Retirement Planning

60 Second Guide to Making IRA Contributions

April 25, 2013

The other day I received an email from the IRS about IRA contributions. Believe it or not, the IRS has done a lot over the last few years to provide really helpful information about everything tax related. So I signed up for the emails, and they have been extremely helpful. So today I thought I’d [...]

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Guide to Borrowing from a 401(k) Account

April 8, 2013

Photo: StockMonkeys.com About 50 million working Americans contribute to a 401(k) plan. According to a study cited by Time, one in four will tap their 401(k) or similar retirement plans before retirement. In 2010 about $70 billion was taken from retirement accounts, according to the study. Given that, we thought it would be helpful to [...]

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How to Maximize your Employer’s 401(k) Match

March 21, 2013

Free money is free money no matter how you look at it. Can you believe that every year millions of employees miss out on their employer’s 401(k) match? This is the best kind of free money because you don’t have to do much to take advantage. So what do you have to do? Simply be [...]

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How to Max Out Your Retirement Savings

January 16, 2013

Max out your retirement savings with these 7 tips Photo: mjzitek I‘ve often wondered if the Apostle Paul was bad with his money. Yes, I’m talking about the guy that wrote most of the New Testament. In his letter to the church in Rome, Paul lamented that the things he wanted to do he doesn’t, [...]

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A Complete Guide to Roth 401k Conversions

January 7, 2013

Now anybody can convert an existing 401k into a Roth 401k, so long as your employer offers the Roth alternative. Roger Smith Roth IRAs have been a popular form of retirement savings for some time. And while there are income limitations that prevent higher income workers from opening a Roth IRA, since 2010 these limitations [...]

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IRAs for Kids are a Great Way to Build Weatlh

December 13, 2012

IRAs for kids are a great way to teach children about investing and the power of compounding. Photo: Gerard Van der Leun The biggest mistake I’ve made investing is a mistake almost all of us have made. The mistake is not picking the wrong investment. It’s not buying or selling at the “wrong” time. And [...]

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401k and IRA Contribution and Deduction Limits for 2013

November 1, 2012

With the release of the COLA for 2013, we now know the 401(k) and IRA contribution and deduction limits. The good news is that both have increased, as have the income limits on deductible and Roth IRA accounts. 401(k) Contribution Limits As announced by the IRS, the contribution limit on 401(k) retirement accounts goes up [...]

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5 Things to Know About an Inherited IRA

October 26, 2012

As part of my ongoing series on handling the estate of a loved one, today I want to look at inherited IRAs. My step-mother had a couple of IRA accounts. As you may know, with an IRA, you can select the beneficiaries that will inherit the account when you die. As such, the funds do [...]

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Social Security to Increase by 1.7% in 2013

October 16, 2012

Today the Social Security Administration announced the Cost of Living Adjustment (COLA) for 2013. Beginning in January 2013, Social Security beneficiaries will receive a 1.7% increase. Supplemental Security Income (SSI) benefits will go up by the same amount beginning on December 31, 2012. To put this increase in perspective, the average recipient will see an [...]

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