retirement

2012 Simple IRA and SEP IRA Contribution Limits – Small Business Retirement Plans

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The IRS has released 2012 contribution limits and updated eligibility rules for two of the most popular small business retirement plans : the SEP IRA and Simple IRA. SEP IRA A SEP is a popular and widely used retirement plan management approach because it provides self employed owners or small business owners with a few [...]

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2012 vs 2011 Savers Tax Credit To Offset IRA and 401(k) Retirement Plan Contributions

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Despite tough economic times, you should not lose sight of your longer term retirement savings. This is where the savers credit can help you to keep contributing towards a retirement plans without undue financial stress. The saver’s credit, also known as the retirement savings contributions credit, helps offset part of the first $2,000 workers voluntarily [...]

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2012 Maximum Employee and Employer 401K Contribution Limits and Catch-up Amounts

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I recently received a few questions regarding 401k retirement plans and contribution limits. The first thing to understand is that there are two main types of contributions that go into these plans. One is your contribution, or elective deferral, and the other is your employers, or matching, contribution. Secondly there are four annual contribution limits [...]

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Saving for the Future: College Tuition vs. Retirement

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Despite the skyrocketing costs of a college education, a bachelor’s degree, at the very minimum, is an essential requirement to get ahead in this world. With few, notable exceptions, gone are the days when you could make a healthy, livable income right out of high school. But for parents, the increasingly unaffordable cost of a [...]

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Why the 3.6% 2012 COLA Increase Will Result in a Tax Hike For Over 10 Million American Workers

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With the announcement of a 3.6% COLA (cost-of-living-adjustment) increase, many social security recipients were cheering. After two years without a COLA increase for their benefits, this much needed boost was a ray of sunshine to over 60 million retirees. However, the picture is not so great for the 160 million workers in America who are [...]

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Contributing to an IRA and Roth IRA if You Already Have a 401K

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This is the kind of question I get fairly often and one that I actually had to recently sort out for myself. To determine if and how much you can contribute to multiple tax advantaged accounts you need to meet differing modified adjusted gross income (MAGI) limits and qualifications as discussed below. IRS tables and links to [...]

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Retirement Ages and Eligibility Rules For Receiving 401K, IRA and Social Security Benefits

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Many people are confused when it comes to what the official retirement age(s) are. Which is unfortunate, because this is key for figuring when you can access your retirement savings without penalty, and to figure out how much you need to save for retirement. Here then is a quick recap of the key age milestones [...]

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How Does Your 401K Compare with Plans Hitting 10 Year Highs

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With stock markets back up, it is little surprise that 401K retirement plans have recovered most of their losses since the crash of 2008.  In a recent study covering 11 million participants across nearly 17,000 corporate plans, the nations largest retirement plan administrator Fidelity Investments, found that the average 401(k) account balance was $71,500 last [...]

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Smart Ways to Prepare For Retirement by Having a Plan A, B and C

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It’s time to save for retirement. It doesn’t matter how old or young you are, it doesn’t matter if you’re single or married and it doesn’t matter how good or bad the economy happens to be at this particular point in time. Some things are simple and others are complicated. This is simple. If you’re [...]

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Why Most People Will Not Be Able to Retire at Age 62

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Although many people spend 20, 30 or more years saving for retirement, the sad truth is that today, many people will not be able to retire – even when they reach age 62, the earliest you can start receiving social security benefits. Despite some degree of financial planning, many individuals simply have been unable to [...]

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How to Choose the Right Financial Advisor

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In light of the recent stock market roller coaster and financial service company meltdowns, it’s hard to know who to trust today for guidance about investing. Yet, even with all of the uncertainty, as each day passes, you still grow closer and closer to retirement. And with that, you need to know where to put [...]

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6 Things You Should Be Doing With Your 401K and Individual Retirement Accounts

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When the economy and stock markets tanked many people stopped contributing to their employer sponsored 401K or self managed IRA plans. However, with markets back up strongly and the economy improving, folks must not forget to restart or continue saving for their financial futures. This includes taking the following actions: 1. Start saving —Now! Why? [...]

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