Eight “Best/Worst” Wealth Strategies During the Coronavirus
Let’s cover eight of the most and least effective ways to spend your time shoring up your financial well-being in the time of the coronavirus.
Entries by Justin D. Rucci, CFP®
Have You Heard of the “Mega Backdoor Roth IRA”?
Chances are if you are reading this, you’re already at least somewhat familiar with a Roth IRA. While the contribution limit will vary over time, in 2019 the limit is $6,000, plus an additional $1,000 catch up contribution for individuals over the age of 50. This limit is per individual, allowing married couples to contribute […]
Does PG&E’s Recent Bankruptcy Announcement Scare You?
Here Are The Things All Employees Should Be Aware of Regardless of Where You Work By Justin D. Rucci, CFP® As many of you are likely aware, PG&E recently announced a bankruptcy filing as the result of roughly $30B in potential liabilities stemming from recent California wildfires. Regardless of whether or not you work for a […]
End-of-the-Year Money Moves
End-of-the-Year Money Moves Here are some things you might want to do before saying goodbye to 2018. What has changed for you in 2018? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then […]
Social Security Gets Its Biggest Boost in Years
Social Security Gets Its Biggest Boost in Years Seniors will see their retirement benefits increase by an average of 2.8% in 2019. Social Security will soon give seniors their largest “raise” since 2012. In view of inflation, the Social Security Administration has authorized a 2.8% increase for retirement benefits in 2019. (1) This is especially […]
Taking a Loan from Your Retirement Plan = Bad Idea
Taking a Loan from Your Retirement Plan = Bad Idea Why you should refrain from making this move. Thinking about borrowing money from your 401(k), 403(b), or 457 account? Think twice about that because these loans are not only risky but injurious to your retirement planning. A loan of this kind damages your retirement savings prospects. […]
When a Windfall Comes Your Way
When a Windfall Comes Your Way What do you do with big money? Getting rich quick can be liberating, but it can also be frustrating. Sudden wealth can help you address retirement saving or college funding anxieties, and it may also give you the opportunity to live and work on your terms. On the other […]
The IRA and the 401(k)
The IRA and the 401(k) Comparing their features, merits, and demerits. How do you save for retirement? Two options probably come to mind right away: the IRA and the 401(k). Both offer you relatively easy ways to build a retirement fund. Here is a look at the features, merits, and demerits of each account, starting […]
72(t) Distributions
72t Distributions Sometimes you can take penalty-free early withdrawals from retirement accounts. Do you need to access your retirement money early? Maybe you just want to retire before you turn 60 and plan a lifelong income stream from the money you have saved and invested. You may be surprised to know that the Internal Revenue […]
The Solo 401k
The Solo 401k A retirement savings vehicle designed for the smallest businesses. A solo 401(k) lets a self-employed individual set up a 401(k) plan combined with a profit-sharing plan. You can create one of these if you work for yourself or for you and your spouse.(1) Reduce your tax bill while you ramp up your […]