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An Individual’s financial future significantly depends on creating or taking part in a retirement plan. Knowing all the options for designating a beneficiary is also crucial to the planning. When picking beneficiaries for retirement benefits, one must take into...

Do you want to save money on taxes and boost your retirement savings? If yes, you’ve come to the right place. Mega backdoor Roth is the perfect tool for getting around the tax rules preventing you from accessing the benefits of a Roth account due to falling into the...

Most people wish for the success of their family, while others go about creating it together. With the stock market fall wiping out the savings of millions, it sounds like the perfect time to build wealth with the people you trust the most. However, running a business...

Retirement planning for women looks different than it does for men. It accounts for several factors that affect women more. These may include career years lost to becoming a stay-at-home mother or the additional years women live. Read this article to find out how you...

If you are considering quitting or changing jobs, you’ll need to think about what you will do with your old 401(k) plan. Below are some options but these options depend upon the plan documents of your current plan and any new employer plan you may join. In this...

If you are short on funds to deal with an emergency, you may have considered withdrawing from your 401(k). You must know that you cannot simply make a withdrawal from your 401(k) any time you'd like. A 401(k) retirement account is typically designed to allow you to...

What is a Crypto IRA? Also referred to as Bitcoin IRA, Crypto IRA is a self-directed IRA, which allows you to invest in Cryptocurrency and other asset classes such as real estate and precious metals – the alternative assets that are not available with traditional...

A Roth IRA is an excellent tool to put away money for your retirement. However, like all other tax-advantaged retirement plans, there are some rules regarding the taxation of contributions and withdrawals. There are income limits for participating in these plans and...

Maxing out your 401(k) contributions is a good thing. It means that you are making the most out of your employer-sponsored retirement account to enjoy worry-free golden years. Over contributing to your 401(k) isn't allowed, but it's easy to do it by mistake. If you...

What is Marginal Tax Rate? An effective tax rate is the share of total income that an individual or business pays in taxes. It simply points out how much tax is paid compared with the total income, giving a straightforward view of the burden of tax. Formula to...

Can you roll over a pension plan into an IRA? Yes, provided it meets two criteria: the pension plan is a "qualified employee plan" (if you've been deferring tax on your contributions, your plan is most likely a qualified plan), and you must have left the company or...

How are 401(k) withdrawals taxed? When you take distributions from a regular or traditional 401(k), they are treated as normal income and subject to income tax. Since your contributions to traditional 401(k) were paid with pre-tax dollars, you are liable to pay taxes...