If you are a freelancer or small business owner, you probably have a lot to worry about when it comes to your work or business. You have expenses to track, work to do, clients to satisfy, and maybe an employee or two to oversee. With all that, it can be easy to forget about saving for retirement. Not only that, but you don’t have the reminders regarding opening a retirement account or automatic retirement account enrollment that are standards in larger business and corporations. Thus, it’s imperative that you take it upon yourself to think about and take the required Continue reading Small Business Owner? Don’t Forgo Retirement Saving
If you work in the public sector or for the government, you’ve probably heard of a type of retirement plan called a Deferred Retirement Option Plan (DROP). A DROP plan allows for an employee to work past their retirement-eligibility date while the employer adds annual, lump-sum payments into an interest-bearing account during that period. Once the employee actually retires, they gain access to the account and all the money in it. It benefits the employer as the employer avoids dealing with an increased pension amount that normally would come with added years of service. It should be noted that DROP Continue reading Public Sector Employee? Look for the DROP!
In recent years, you may have noticed your employer offering “financial wellness” services as part of their benefits package. These services are usually centered around retirement benefits, life insurance plans, and–more commonly among big companies–wealth management tools/resources. Financial wellness resources can include a number of offerings, including: retirement planning advice, financial planning services, debt management, and banking services (usually in the form of a credit union). You will most likely find that the bigger the employer, the more diverse the offerings. However, thanks to advancements in financial planning and modeling technology over the past decade, more and more employers are Continue reading Is Your Employer Helping You With Retirement Planning?
Did you know that some employer 401(k) retirement plans allow you to delay taking your required minimum distribution (RMD) if you are still working at 70½ and own less than 5% of the company? Doesn’t that sound enticing? If you have a 401(k) with your current employer, you should check to see if delaying your RMD is an option and whether it is right for you. If you envision yourself working well into your 70s, that may be viable option. It should be noted, however, that this delayed RMD option only works with your current employer and not plans you Continue reading Would You Delay Your RMD If You Could?
We live in a highly technological world where much of what we do–from ordering food to running a business–can be done online. It’s therefore highly likely that if you have a retirement plan with your employer that you can access your plan through a website. Those websites often provide a wealth of information and ways to make changes to your plan. You can change beneficiaries or investments with a few mouse clicks and by filling out a few text boxes. While you may not spend much time on such websites, you should at least explore them when you visit and Continue reading Do You Know When Your 401(k) Contribution Deposits Arrive?
Many employers offer matching retirement plan contributions if you have a plan through that employer. While those matching contributions often have limitations, they can still be a great benefit to take advantage of (who doesn’t want extra money being put into their retirement account?). However, many people forgo such benefits and options when working and planning for retirement. If you have a retirement plan through your employer, you should check to see if it offers an employer matching contribution option. If you are already taking advantage of such benefits, you should review the limitations to see if you are properly Continue reading Making Sure You Match