The question is actually more complicated than it first appears, because it demands consideration on two levels. First, there’s the emotional component: Are you ready to enter a new phase of life? Do you have a plan for what you would like to accomplish or do in retirement? Have you thought through both the good
When you envision retirement, you probably see yourself living comfortably, doing what makes you happy. Your dreams could be as lofty as traveling the world or as simple as spending more time with your friends and family. Everyone’s vision is unique. Fortunately, whatever your dream, your employer wants to help you make it reality —
What are traditional IRAs and Roth IRAs? A traditional IRA is a personal savings plan that offers tax benefits to encourage retirement savings. In 2019, you can contribute up to $6,000 per year. You and your spouse together may contribute double the annual limit, even if your spouse has little or no compensation. Contributions may
What is it? Generally, following your death, your non-retirement assets will pass according to your will or trust or beneficiary designations (e.g., life insurance). If you do not have a will or trust or there is a gap in your beneficiary designations, the laws of your state (or the state where you own real property)
Women can face unique challenges when planning for retirement. Let’s take a look at three of them. First, women frequently step out of the workforce in their 20s, 30s, or 40s to care for children — a time when their job might just be kicking into high (or higher) gear. It’s a noble cause, of
Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a
At one time, the only way you could join your company’s 401(k) plan, 403(b) plan, or 457(b) plan was to put pen to paper and sign yourself up by filling out the appropriate forms. Now, though, in an effort to help participants increase their retirement savings, some employers have begun enrolling their employees automatically. With
The benefits of saving in an employer-sponsored retirement plan The more you can save for retirement, the better your chances of retiring comfortably. One of the best ways to save for retirement is to max out your contributions to an employer-sponsored retirement plan, such as a 401(k) plan, up to the legal limit. Why is
As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed a deduction for contributions you make to an employer-sponsored retirement plan. In return, however, you’re required to include certain employees in the plan, and to give a portion of the contributions you make to those participating
As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes? Your 50s and 60s Raiding your home equity or retirement funds. It goes without saying that doing so will prolong your debt and/or reduce your nest egg.
