More people are taking loans from their retirement accounts (401(k), 403(b), etc.) than ever, simply because they can. Here’s the problem: seeing one’s retirement account as a savings account, or worse, a personal ATM machine. That’s so ridiculous I cannot even tell you. Sure, it’s your money, but it’s not your money now. It’s for…
Retirement Savings: 401(k), Individual Retirement Account (IRA), and Roth IRA
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…
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…
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…
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…
US News
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