Social Security benefits were designed to supplement our income needs in retirement by providing about 40 percent of what a retiree might need for a comfortable life based upon pre-retirement income. Beyond Social Security, financial planners suggest we plan to depend upon 80 percent of what we were earning in the years leading up to…
Retirement Savings: 401(k), Individual Retirement Account (IRA), and Roth IRA
Can You Save for Retirement Without a 401(K)?
Here’s a pop quiz for you. When you hear the word retirement, what immediately comes to mind? Some of you might have visions of traveling the world, playing golf, or hanging out with your grandkids. But, for most of you, you’re probably thinking about your 401(k). Since first introduced in the early 1980s, defined contribution…
Top 7 Ways to Protect Your 401(K) From a Stock Market Crash
May 21, 2022
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If you have a 401(k), any other retirement plan, or anything that ties into the stock market in general, then this article is for you. I’m going to tell you seven ways to protect your 401(k) from a stock market crash so that if it does happen, at least you will be prepared. What Is…
How an IRA Works
A 401(k) plan gives participants little choice. The company will have selected the fund manager. The fund manager will decide how to invest the employees’ money—and the employees can watch it grow. Funding an IRA requires initiative from the participant. You can obtain an IRA from a bank or a brokerage or a financial investment…
Weighing the Options When It Comes to Borrowing From Your 401(k)
Financial hardships happen, and can be experienced by anyone. Unexpected layoffs, putting kids through school, and the changes caused by COVID-19 to name a few. Regardless of the reason, when money is needed, there is no shortage of options available for obtaining emergency funds. Borrowing from a retirement fund, specifically a 401(k), is an option…
How to Rollover Your 401(K)
The first thing you’ll need to do is obtain the details of your new 401(k) plan. The human resources department should be able to tell you the account address. (It’s also worth asking them about the fund’s performance and cost so that you can compare it to your previous employer’s 401(k) plan.) You’ll then need…
Best Ways to Use a Tax Refund
By the first of May you have either received your tax refund or are checking every day to see if it has been deposited to your account or is in your mailbox. If you have not decided on how to use the refund, here are some suggestions on how to take advantage of this money….
4 Types of 401(k)
So a 401(k) is a retirement fund available through an employer. The employer makes your contributions for you, and may offer to match some of your additional contributions. But there are a number of different kinds of 401(k) plan. Traditional 401(k) The traditional 401(k) takes advantage of a loophole in the law. It allows people…
Prices Are Up Everywhere With Inflation. Except in My 401(K)
Inflation does not discriminate. Just like it’s squeezing everybody’s wallet, it’s hitting almost every investment in a retirement account. Stocks have been shaky this year, with the S&P 500 at one point dropping more than 10 percent from its record, mostly because of inflation worries. Bond prices have also tumbled. Before gold’s recent spurt due…
NTD Business Full Broadcast (Aug. 19)
Another setback for American oil. An Obama-appointed judge reverses approval for oil extraction in Alaska. Fidelity says Americans’ retirement savings are at record high levels, thanks to stock market highs and some people setting aside more money. Demand for industrial commodities like copper is falling. What does that tell us about the economic recovery?
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