the same contribution you started making several years ago, you might need to make…
Read MoreHow 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 MoreThe ‘Stretch IRA’ Estate Planning Strategy Is Gone. Here Are 4 Other Options.
The Covid-19 era is a mess, and we’re still in the middle of it. But life goes on. So, let’s be more open to doing what we would do in more normal times. What I normally do is give tax advice. Here’s some updated estate planning advice for well-off folks to consider. Evaluate “stretch…
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