IRA vs 401k

Retirement Options

Roth IRA

Liz Weston: What to do if you save too much for retirement

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Many Americans don’t save enough for retirement, but it’s entirely possible to save too much — at least according to the IRS.Tax laws limit how much you’re allowed to contribute to retirement accounts, and excess contributions can be penalized. Uncle Sam doesn’t want you to leave the money in the account too long, either. Those who fail to take enough out of their retirement … [Read more...] about Liz Weston: What to do if you save too much for retirement

Leaving a Job? Should you Roll Over, Stay Put, or Withdraw your Retirement Plan?

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By Joseph Di Salvo, ChFC, and Marie Madarasz, AIFWe had a client come in recently with an old 401(k) plan notification in hand. This plan was left at a company he had terminated employment from back in 2001 and has had no contact with since. In the ensuing years, life was busy! New employment, started a family, moved homes, etc. All the good things in a young and growing … [Read more...] about Leaving a Job? Should you Roll Over, Stay Put, or Withdraw your Retirement Plan?

How to retire with $3M on a $70,000 salary

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Phil Blancato on how to financially prepare for the future. Achieving a portfolio balance of $3 million is no easy feat: this usually doesn't happen by accident. If you earn $70,000, some of the lofty retirement numbers you hear might seem daunting. But there are a number of ways to get to $3 million as long as you can be both patient and consistent. Here, we'll look at a few … [Read more...] about How to retire with $3M on a $70,000 salary

All investment strategies need attention » Albuquerque Journal

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.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........I have never believed that everyone needs a financial planner or a financial adviser.Many investors are “do-it-your-selfers,” and this can work well. However, doing it yourself … [Read more...] about All investment strategies need attention » Albuquerque Journal

Quick guide: How do college savings accounts work?

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Credit: Ekrulila/PexelsCredit: Ekrulila/PexelsQ: What is a college savings account and how does it work? What are the different types of college savings accounts? A: College savings accounts, or CSAs, are broadly defined as long-term savings accounts administered by banks, nonprofits, school districts, cities or states that help children from birth to 18 save for tuition and … [Read more...] about Quick guide: How do college savings accounts work?

What’s a Roth IRA? How to pick the best retirement account

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Dear Liz: Can you explain the difference between a Roth IRA and a Roth 401(k)? What are the benefits of a Roth 401(k)? My company offers it and I am considering beginning to make deferral contributions there while continuing my 401(k) contributions.Answer: Contributions to Roth IRAs and Roth 401(k)s are after tax, which means you don’t get an upfront tax deduction as you do … [Read more...] about What’s a Roth IRA? How to pick the best retirement account

How to Become a Millionaire With Your $175/Week Side Hustle

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Becoming a millionaire on your regular salary may seem impossible -- especially if you need most of your paycheck to cover bills. Side hustles are an increasingly popular way to get ahead. A recent Zapier survey of 2,000 people found that about one-third had a side gig at the beginning of 2021. If your employer isn't especially generous with raises, a side hustle may be what … [Read more...] about How to Become a Millionaire With Your $175/Week Side Hustle

No 401(k) Match? 5 More Creative Ways to Save for Retirement

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Many employers offer a match of around 3% to 6% of any contributions you make to your employer-sponsored retirement plan. You can view these matching contributions as a 100% return on your money, and they often serve as a nice incentive for employees to contribute to the plan.  But this isn't reality for everyone. Let's take a quick look at some of the alternatives if you find … [Read more...] about No 401(k) Match? 5 More Creative Ways to Save for Retirement

Is Deferring Taxes the Best Thing for Your Retirement Savings?

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Many people saving for retirement have long followed the tax-deferral concept behind a traditional 401(k) or IRA. One benefit they see is lowering their tax bill during their working years by making before-tax contributions to their retirement savings plan(s). While the concept of tax savings now sounds appealing, many overlook the potential implications for the future.You see, … [Read more...] about Is Deferring Taxes the Best Thing for Your Retirement Savings?