These days, most 401k and 403b plans give their participants the option of contributing to the "traditional" version or the "Roth" version. With the traditional version, the amount you contribute reduces your taxable income in the current year, and then you pay taxes on distributions down the road. With the Roth version, you forego a current… Continue reading Roth or Regular?
Category: retirement
IRS Announces Higher Retirement Plan Limits for 2018
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that some of the retirement savings limits will increase for 2018. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to… Continue reading IRS Announces Higher Retirement Plan Limits for 2018
401k & 403b Basics: No Match Doesn’t Mean No Good
Ever wonder how much money you need to retire? Experts suggest that for each $1k of money to spend each month during retirement, you need to have $150k in financial assets. So to generate $10k per month (or $120k per year), you’ll need $1.5 million saved up. That’s a lot of money. How can you ever manage to save that much money? Contributing… Continue reading 401k & 403b Basics: No Match Doesn’t Mean No Good
IRS Announces Higher Retirement Plan Limits for 2015
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that many of the retirement savings limits will increase for 2015. Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these plans generally… Continue reading IRS Announces Higher Retirement Plan Limits for 2015
Don’t Forget About IRAs When Planning for Year End
Even if you're covered under a retirement plan at work, you and your spouse can each contribute up to $5,500 into a traditional IRA or Roth IRA for 2014 and 2015, as long as your combined wages and net self-employment income exceeds the total amount contributed. Anyone 50 or older can contribute an extra $1,000,… Continue reading Don’t Forget About IRAs When Planning for Year End
IRS Announces Higher Retirement Plan Limits for 2015
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that many of the retirement savings limits will increase for 2015. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to… Continue reading IRS Announces Higher Retirement Plan Limits for 2015