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…
2022 Retirement Planning: The New Rules Explained
In the middle of 2022, what shall we modify our retirement plans? Sure, cover the essentials. Maybe you will find that you did the retirement things year after year correctly, but you’re still slower. What shall you do? Increase your contribution rate, even just one percent annually is helpful. Basics Of Retirement Planning After doing the…
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…
10 Annuity Tips That Will Save You Thousands (An Unbiased Annuity Guide)
In what ways does an annuity benefit you? This is an important question that needs to be answered before you buy one. Besides offering a steady and guaranteed stream of income, annuities accumulate tax-deferred over time and don’t have contribution limits like 401(k)s and IRAs. Additionally, annuities offer riders that allow money to be transferred…
What Is a 4% Withdrawal Rate? How It Might Haunt Your Retirement
A four percent withdrawal rate is a common rule of thumb when planning for retirement. But what does that mean? And more importantly, is it right for you? This article will discuss the four percent withdrawal rate and how it might impact your retirement planning. What is a Safe Withdrawal Rate in Retirement? The safe…
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…
Annuities: 15 Things You Must Know to Save You Time and Money
The prospect of having some sort of guaranteed retirement income is particularly attractive in today’s uncertain financial climate. The threat of stock market volatility or outliving your savings is less of a worry if you know you’ll be receiving a check every month for the rest of your life. Wait, won’t you have Social Security?…
Understanding Required Minimum Distributions (RMD) Rules
When you make a contribution to a traditional Individual Retirement Account or 401(k), the tax liability on the funds you contribute is deferred until you take the money out of the account. That allows you to take full benefit of the interest earned by those accounts. But, the government is going to get its tax…
Understanding Annuities and Taxes: Mistakes People Make
When it comes to taxes, we all have to pay the piper. In this case, the piper is Uncle Sam. So, even though you’ve seemingly already paid your fair share, your taxes aren’t going to necessarily be any lower in retirement. And, this also applies to annuity owners. Annuity Taxation 101 Annuities are taxed by…
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