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 [...]
Should I cash out my 401K? Try hiring a financial adviser, reducing your living expenses and refinancing your home. Q: I am a 49 year old who plans to retire from my current job by age 55. My 401(k) is now worth $1.1 million, which is up 20 percent since January. It is invested in several [...]
Should you use retirement funds to buy a house? Borrowing from a 401(k) to buy a house can be a bad move. More in today's Real Estate Minute. If you have to borrow money from your 401(k) or other retirement accounts to fund your down payment - don’t do it - it’s just not worth [...]
The first quarter of the year is often when employers share information about your retirement account contributions. However, it’s a good idea to keep track of your contributions throughout the year. If your employee compensation package guarantees matching funds, then you’ll want to keep an eye on the numbers to make sure mistakes don’t slip through [...]
In 2013, the payroll tax holiday that lowered workers’ taxes by 2 percent came to an end. This effectively raised each individual’s payroll tax from 4.2 percent to 6.2 percent. That might not sound like a lot, but employees have already found that the change takes a big chunk out of their paychecks. How much [...]
Many of us are working hard now with hopes of a future that includes a relaxing retirement. But a funny thing happens once you retire from your job—you can get bored. Plus, you might find that your retirement savings aren’t enough to keep up with the post-retirement lifestyle you want. A part-time job can help [...]
As another new year begins, you likely have goals to better yourself and your family. In light of an unpredictable economy, however, you also should set retirement goals. While resources may occasionally be tight, there is no reason why you should be caught off guard when it’s time to retire. Follow these five simple resolutions [...]
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?
