Money News Today That Matters Tomorrow
[Updated with current limits] Catch-up contributions allow people who feel that they do not have enough of a nest egg to make higher retirement plan contributions as they approach retirement. If you are over or turning 50 in a given calendar year you are eligible to …
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 …
Have you considered using your Roth IRA as an emergency fund? In this era of tight budgets, a lot of people are finding it difficult (if not impossible), to save for retirement and maintain an emergency fund. Because of this, it’s become trendy to recommend …
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 …
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 …
[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 article below shows what options you have if you mistakenly over contributed to your employer 401k plan or IRA. Over Contributed to Employer Sponsored 401(k) Plan Firstly, congratulations on having reached your annual maximum contribution. But over contributing to your 401k (or IRA plan as discussed …
With longer predicted life expectancies, a roller coaster stock market, and more pending job losses, it’s more important than ever to find ways to boost your retirement savings now. Although there may be many obstacles to doing so, even just the few simple tactics outlined …
In the current economic environment, many people are finding it hard to make ends meet or pay for unexpected events requiring large sums of money. So circumstances are forcing people to turn to their retirement accounts to find the necessary funds. All good personal finance …
Nothing is more significant over the long term from a financial planning aspect than ensuring you are setting aside and investing a sufficient amount to take care of your monetary needs in retirement. This can be easy to put off, especially if retirement is far …
I receive a lot of questions on Individual retirement accounts (IRA) based on related posts I have written on this topic. One question that seems to come up often, is how to actually open an IRA account and where is the best place to do so. An …
[Updated] With approval of the Small Business Jobs Act, 401(k) plan participants are now permitted to convert their traditional employee sponsored retirement accounts over into Roth 401(k)s. The change will give many people the ability to better plan for retirement by mitigating tax impacts and …
With our growing national debt, fiscal cliff(s) and continued increase in government (bailout) spending, taxes are going up sooner or later. Despite all the political mutterings, one thing is for sure. Taxes will be rising to finance our high national debt and to pay for …