Money Today That Matters Tomorrow
For those who have money stashed away in an employer sponsored 401(k) retirement account, there are a number of options they can take with those funds when they move on from their current place of employment. However, before initiating any of these choices, it’s important to understand the pros and …
GOP presidential candidate Mitt Romney and his wife paid a 14% effective income tax rate in 2010 on nearly $22 million of income. Given the marginal federal income tax rate for anyone making over $35,350 (single) or $70,700 (married) is higher than 15%, it is pretty clear that the Romney’s …
Have you considered using your Roth IRA as an emergency fund or as a source for getting some cash to cover an unexpected expense? In this era of tight budgets and volatile stock markets, a lot of people are finding it difficult (if not impossible), to save for retirement and …
10 or so years later, I thought I would revisit how Americans (and myself) are doing with their retirements savings in 401K and IRA plans. This is particularly important as Americans age and contribution limits keep rising. Based on Fidelity’s 2022 report, the average 401(k) balance is $121,700. This is …
A SIMPLE IRA is a small business IRA-based plan with a simplified method for employers to make direct contributions (via salary reductions) toward their employees’ retirement and their own retirement. Employees may choose (not mandatory) to make regular deferred pre-tax salary contributions, while the employer makes matching or non-elective contributions …
See this article for the latest Saver’s tax credit details and updated annual thresholds. [Updated with 2012 and 2013 information] Despite tough economic times, you should not lose sight of your longer term retirement savings. This is where the little known IRS recommended savers credit can help you to keep contributing …
Teachers and other personnel at K-12 schools can take a tax deduction for classroom supplies that they buy out of their own pockets, whether they itemize or not. This deduction amount is adjusted on a semi-regular basis, with the latest amounts shown below. It has been raised for the 2023 …
See this updated page for the latest 401K, IRA and Roth IRA contribution limits. [Updated with 2012 details] 2012 tax advantaged retirement plan contribution limits have officially been released by the IRS, with slight increases over 2011 limits; due mainly to cost of living adjustments (COLA). Further with increases in …
Although many large organizations offer retirement savings plans, it is not necessary to be a part of corporate America in order to take advantage of tax-deductible retirement plans for investing in your future. In fact, as a self-employed small business owner or an employee of a small business, you have several options …
With more than half the year in the rear view mirror, it’s time to start thinking about your potential annual tax liability and actions you can take to legally minimize what you will have pay the IRS. Here then are some easy to action mid-year tax moves that you should have on your radar now, rather than waiting till …
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 …
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. …
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: …
[Update] You can now see the most up-to-date 401K/403b, IRA and Roth IRA limits here
The IRS has released the latest 401k, 403b, IRA and other retirement/thrift plan contribution and income limits. With COLA remaining unchanged again this year, 2011 plan limits have also remained largely unchanged for the third year in a row. Income thresholds have marginally increased over last year.
Here is a summary of the main changes with links to more detailed articles: