But life doesn’t always go as planned.Money managementcan be hard, and unexpected financial challenges can pop up at any time. So, whilesaving for retirementis important, people don’t always have enough in their savings account to cover an unexpected expense. So if you need to take an e...
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...
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 married to someone who does) can save for retirement—in addition to a 401(k) or in place of one—within an individual retirement account (IRA). ...
The main difference is that 401(k)s must be sponsored by an employer, while you can set up an IRA on your own. Both account types can be either traditional or Roth, which affects when you pay taxes on your contributions. Either, or both, can be a great option for retirement savings....
401(k) hardship withdrawal: What it is and how to know if you’re eligible A 401(k) hardship withdrawal is an early distribution from a 401(k) account to pay for an “immediate and heavy financial need,” asdefined by the IRS. ...
If there’s a specific feature you need, be sure to check with the broker before opening an account. Once your account is set up, there’s minimal maintenance work beyond determining your contribution levels, choosing your investments and staying on top of contribution deadlines. For qualifying ...
A solo 401(k) allows self-employed people to save more for retirement. Find out if this tax-advantaged retirement account is right for you.
A Roth 401(k) is an employer-sponsored investment account in which an employee contributes after-tax funds that may be withdrawn tax-free in retirement.
The first step to open a Solo 401(k) account with checkbook control as a self-employed individual is to contact Broad Financial. We'll create a customized, IRS-approved Solo 401(k) plan just for you. Trust Set Up The plan that we create contains a trust, which appoints you as the so...
A lump sum distribution from a tax-qualified defined benefit or 401k, or an IRA account.Why should I consider buying an Immediate Annuity? What are its advantages to me?An immediate annuity comes with many important advantages. Here are just a few: ...