How Employer Retirement Plans Work: Fortune 500 to Public Sector
An employer retirement plan is one of the most powerful workplace benefits for building long-term financial security. These plans allow employees to save and invest for retirement, often with tax advantages and employer contributions. In this guide, you’ll learn how employer retirement plans work, the different types available, real-world company examples, and how to make […]
Best Retirement Plans for S-Corp & Small Business Owners
Qualified vs non qualified retirement plans are structured very differently, and choosing the wrong one can limit how much you save, how you’re taxed, and how secure your money really is. While both are designed to help employees prepare for retirement, they serve different income levels and come with very different rules. In this guide, […]
Cryptocurrency Investments As A Future Retirement Plan
Cryptocurrencies have proved to be a game-changer in the investment industry. Millions of people have been investing in cryptocurrencies for the last two years. Today, millennials and Generation Z are heading towards investing in digital currency because of their huge earning potential. Investing in cryptocurrencies is a great way to secure your retirement future. In […]
5 Effective Ways to Lower Your 401(k) Fees
If you’re like most people, you know that saving for retirement is essential. But do you know how much money your 401(k) fees may be eating up? The average American has $93,400 in their 401(k) balance when they reach age 50, but these high fees may substantially diminish the amount of savings. In this blog post, we’ll […]
Covid 19: New 401k Rules Under the CARES Act
If the coronavirus crisis has left you short of cash, you should know about some legislation the Fed’s just passed, to make it easier for you to tap into your 401(k).
The Money Coach’s Strategy to Build Wealth
Spending money wisely, saving cash and investing can all help build wealth – as well as bring you greater personal happiness. As I prepare for continued wealth building in 2020 and into the next decade, I wanted to share a dozen ways that my husband, Earl, and I spent strategically, invested and built wealth in […]
401(k) Contribution Limits Increase for 2013; What You Must Know
If you’ve got a 401(k) or a similar retirement plan, you can start socking away more money for your Golden Years starting in 2013. The IRS says it’s increasing the tax-free contribution limit for retirement plans to $17,500 for 2013; that’s up $500 from a limit of $17,000 in 2012.
Want to Make A Withdrawal From Your 401(k) to Pay Bills? Think Again!
Amid the tough economy, lots of people have tapped into their 401(k) plans or their Individual Retirement Accounts (IRAs) as a way to get money to pay their bills. Although a withdrawal from a 401(k) plan probably offered a short-term cash cushion, but it also has long-term tax consequences, particularly for those who were under […]
Should You Start a 401(k) After Age 60?
A reader of AskTheMoneyCoach.com wanted to know whether or not it’s a smart decision for them to launch a 401(k) or 403(b) investment plan later in life. The person asked me simply: Q: “Should I start a 401(k) or 403(b) investment plan at 63 years of age?” A: Yes! Actually, I think it can be […]
Should I Use My 401(k) Money To Pay My Child’s College Tuition?
Q: To finish college, our son will need an additional $20,000 for his final two years. We are thinking of using some of our 401(k) money. My husband will be almost 60 by then, so no penalty. With our social security plus my husband’s pension, our income will be close to his present working income. […]
How Your 401(k) Plan Is Costing You Money
A 401(k) plan has lots of fees, and savvy investors may be aware of various investment-related charges – such as a management fee to a mutual fund manager’s or the sales commission paid when making a transaction. What most people don’t know, however, is that 401(k) plans also include several other hidden fees that can […]
Should I Pay off a Few Credit Cards Using My 401(k)?
I’m 61 and Plan to Retire at Age 62, Though I Would Work Until 65 If needed. I would Like to Pay off a Few Credit Cards Using My 401(k). Is This a Wise Choice? I Have About $10,000 in Credit Card Debt.
Why It’s Never Too Late to Start Investing
Q: I am 26 and behind in the investing game. My bank offers a Roth IRA and i’m going with that. I was thinking about going with Edward Jones for a 401(k). Is this a good idea? A: Congratulations on getting started investing. You’re not too late to the investing game: you’re right on time. A […]
How Much Should a Single Mom Save?
Q: I am a single mom who makes about $28,000 a year. I try to save around $200 from my paycheck every second pay period each month, but it’s hard. Do you think $200 is enough? And if I want to save more where should I start? A: Even though $200 a month in savings might […]