Follow the rules, and you might get a big federal tax break. Is your annual IRA withdrawal a bother? If you are an affluent retiree, that might be the case. The income is always nice, but the taxes that…
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Retirement
Take note for 2019. Some notable developments are about to impact 401(k) plans. They follow a major change that became effective in 2018. Thanks to the Tax Cuts & Jobs Act, workers who borrow from 401(k) accounts and leave…
Future financial needs may be underestimated. If you were born during 1965-80, you belong to “Generation X.” Ten or twenty years ago, you may have thought of retirement as an event in the lives of your parents or grandparents;…
Unmarried folks need to approach retirement planning pragmatically. In an ideal world, it would be simple to prepare for a solo retirement. You would just save half as much as a couple saves, buy half as much insurance coverage,…
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…
To find out, look closely at two factors. Your Social Security income could be taxed. That may seem unfair, but it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable…
It seems high time to dispel some of the misconceptions. Generalizations about money and retirement linger. Some have been around for decades, and some new clichés have recently joined their ranks. Let’s examine a few. “When I’m retired, I…
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…
More people ought to know about them. There are a number of well-known retirement savings vehicles, used by millions. Are there other, relatively obscure retirement savings accounts worthy of attention? Are there prospective benefits for retirement savers that remain…
Why striving to stay in the workforce a little longer may make financial sense. The median retirement age for an American woman is 62. The Federal Reserve says so in its most recent Survey of Household Economics and Decisionmaking…