Retirement
2013 IRA and Retirement Plan Contribution Limits
The Internal Revenue Service (IRS) recently published the new rules for contributions into retirement plans and IRAs for 2013. Some of these numbers have increased, and are good for you to know if you participate in IRAs (individual retirement accounts) or retirement plans like 401(k)s, sponsored [...]
How to Withdraw Needed Funds from an Inactive 401(k)
Question: I lost my job several months ago, and have exhausted my savings. However, I have some money in a 401(k) Plan from an old employer. I need to get to some of it to pay my rent, but I don’t want to pay tax on the entire amount in the Plan. What is the best way for me to get to a portion of [...]
Homeowner Who Foreclosed, Other Personal Finance Headlines
Interesting articles worth checking out: Homeowners qualifying for new mortgage after short sale. Auto purchasing and the various fine print costly add-ons. Estate planning: Naming a trustee for your trust, and living wills. Roth IRA escape hatch, for those that already converted, but now regret [...]
Roth IRA Withdrawal Rules
Roth IRAs which I wrote about a few days ago are good for supplementing one’s retirement and growing tax-deferred until retirement. This article doesn’t cover the rules regarding IRAs that were converted into Roths.
The rules are quite a bit different, than they are for traditional IRAs [...]
IRA Withdrawal Rules
Traditional IRAs which I wrote about a few days ago are good for supplementing ones retirement, providing current tax deductions, and growing tax-deferred until retirement. However, when someone wants to use the money for retirement or other needs they should be conscious of the rules and [...]
2012 Roth IRA Review and Contribution Limits
The old or traditional Individual Retirement Accounts or IRAs came on the investment scene with the enactment of the Employee Retirement Security Act (ERISA) in 1974. These individual retirement plans provided a reduction in taxable income, the IRS doesn’t tax the growth on the monies while they [...]
Traditional IRA Review and 2012 Contribution Limits
Individual Retirement Accounts or IRAs came on the investment scene with the enactment of the Employee Retirement Security Act (ERISA) in 1974. These individual retirement plans provided a reduction in taxable income, but contribution maximums were only $1,500 per year then. To further enhance [...]
Not Well Known Veteran’s Benefit
If you are a veteran who served in active duty, you may be eligible for a monthly VA pension. This is a benefit that I just heard about, and a lot of people are eligible for it, and since it isn’t widely know, many who are eligible don’t apply for it.
I am far from an expert in this topic, but as a [...]
Retiree Health Care Costs Increasing
According to a study by Fidelity Investments a couple retiring this year will incur $250,000 in costs not covered by Medicare Parts A and B. Those with medi-gap or employer based retiree health insurance will have less expenses. Many companies today either do not provide or are cutting back on [...]
Social Security Will Go Broke in 21 years
Source: Wall Street Journal 4/24/12
Reported yesterday that earlier estimates were 24 years, but now 21 years. If reserves for disability benefits were combined with retirement, reserves would be exhausted by 2033. Social Security and Medicare account for 1/3 of the federal budget. If the trust [...]
Delaying Social Security Retirement Income
Interesting article in the Wall Street Journal comparing delaying taking early retirement income benefits (age 62) to Full Retirement Age (FRA) or age 70. Several articles recently have covered this topic from the perspective of the benefits delay in the first stage increases them about 6% and then [...]
The History of Retirement, From Early Man to A.A.R.P.
Great Article I stumbled upon about the History of Retirement from the New York Times. Excerpts:
IN THE BEGINNING
In the beginning, there was no retirement. There were no old people. In the Stone Age, everyone was fully employed until age 20, by which time nearly everyone was dead, usually of [...]
Is Your Pension Secure?
Pensions are a little rare today, so rare most people don’t really know how they work. Pensions also known as Defined Benefit retirement plans, pay someone a percentage of their income when they retire, based upon age, years of service, wage history and the design of the plan. Millions of people [...]
Comparison of Public Pensions to 401(k)s
There as been a lot of talk lately about retirement pension plans for public employees. Public employees being any state, city or county employee. Interesting article in the Wall Street Journal today comparing public pensions to private workers with 401(k)s.
Social Security Retirement, to Be or Not to Be?
Social Security Retirement Benefit, or shortened to SSRB for this article, is a major cornerstone for most Americans. Many people wonder: how it works, whether it will be there for them when they are eligible, will it change, and should their plans include the assumption that it will be there for [...]
Consolidate 401k, 403b and 457 accounts
Have you always worked for the same company? Most people answer no to this question. In fact, people change jobs much more frequently today than in previous generations. There are a whole host of reasons, from corporate downsizing to finding a better opportunity. Perhaps you have an [...]
9 Steps to Master Your 401(k)
Your employer-provided retirement plan (e.g., 401k) is one of the most important pieces of your financial plan — yet it is often misunderstood and under-utilized. Master your retirement plan to retire early, on time, and achieve financial success. During this time of year, either 4th quarter or the [...]
Repay debt or fund 401k?
Dave Ramsey in his Financial Peace University class advocates that in order for people to pay off their non-mortgage debt like credit cards, car and student loans, that they should get the Gazelle mentality: temporarily cut back on all expenses, get second jobs, and stop funding their 401k and [...]
