Contribute to your 401(k) to receive the full employer match Many employers offer an employer match if you contribute a certain percentage to your 401(k) plan. This is free money so why not take advantage of this benefit? For example, if your employer match is 3% then contribute at least 3% towards your 401(k) to get the maximum match. For… Read More
Posts Tagged ‘ Retirement ’
How Do My 401(k) Contributions Affect My Taxes?
Most 401(k) plans allow participants to contribute to the plan either on a pre-tax basis (Traditional) or an after-tax basis (Roth). Below are the tax considerations for each choice. Pre-Tax Contributions Affect on Taxes When you save in a traditional 401(k) plan, you are saving pre-tax, meaning you don’t pay taxes on your savings until you withdraw them from your… Read More
Thinking Of Borrowing From Your 401(k)? Read This First!
While it may be tempting to borrow from your retirement savings, in the end it may not be the best option. Borrowing from your 401(k) today can impact your future and defeat the overall purpose of saving for retirement. Before you withdraw from your 401(k), consider these three reasons why you should keep your hands off. Consider Tax Implications –… Read More
What Happens to My 401(k) Plan When I Leave My Job?
While working at a company, you may participate in their retirement plan. This is a great choice to save for your future. However, you may be left with questions if you and your employer decide to part ways. One of the most common questions is “What happens to my 401(k) plan when I leave my job?” There are many things… Read More
Fall Financial Check-Up
As summer winds down, vacations are dwindling, and kids are heading back to school. Remember the financial goals you set back in January? Now is a great time to revisit them with the holidays and end of year quickly approaching. Review Your Retirement Savings Are you maximizing your 401(k) contributions? Now is a great time to evaluate what you’ve contributed… Read More
How to Be Healthy in Retirement
Retirement is an immense life transition and there are many positive aspects to look forward to. You may be eagerly anticipating more free time to take up a hobby, traveling somewhere new, spending more time outdoors, or maybe just enjoying things you haven’t had the time for in recent years. While your mind may feel the same as it did… Read More
7 Facts about Health Savings Accounts That You May Not Know About
Medical expenses can be a real burden if not carefully planned for. A Health Savings Account (HSA) is a helpful tool to help lower your taxable income and to pay for medical expenses tax-free. 1. Known as the triple tax benefit. Contributions are tax deductible, the interest earned is tax-free, and qualified medical expenses are paid tax-free. It is… Read More
What Should You Do with Your Tax Refund?
Many people look forward to receiving a refund instead of paying taxes. Have you received or are anticipating a tax refund this year? A tax refund may feel like a bonus from the government. However, receiving a tax refund simply means you overpaid on your taxes last year and gave the government an interest free loan. This is money that… Read More
Tips for Contributing to Your Company’s 401(k) Plan
Traditional vs. Roth Most employer sponsored plans allow you to contribute to the plan on a pre-tax basis (Traditional 401(k)) or an after-tax basis (Roth 401(k)). Determining which option is best for you can be a difficult question to answer. There are advantages and disadvantages to each option. The Traditional 401(k) reduces your taxable income effectively lowering the amount of… Read More
Where Should You Retire?
Do you have a retirement dream? Are the clear blue waters and warm sunshine of Florida calling you? Perhaps you’d like to move somewhere cold and enjoy views of snow capped mountains every morning as you sip your coffee. There are many considerations when deciding where you will move for retirement. Inheritance & Estate Tax For retirees, inheritance & estate… Read More
Should you Contribute to a Roth or Traditional IRA Account?
Before you decide if you should contribute to a Roth IRA or Traditional IRA account, it is important to understand the difference between these two individual retirement accounts. While a Traditional IRA and Roth IRA have the same goal to save for your retirement, these accounts have a slightly different strategy of accomplishing that goal. Below is a table comparing… Read More
Contractor? You Can Save Your Business Money With This 401(k) Tip!
Gain a competitive edge when bidding on Prevailing Wage or Service Contract jobs. By structuring a tax-efficient 401(k) plan that factors in fringe benefits, we can help your business and your employees save money. If you are a contractor bidding on public government projects, you are required to pay out 100% of the local Prevailing Wage rate. However, you have… Read More
How Inflation, Returns, Taxes and Fees Affect your 401(k)
Retirement is a time to stop and smell the roses. You’ve worked hard for many years and eventually it will be time to comfortably retire and enjoy the rest of your life. In order to be truly comfortable, it’s important to devise a proper plan to build wealth for you and your family. One of the best ways to… Read More