Your 401(k) is a valuable part of your retirement plan, but it’s only one piece of the puzzle. There are many benefits that come along with a 401(k,) including pretax or Roth 401(k) salary contributions (or both,) company matching, and tax-deferred accruals. And for many people, a 401(k) is where they focus most of their retirement savings. That being said, there are some downsides to Continue Reading
Spousal IRA Contributions: Who’s Eligible?
In certain situations, a working spouse can contribute to an individual retirement account, or IRA, in the name of a spouse with little to no income. This is called a spousal IRA contribution. But it’s actually a bit more complicated than that, and many people find that they’re ineligible for this strategy. So if you’ve considered making a spousal IRA contribution, read on first to find out if it Continue Reading
4 Things You Need To Know About IRAs
Retirement may seem like it is a distant fuzzy target, but talk to any successful retired person, and they will tell you that it took a lot of planning and saving to reach financial independence. Financial independence is when you have enough money saved or invested to create a stream of income for you to live off of. You may or may not choose to work in retirement, but it will be because you want Continue Reading