Many boomers keep most savings in either 401(k) plans or traditional individual retirement accounts. If you’re in this generation, born between 1946 and 1964 and with a few working years remaining before retirement, consider converting your IRA to a Roth.
The days of a former corporate employer paying a life-time pension to you and your partner are dwindling. If your retirement looms, you need to account for ever-rising prices and how long you’ll need to pay them.
Have a retirement plan? Probably, but you’re hardly set. The type of plan you have figures big regarding income for your golden years, and here’s what to know.
When contributing to your employer-sponsored plan, you can choose to defer your income by a dollar or a percentage amount. The smart thing to do is to opt for whichever makes you save more.
We often hear the term rollover in connection with retirement accounts. One frequent type of rollovers occurs when you leave a job and roll your 401(k) over to an individual retirement account or a Roth IRA. But beware: The rules just got more restrictive.
You might view divorce as a series of distinct steps: filing the paperwork, negotiating with your ex, getting a settlement and reaching the end of your marriage. Yet still more work – sometimes lots of it – remains after your divorce.
A husband and wife not long into retirement age come together to a financial planner to map out the rest of their years together, a sensible move when trying to tame the future. Just one year later, the husband is dead and, for the first time in almost four decades, the widow faces a future without her spouse and an overload of complex finances.
Consolidating multiple retirement accounts into one makes it easier to manage. But do you know what money you can roll over to where? Here’s a breakdown of your options.
Losing your spouse can ignite no end of uncertainty. Do you have to brave the job market, or can your assets support your lifestyle? For that matter, where are those assets? One widow, blending time and realistic expectations, answered both questions.
Your time is a valuable resource you probably often overlook when it comes to another resource: money. We like to spend as much of both as we can today. Doing the math shows how and why it pays to invest as much as possible as early as possible.