Think your estate plan is good to go right after you die, setting your heirs up for life? Depends: Many assets in your plan, such as your 401(k) and individual retirement accounts, must designate beneficiaries for any inheritance. Rules for specifying such heirs can be tricky and here are 11 common mistakes.
Perhaps you make a nice salary at a day job and also run a small side business that’s taking off. Can you contribute to two retirement plans if you work two jobs? Good question (not to mention common), and the answer depends on the connection between your work and how you save.
If you participate in a 401(k) retirement plan at work, you must constantly consider many choices: how much to save, whether to select a Roth option (if offered) or a traditional tax-deferred individual retirement account and what plan investment options to select. Your financial future depends a lot on you, and here’s what to know and do.
Cut a pie into 100 slices and what do you have? Barely a nibble. Seemingly an inconsequential share of anything, 1% can actually make a tremendous difference to your financial security. Even fractions of a percent added to investment returns over time can redefine your life in retirement or your net worth.
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.