Tag: retirement
Infographic: The Retirement Savings Crisis
While most people know that they should be saving for retirement, a vast majority of American workers are saving much less than they need to retire comfortably. For young people there are several factors that can explain the embarrassingly low rate of retirement savings. In addition to high unemployment rates for young people during and [...]
5 Reasons To Start Planning For Retirement Now
Retirement seems a long time away when you’re in your twenties. However, the reality is you need to start thinking about it now. Old age will catch up to you, and unless you’re planning to work until the end, your life will be easier if you have money set aside to fund your own retirement. [...]
Generating Savings in the Future With Acts Performed Today
Saving money is not an easy thing, particularly when it involves anticipating future spending. Many folks are focused on just dealing with the here and now, paying down immediate needs or expenses. The idea of generating savings down the line isn’t often high on the monthly priority list. However, especially with durable goods and long-term [...]
Recent Budget Proposal: A Breakdown on Taxing Your Retirement
So you’re doing the responsible thing and maxing out your 401(k) with employer match and IRA. But then you see these headlines that say, “President Obama Wants to Tax Your Retirement Savings” or “Retirement Savings Under Attack” or some other outlandish, absolutist headline. They carry some truth based on the latest White House proposed budget. [...]
Top 3 Retirement Plans for Entrepreneurs
As business owners, entrepreneurs do not have many of the supports that traditional employees find comfort in. Entrepreneurs do not have a supervisor who provides direction, a boss who signs a paycheck, or a company that provides a retirement plan. Business owners are responsible for selecting and setting up their own retirement plans. They are [...]
Why Every Young Professional Needs a Financial Planner
A financial planner/advisor is a professional advisor who assesses a client’s current personal and financial situation and helps the client establish short-term and long-term objectives for the purpose of developing strategies to achieve these objectives. Most planners/advisors differ in their degree of specialization and how broadly they assess a client’s current situation. One such financial [...]
Contribution Limits Raised for Traditional and Roth IRA and 401(k)
In 2013, the contribution limit for 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is increased from $17,000 to $17,500. The catch-up contribution limit, for those ages 50 and up, remains at $5,500. Also, the contribution limit for traditional and Roth IRAs is increased from $5,000 to $5,500. The catch-up contribution [...]
The Awesome Tower of Beer: Roth IRA Infographic
What is a Roth IRA? An individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Why are Roth IRA’s a good option? * Low tax rates. Federal income taxes are about as low as they will ever be. If you’re in your 20s now, you’ll probably be [...]
