By Rob Ziliak, CFPImagine that, in the foreseeable future, you’ll have turned in all your company property, collected your final paycheck, and will be drinking a Hurricane at half past noon while chair-dancing to “It’s Five O’Clock Somewhere.” You’ve planned on reaching that celebratory beach vacation over the many years of your career while also designing, building and … [Read more...] about Does Planning End at Retirement?
What to know about the new federal rules involving 401(k) rollovers to IRAs
LEXINGTON, Ky. (WKYT) - If you have accumulated any amount in your 401(k) retirement plan at work, there is always a decision that arises in what should you do with the money when you retire. One option is to keep the money in the retirement plan or roll it into an Individual Retirement Account to maintain your tax-sheltered status a little longer. Independent retirement … [Read more...] about What to know about the new federal rules involving 401(k) rollovers to IRAs
34% of Workers Have Made This Mistake With Their Retirement Savings
Sometimes, life throws financial surprises at us, and when that happens, emergency savings can come in very handy. But if you don't have emergency savings, you may be inclined to tap another cash source -- your retirement account. If you go that route, you're not alone. A good 34% of workers have taken a loan or early withdrawal from a retirement plan, according to the 21st … [Read more...] about 34% of Workers Have Made This Mistake With Their Retirement Savings
How to Start Saving Money: 4 Financial Accounts for Families
Being a parent is challenging as it is, let alone finding time to discuss your long-term money goals and what financial accounts will help you along the way. Does it make sense to start a college savings fund for your newborn? Is a "fun fund" even realistic as a mother of three? Short answer: Yes, but it's important to know where to start, what your family's financial goals … [Read more...] about How to Start Saving Money: 4 Financial Accounts for Families
What Is a Money Purchase Plan?
A retired manEmployees covered by company retirement plans are familiar with defined-contribution plans like 401(k), 403(b) or SEP-IRA accounts. A money purchase plan is another such employer-sponsored plan that can help you save for retirement. It is similar to these other accounts, except that the contributions are typically made by the company instead of the employee. In … [Read more...] about What Is a Money Purchase Plan?