401K

Are you on pace to hit your retirement goals with your 401(k)? A million-dollar retirement fund sounds great to everyone, but it might be more important than you think. Every million dollars saved should produce about $30,000 to $40,000 of annual retirement income, according to the 4% Rule and its latest revisions. Still, most people aren't anywhere near this -- the median … [Read more...] about Is Your 401(k) on Track for a Millionaire Retirement?

How can someone effectively plan for retirement so they don’t run out of money? To give you confidence that you won’t run out of money during retirement, we asked financial experts and business consultants this question for their best advice. From opening a Roth IRA to investing in real estate, there are several tips that may help you effectively plan for retirement so that you … [Read more...] about 9 retirement planning tips to avoid running out of money

IRAs offer fewer restrictions on investments, but there are still a couple to be aware of. For example, you can't invest in life insurance, antiques, most coins, or real estate that you personally profit from. There are other things, like options trading, that are possible only through some IRA brokers, but they are more difficult to find.While most people should be satisfied … [Read more...] about 3 Reasons to Keep Your Retirement Savings Outside a Retirement Account | Personal Finance

IRAs offer fewer restrictions on investments, but there are still a couple to be aware of. For example, you can't invest in life insurance, antiques, most coins, or real estate that you personally profit from. There are other things, like options trading, that are possible only through some IRA brokers, but they are more difficult to find.While most people should be satisfied … [Read more...] about 3 Reasons to Keep Your Retirement Savings Outside a Retirement Account | Personal-finance

Short of winning the lottery, investing is the fastest way to grow your wealth. But the risk involved and the overwhelming number of investment possibilities leave some wondering if there are other ways to reach financial goals. There are, but they have their own drawbacks. Below, we'll look at a few different options to help you decide where you want to keep your … [Read more...] about Do You Really Need Investing to Become a Millionaire?

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)?