You contributed to a 401(k) retirement plan for years and your employer added some matching funds. Now that you’re ready to retire it’s time to think about how to withdraw your money.
You see many reports about how financially unprepared the average American is for life after working. If your savings need a jolt, one of your best moves during your career might be more work.
Over your working career you might well accumulate many individual retirement accounts, especially if you switch jobs frequently. Eventually your annual statements will start pouring in from all of these accounts and you’ll learn the modern stress of tracking all the accounts housing your golden years’ money. Here are tips to make this critical financial task easier.
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.