401(k)

Crucial Facts to Understand About 401(k) Hardship Loans

If you are experiencing an “immediate and substantial financial need,” the IRS may grant permission for a 401(k) hardship withdrawal. When facing financial difficulties, you may have contemplated tapping into your 401(k) plan for assistance. While there are situations in which current employees can make 401(k) withdrawals, certain conditions must be met to avoid penalties associated with early withdrawals from your retirement account. To gain insight into the process of obtaining a 401(k) hardship withdrawal, …

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How much should you be contributing to your 401(k) in 2024

As we enter the new year, many 401(k) plan savers are wondering how much they should contribute to their retirement plan in 2024. Although the answer depends on individual circumstances, there are specific steps that can be taken to optimize contributions and maximize retirement savings. First and foremost, it’s important to be aware of the 2024 contribution limits set by law. The cap on employee elective deferrals for 401(k) plans is $23,000, with an additional …

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Smart Tax Planning: Top 5 Tips for Retirees

Smart Tax Planning: Top 5 Tips for Retirees is a comprehensive guide on effective tax strategies for retirees. The blog post covers understanding taxation on retirement income, tax-efficient withdrawal strategies, the use of deductions and credits, as well as estate planning.

Is Maxing out Your 401(k) the Best Option in 2024?

When saving for retirement, you now have several options to select from. One of your options may include a 401(k). Financing a 401(k) plan may result in an employer match, which is essentially free retirement money. Hence, if your employer plan offers a match, it pays to contribute enough to collect it in full. This may motivate you to contribute as much as possible to your employer’s 401(k).

Social Security and Your Expenses

Your Social Security benefits may not cover as many of your expenditures as you believe. Many Americans are eager to receive Social Security benefits so they will no longer have to rely on work to supplement their income. However, if you expect government retirement benefits to support a secure future, you will certainly be disappointed. While Social Security will be a significant source of retirement income, it will not be adequate. You must clearly understand …

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Everything You Should Know About a Roth Ira

You may want to consider Roth IRAs if you wish to add to your 401(k) or don’t have a 401(k) and need an alternative way to save for retirement. We’ll talk about Roth IRAs, how they differ from other retirement accounts, and how you can decide if you want one.