FlamingoImages / Getty Images/iStockphotoRetirement seems like a far-off thing that we never really feel prepared for, but young people might be on a better path than they think. According to data from Fidelity’s retirement platform, people in their 20s have roughly $15,000 saved in their 401(k)s.See: Costco and 23 Companies With Surprisingly Great 401(k) PlansFind: How To … [Read more...] about Here’s How Much You Should Have in Your 401(k) Account, Based on Your Age
A 401(k) is a savings and investment account that you may have access to at work. But putting money into it means that you take home less each month. Which may have you asking, it really worth it? A 401(k) has many advantages that could catapult you into retirement success. Here's how. Image source: Getty Images. How your money can grow In 2021, you can contribute $19,500 … [Read more...] about Can You Retire a Millionaire Using Only a 401(k)?
In a new set of frequently asked questions (FAQs), the U.S. Department of Labor (DOL) answers four key questions regarding a new 401(k) requirement to provide lifetime income estimates to participants based on the present dollar value of their accounts.The temporary implementing FAQs, posted by the DOL's Employee Benefit Security Administration (EBSA) on July 26, … [Read more...] about DOL Clarifies Timing of 401(k) Lifetime Income Disclosures
It is possible to borrow money from your 401(k) to buy a house, but many experts don't advise it. If you can't pay the money back on time, you'll likely owe income tax plus a 10% tax penalty. Plus, you could lose out on compound interest, and borrowing the money may indicate a larger problem. Read more … [Read more...] about 3 Reasons You Shouldn’t Borrow Money From Your 401(k) to Buy a House
Build Your Best Tax Shelter: Traditional or Roth 401(k)? Log In Enter your username and password below … [Read more...] about Build Your Best Tax Shelter: Traditional or Roth 401(k)?