A 401(k) plan is a qualified plan, also known as a defined contribution plan, offered by your employer into which you can make pre-tax or Roth/after-tax contributions directly from your pay. An Individual Retirement Account (IRA) is an account you establish that can accept rollovers from 401(k)s or other employer-sponsored plans, as well as tax-deductible and non-deductible regular contributions to help you save for retirement.
There are two different 5-year rules when it comes to Roth IRAs, and both are important to know about if you have a Roth IRA. One 5-year rule is for Roth contribution IRAs, and another different 5-year rule is for Roth conversion IRAs.
Creating a retirement budget is an important activity for retirees and pre-retirees to consider. Having a road map of basic and ongoing needs, as well as assumed discretionary spending, is crucial to maintaining a safe drawdown on your portfolio over time.
The death of a spouse is one of the most difficult events a person can experience. Beyond the tremendous emotional impact, it can also be a time of deep financial uncertainty. Learn how to begin navigating this next chapter of your financial life.
Deciding to wait or claim Social Security benefits is a personal decision. Here are some important factors anyone nearing or in retirement should consider now.
In most cases, tapping into your retirement account to pay off debt isn’t advised. Understanding the difference between withdrawals and loans may help you face your debt with confidence.
