After years of honing your skills, you apply for a job at a company that’s generating buzz. Not only do you score an interview, the company eventually offers you the job. Employee benefits include health insurance, paid holidays and sick days. Missing from the mix: your dream job doesn’t offer a 401(k) plan or other [...]
Saving for retirement can be confusing—and even a little intimidating—yet it’s utterly essential. Though nearly every financial professional recommends opening a retirement savings account as early as possible, the myriad options and often-confusing financial terrain can cause many people to procrastinate. It used to be simpler. In 1970, 42 percent of Americans had a defined-benefit [...]
“Loose lips sink ships,” a saying popularized during World War II, is a reminder that making the wrong choice can lead to grave consequences. It’s just as applicable today when it comes to your retirement savings plan; a couple of missteps can potentially jeopardize your financial future. As you prepare for retirement, ask yourself if [...]
If you’re an employee whose company offers a 403(b) plan, it’s important to understand the difference between it and a 401(k) plan. Generally, nonprofit organizations such as schools and hospitals offer 403(b)s, though they may offer 401(k)s as well. For-profit companies may offer 401(k)s, but they are not allowed to offer 403(b)s. The similarities between [...]
This article was written by guest blogger Jeff Rose. You don’t need to be wealthy to be a successful investor. No matter what your objective, whether you’re investing for retirement or funding your child’s education, you can meet your money-saving goals and achieve financial success. Everyone yearns for stability and financial security, but very few [...]
When you’re sitting there, unemployed (or underemployed), trying to hold on to your house and keep food on the table somehow, you probably don’t really care that the money in your 401(k) was intended for your retirement. In fact, it’s likely you’re feeling a little desperate and want to do anything you can, no matter [...]
What would be better, the withdrawal of 401k funds or to obtain an home equity loan to pay for wedding expenses? Q: I am 57 and my husband is 62. We would like to borrow $25,000 to help pay for a wedding for our daughter. We purchased a townhome in 2004 for $230,000 at an [...]
What happens when you make after tax contributions to a 401(k) plan and you now need the money? Can you withdraw just the after tax contributions and not pay any tax? Or, will the IRS require you to withdraw the funds in a proportionate way, based on the total amount in the plan?