Blogs
Independent living for Seniors: A Complete Guide
As an independent senior living in a thriving community can keep you healthy and happy as you age. As well as carefully researching each living option and what it has to offer.
Penalties of Withdrawing From 401(k) and How to Avoid Them
401(k) plans are designed to help you save for retirement. Therefore, the IRS discourages withdrawals from 401(k) plans until you turn 59 ½. If you are trying to withdraw early from your 401(k) – before you reach the magical age –you will have to pay a steep price for...
Secure act 2.0 Other Changes (passed by house, not Senate or the “Prez”)
Secure act 2.0 Other Changes include the following: Increasing the required first-year required minimum distribution (RMD) age over time from age 72 to age 75. Indexing $1,000 IRA catch up contributions for inflation. Increasing the limit on catch-up...
401(K) Rollover to IRA
If you have changed jobs, it's important to understand the several options you have with your old 401(k) retirement account. Typically, you have four options: You can cash it out Leave it as and where it is Transfer it into your new employer's 401(k) plan (if one...
When Can You withdraw from 401(K)?
401(k)s are tax-advantaged retirement savings accounts, and many Americans pour money into them every year. Generally, if you withdraw from your 401(k) before age 59 ½, you are likely to attract income tax and a 10% penalty on the amount that you withdraw, in addition...
How Does 401(k) Withdrawal Affect Tax Return?
Most 401(k) plans are tax-deferred, which means there is no income tax on contributions or earnings until the owner decides to withdraw it. However, a Roth 401(k) is a little different. In a Roth 401(k), the contributions are taxed, and the withdrawals are tax-free....
IRA Qualified Charitable Contributions
Table Of Content What is Qualified Charitable Distribution (QCD)? How to Set Up an IRA Qualified Charitable Distribution Eligible Distributions How are Qualified Charitable Distributions Reported? How to Report a Qualified Charitable Distribution on the Income Tax...
What Is an Emergency Fund: How Much Emergency Fund Should I Have?
Emergencies aren’t exclusive or selective. They happen to everyone. It’s highly likely that you’ve faced events or obstacles in life that could be easily categorized as an emergency. These emergencies can catch you off guard and most often than not, have financial...
Retirement Withdrawal Strategies
Retirement planning is important if you want to retire comfortably and achieve your retirement goals. A key part of retirement planning is deciding between which retirement withdrawal strategies i.e. which is the best for you and how different factors affect your...
What’s the Average 401(k) Balance by Age?
When you are young, retirement planning is something that you can easily put off to worry about later. After all, everything sorts itself out in the end. But, if it doesn’t, what’s your plan? If you don’t have a plan, you will put yourself and your family in a less...
Required Minimum Distribution(RMD) By Age
Table Of Content What is RMD? Age for RMD Types of Retirement Plans That Have RMDs Calculating Required Minimum Distributions (RMDs) IRA Required Minimum Distribution Table The RMD calculation is a 3-step process Required Minimum Distribution (RMD) RMDs and Inherited...
5 Things to Consider When Cashing Out a 401(k)
Table Of Content Eligibility to cash out your 401(k) Consequences of cashing out a 401(k) or 401(k) early withdrawal Are you still contemplating taking a 401(k) early withdrawal or cashing out a 401(k)? How to cash out 401(k)? How long does it take to receive money...