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You might not own all of the money in your 401(k)
You might not own all of the money in your 401(k)—here’s how to find out Financial advisors make a big deal of encouraging millennials to invest in company-sponsored retirement accounts — especially if your employer offers to match a percentage of your contribution. There’s a lot of talk of “maxing your match” and don’t leave “free money…
Read MoreHow to Take Advantage of 401(k) Catch-Up Contributions :usnews.com
The 401(k) Catch-Up Contribution Limit for 2019 WHEN YOU TURN 50, YOU become eligible to contribute more money to your 401(k) plan. The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Here’s how to take advantage of 401(k) catch-up contributions: Workers can defer paying income tax on…
Read More5 Sources of Retirement Income That Aren’t Taxable
Keep more of your money during your golden years by incorporating these into your retirement plan. Just as taxes are a huge burden for working Americans, they can also be a drain on seniors’ limited resources. If you’re worried about affording your golden years, it pays to set yourself up with a number of income…
Read More7 retirement saving mistakes financial advisers see too often
Saving for retirement is confusing – it’s no surprise we make mistakes along the way. Luckily, there are strategies to get back on track. Below, financial planners share the most common mistakes, and how they help their clients recover. 1. Failing to create a plan A retirement plan is one of the best ways to…
Read MoreAffluent Millennials Don’t Think They’ll Retire By 65
According to New Investopedia Study, Affluent Millennials Aren’t Investing Enough, and They Know It Investopedia (www.investopedia.com), one of the world’s largest financial and investing websites, announced findings from a recent survey, which found that nearly half of affluent millennials say they think they will be forced to work beyond retirement age. While millennials see investing as…
Read MoreShould You Convert Your 401k to a ROTH IRA?
Should you convert your IRA or 401k to a Roth IRA? You may have a traditional IRA or 401k that allows you to make tax-free contributions, but you will have to pay taxes on that money when you make withdrawals in retirement. You could avoid paying potentially high tax rates on your money by…
Read MoreNewsletter: October 2019
Our October 2019 Newsletter includes an in house article on the Importance of Estate Planning, highlights from Bra Country Fest and the Making Strides Against Breast Cancer of New Orleans run/walk. You will see photos from the Ricks family during this LSU football tailgate season and photos from our training events. Don’t miss getting to…
Read MoreA Tale of 3 Cousins and Their Inherited 401(k) Plans
This is the story of Al, Bob and Carl. Each cousin is the non-spouse beneficiary of his father’s 401(k) plan. Their fathers worked together at the local automotive factory for their entire lives and were all covered by the same plan. The default distribution option in the plan for non-spouse beneficiaries is a five-year payout.…
Read MoreWinning at Life: How Should Newlyweds Invest Beyond Their 401ks?
On Winning at Life, Gregory Ricks and James Parker discuss a comment card from a recent Gregory Ricks Live. They are newlyweds in their 30s looking for some direction on what they should be doing now that they’ve maxed their 401ks, and would like to invest beyond that.
Read MoreWinning at Life: How to Slash Taxes on Company Stocks in Your 401k
On Winning at Life, Gregory Ricks and James Parker explain how a rarely used rule called Net Unrealized Appreciation can dramatically reduce the tax burden of getting stocks out of your company plan.
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