Although many say they need more guidance for their retirement plans, few take advantage when its offered.
Taking money out of a 401(k) for a down payment can be trickier. “When the 401(k) has both a loan provision and hardship withdrawal provision, the participant must first use the loan provision before going to hardship,” Gordon says. ...
2. Determine how much you need to contribute to get the full company match and start contributing at least that amount. 3. Set up automatic contributions so that your money is sent directly from your paycheck to to your 401(k) account. That way, you'll never even see the money you're...
A hardship withdrawal from your 401(k) might be an alternative to taking a loan, depending on why you need the money, but it might not be ideal. You'd still be hit with that 10% tax penalty if you're younger than age 59 1/2, and the definition of what qualifies as a hardship ...
Question:My dad is trying to take money out of his 401(k) because he was laid off from his job, but he is not being allowed to. He is 57. What can he do? Question:I need to pay off a large balance on a credit card, as part of a divorce settlement. My company won’t let ...
Think about your long term money in different buckets. Each goal has a different bucket and therefore a (potentially) different investment plan. Let me illustrate this by way of example. I spoke with a Jim yesterday who is very successful. He retired at a young age with a very nice ...
Even if you don't have a large 401k or asignificant passive income portfolio, you can carve out a portion of your investments as your Social Security Bridge. These investments should be relatively low risk in nature. Think municipal bonds, treasury bonds, CDs, and money market accounts. The...
Colton compared the idea of prepping to fire escape plans rolled out in grade schools across the U.S., where students and staff are trained on what to do if the building is engulfed in flames. "It's having a backup plan to the backup plan," he said....
Your finances are the least of your worries because they're set, and you have a clear plan for child raising. If you have no plan, no money, and no intense desire please don't have children. Figure out how to take care of yourself first. ...
“The most important thing to consider is where the money your parents are giving you is coming from,” says Misty Lynch, a financial consultant with John Hancock. “If they are wealthy and offer to help you out of cash flow or savings, that could be a good option, since any distributio...