I’ve said it before and I’ll say it again, but saving for retirement can seem like a daunting task for many Americans. Aside from the fact that the amount you will need for your nest egg seems to get bigger and bigger, there’s also the many current expenses people face that can make future expenses…
Category: Employer Plans
Something to Think About If You Have Multiple Retirement Accounts
It’s not uncommon for an American worker to have more than one retirement plan account. Most likely they have an account through their employer and either a Traditional or Roth IRA that they keep under their own name. There’s nothing wrong with this and it’s not frowned upon to have such a set-up. In fact,…
Do You Know Some of the 10% Penalty Exceptions?
There are exceptions to the 10% penalty for early retirement account withdrawals. Do you know what they are?
More Retirement Legislation Could Be Around the Corner
Newly introduced legislation could bring even more changes to retirement planning and saving less than a year after the Secure Act was signed into law.
The CARES Act and Your HSA
Health Savings Accounts (HSA)–often coupled with a high-deductible plan–have become quite popular with employers in recent years. In many places they’ve replaced traditional employer insurance offerings as they pass more healthcare costs on to the employee. They can be beneficial to the employees to as they can take the HSA with them if they leave…
To Tap or Not to Tap Your Retirement Savings?
It’s tough times out there for many Americans. We’re seeing record numbers of people filing for unemployment. For those who have lost jobs, it can be scary to think about where the finances will come from to continue paying things such as rent, mortgages, grocery bills, etc. Thus, during these times, it can be tempting…
Retirement Accounts and Government Coronavirus Relief
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27. It’s a massive relief package designed to help Americans get through these difficult economic and financial times. Yes, this is the legislation that also includes the one-time payments from the government for those below a certain annual salary….
Thinking About Next Year’s Contributions
We are less than a month away from 2020, which means you need to start thinking about your future retirement account contributions for the upcoming 12 month period. If you have more than one retirement account, this may include deciding when and how much you will contribute to each account. For example, if you have…
Are You an Active Participant in Your Employer’s Retirement Plan?
If you aren’t participating in your company’s retirement plan (i.e. a 401(k)), then you are really missing out. Not only is it a great way to save for retirement, there may be numerous perks and benefits that you may be giving up. For one, if your company offers contributing matching, you could be leaving extra…
2020 Retirement Limits: Some Things Go Up, Some Stay the Same
The IRS recently announced retirement account contribution limits for 2020. The quick take away: 401(k) contribution limits are going up, IRA contribution limits stay the same, and just about all other retirement account contribution limits are also going up. Per usual, the increases are minimal. The 401(k) contribution limit is up $500 to $19,500, while…