Depending on your industry, you may be able to contribute to a similar retirement plan, like a 403(b) or 457(b), instead of a 401(k). Self-employed people can open a type of 401(k) on their own called a self-employed 401(k), and anyone who earns an income (or who is ...
403(b) plans are similar to the401(k) retirement plansthat most people are familiar with. They have many things in common, including their limits on annual contributions. For 2019, savers can put aside $19,000 in either a 401(k) or a 403(b) plan account if they're younger than 50,...
The process of creating a retirement plan includes identifying your income sources, adding up your expenses, putting a savings plan into effect, and managing your assets. By estimating your future cash flows, you can judge whether your retirement income goal is realistic. Needless to say, a reti...
What Is the Difference Between 401(a) & 457 Retirement Plans? Considerations People choosing how to best use a 403(b) TDA plan should match their investment amount and annuity choice with their long-term retirement goals and risk tolerance. Annuities charge internal fees that aren't immediately ...
A safe harbor 401(k) is a retirement plan that allows a company to avoid the regulations and expenses associated with nondiscrimination tests typically required of a 401(k) or other retirement account. A safe harbor 401(k) can simplify the process for a company looking to roll out a retirem...
Looking for a tax-smart way to save for your future? Find out what an IRA is, what it offers, and how the three main types differ
What is a 401(k) plan and who is eligible? A 401(k) plan is an investment account offered by your employer that allows you to save for retirement. If your company offers a 401(k) plan, it may have certain eligibility requirements. While these requirements vary by company, some employees...
“For the self-employed individual, [a SEP IRA is] really an easy and cost-effective way to save a decent-sized chunk of money into a retirement plan,” says Tim Steffen, director of advanced planning at Baird, a financial advisor. Realize, though, that if you end up hiring people, th...
What is a qualified retirement plan?Question:What is a qualified retirement plan?Employee Retirement Income Security:Employee retirement income security is a federal law that protects employees with regard to retirement funds. The law is also responsible for setting the minimum plan standard of the la...
What Is the Difference Between a 401(k) and a 403(b) Retirement Plan? You may be wondering about the difference between these two types of retirement accounts. Typically, you will only be able to choose from one of them. If you work in the private sector, you will usually only be abl...