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 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 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) 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 […]
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 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 […]