Blogs
Should You Invest with Family: Pros and Cons to Consider
Most people wish for the success of their family, while others go about creating it together. With the stock market fall wiping out the savings of millions, it sounds like the perfect time to build wealth with the people you trust the most. However, running a business...
Stock Market’s Fall Has Wiped Out $3 trillion Savings This Year
The selloff has erased nearly $3 trillion from U.S. retirement accounts. 401(k) plan participants have lost about $1.4 trillion the last 5 months! IRAs - most of which are 401(k) rollovers - have lost $2 trillion this year. Historically, 401(k) investments take about...
Retirement Planning for Women: 6 Crucial Tips to Take the Financial Reins
Retirement planning for women looks different than it does for men. It accounts for several factors that affect women more. These may include career years lost to becoming a stay-at-home mother or the additional years women live. Read this article to find out how you...
What You Need to Know About a Safe Harbor 401(k)?
A 401(k) plan makes it easier for your employees to save for retirement. To ensure everyone is benefitted from the plan, the IRS has established nondiscrimination tests to measure whether a 401(k) plan unduly favors highly compensated employees. This is just for...
What Is a Coverdell Education Savings Account?
What is a Coverdell ESA? Coverdell Education Savings Account (ESA) is a tax-deferred trust or custodial account created by the US government to help families fund educational expenses for beneficiaries aged 18 or younger. The age restriction can be waived off for...
What Can You Do With Your 401(K) After You Leave Your Job?
If you are considering quitting or changing jobs, you’ll need to think about what you will do with your old 401(k) plan. Below are some options but these options depend upon the plan documents of your current plan and any new employer plan you may join. In this...
What is Saver’s Credit?
Saver's credit is a non-refundable tax credit that allows eligible taxpayers who are saving for retirement to enjoy tax breaks apart from the tax deductions they may receive from contributions to their employer-sponsored plans or individual retirement accounts (IRAs)....
401(k) Hardship Withdrawal: Emergency Access to Your 401(k)
If you are short on funds to deal with an emergency, you may have considered withdrawing from your 401(k). You must know that you cannot simply make a withdrawal from your 401(k) any time you'd like. A 401(k) retirement account is typically designed to allow you to...
Crypto IRA: The What, the Why & the How of Crypto IRA Investments
What is a Crypto IRA? Also referred to as Bitcoin IRA, Crypto IRA is a self-directed IRA, which allows you to invest in Cryptocurrency and other asset classes such as real estate and precious metals – the alternative assets that are not available with traditional...
Backdoor Roth IRA: What it is and How to Set One Up?
If you want the take advantage of current low-income tax rates and set yourself up for tax-free income in retirement, Roth IRA is the best option. However, Roth IRA is unfortunately not an option for people with high incomes. But there is a way high-income earners can...
Roth IRA Rules: Eligibility, Contributions and Withdrawal Rules for 2021
A Roth IRA is an excellent tool to put away money for your retirement. However, like all other tax-advantaged retirement plans, there are some rules regarding the taxation of contributions and withdrawals. There are income limits for participating in these plans and...
What Happens if you Contribute Too Much to a 401(k)
Maxing out your 401(k) contributions is a good thing. It means that you are making the most out of your employer-sponsored retirement account to enjoy worry-free golden years. Over contributing to your 401(k) isn't allowed, but it's easy to do it by mistake. If you...