First of all, the generic phrase “401(k)” covers a variety of workplace plans with slightly different names: 403(b), 457, and so on. All of these plans do the same thing in the same fundamental way: Your employer deducts money from your paycheck and sends it to an investment compa...
401(k) plans have become the most popular form of employer-sponsored retirement saving. Pensions have slowly dwindled in usage, making401(k)s the most dominant way to save. These plans are highly prosperous as there are benefits for both employers and employees. If done well, each party...
The Solo 401K has a ridiculous amount of alternative names, but they all refer to the same type of account. It is also commonly referred to as an Individual 401K (or i401K), Solo-K, Self-Employed 401K, Uni-K, and One-Participant 401K, among others. The IRS officially refers to Solo...
But Anne, like many of us, is a spender at heart and has had to trick herself into great saving habits. How? We talk about the basics, which do NOT include skipping lattes or shaming yourself into saving more money. In fact, the truth about saving more money is hiding in plain site...
Benefits:Some benefits you can offer your employees are 401k options, paid vacation and sick leave, paid holidays, health benefits (including dental care and vision), maternity and paternity leave, etc. Workers Compensation Insurance:Covers an employee’s medical bills and missed days of work shoul...
The key is to keep your eye on the long-term even as you deal with short-term needs, so you can retire when and how you want. Loans and withdrawals from workplace savings plans (such as 401(k)s or 403(b)s) are different ways to take money out of your plan. A loan lets you ...
Nobody knows when stocks will tumble. The only certainty is that they will eventually. So even as 2022 looks like the year the stock market crashes, especially after stocks have already fallen about 10% on average since the beginning of the year, anyone saying they KNOW how the rest of th...
Many people make the mistake of not saving for retirement, but it’s one of the most important things we can do. Retirement may seem like a long way off, but the sooner we start saving, the more money we’ll have in the end. We should try to contribute as much to our 401k account...
you can contribute tax deductible contributions through your employer, much like a 401K. you can invest the funds in the account. there are annual maximum contributions. your employer can contribute to the account. the entirety of the balance rolls over from one year to the next. ...
While you may not have the years of professional experience managing investments compared to a financial planner or advisor, you also don’t have the conflicts of interest or client work-load they bring with them. There are lots of different advisor business models from those that make money by...