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What is a traditional IRA? A traditional IRA is like a special savings account for your retirement that you set up on your own, outside of your job’s retirement plan. Sometimes, when you put money into this account, you can lower the amount of taxes you have to pay. However, how much you can … Read more
An Individual Retirement Account (IRA), is like a special savings account that helps you save money for when you’re older and retired while giving you some nice tax advantages. It’s pretty cool because anyone with a job can have one, even if your workplace doesn’t offer a retirement plan.
But here’s the thing: before you start putting money into an IRA, it’s a good idea to figure out which type is the best fit for you. Also, you’ll want to know the rules for making tax-deductible contributions and how to take money out without getting hit with penalties.
A defined benefit plan is a retirement plan offered by employers, ensuring eligible employees receive a fixed payout when they retire. Unlike a defined contribution plan, where employees manage their contributions and take on investment risks, this type of plan guarantees a specific retirement payout. These days, defined benefit plans aren’t as popular … Read more
A 457 plan is a special retirement savings account offered by some employers, particularly state and local government agencies and some well-paid nonprofit workers. This plan comes with tax benefits, which means you can save money on your taxes while preparing for retirement. In some 457 plans, employees have the option to stash … Read more
The Roth 401(k) is like a special savings plan for your retirement that’s offered by your employer. What makes it different from a regular 401(k) is how you put money into it. With a regular 401(k), you use money from your paycheck before taxes are taken out. But with a Roth 401(k), you use … Read more
If you’re employed at a nonprofit organization, you might get a chance to pitch in for a Roth 403(b) retirement plan. A Roth 403(b) is a special kind of retirement plan where you put your money in after it’s been taxed. The great thing about 403(b) plans is that when you take money out … Read more
Unless you work in education or for a nonprofit, you might not have heard much about the 403(b). It’s basically a retirement savings plan, just like a 401(k), but it comes with some unique features. To put it simply, a 403(b) is named after a specific section in the tax code, and it’s … Read more
A 401(k) is like a savings plan for when you retire, and it’s offered by your employer. You set aside a portion of your salary for this account, and you have the option to invest it in stocks. Plus, there are some tax benefits that come with being a part of it. In simple … Read more
Retirement – a phase of life that beckons with dreams of relaxation, adventure, and well-earned leisure. But for many, the mere thought of retirement planning can stir up anxiety or be as exciting as watching paint dry. If you find yourself in this boat, rest assured, you’re not alone. So, what exactly is retirement planning, and why is it so crucial?