There is no one-size-fits-all solution to retirement planning. As any financial planner will tell you, getting the most out of your savings takes putting thought, goals, and solid steps into place throughout your career.But that doesn’t mean the rules for retirement are changeable based on what’s right for you.There are very specific milestones we all observe on our way …Continue Reading
Retirement
5 Common IRA and 401(k) Tax Mistakes + How To Avoid Them
Individual retirement accounts (IRAs) allow people to leverage tax benefits while also saving for their future. But the language that regulates retirement savings can sometimes seem equally excessive and complex. This problem is particularly evident come tax time.IRAs can offer tax deferrals and tax deductions while even lowering tax consequences. However, they can also …Continue Reading
Common 401(k) and IRA Rollover Mistakes
Including a Look at the CARES Act According to a Government Accountability Office report released in 2019, Americans between the ages of 25 and 55 make early withdrawals of about $69 billion from their retirement savings accounts per year.That figure was before the coronavirus and its economic impact, which has included high unemployment rates and signs of a potential …Continue Reading
The 2020 CARES Act, Hardship, and Retirement Accounts: What You Need to Know
For retirees and those saving for retirement, 2020 will go down as one of the strangest years in their lives. The movements in both the stock and bond markets have created crater impacts in many retirement accounts. It has also put a great strain on income and even job security.But for those struggling to deal with the economic impacts of this pandemic, there might be some …Continue Reading
How Are IRA and 401 (k) Withdrawals Taxed?
In a previous post, we defined withdrawals and distributions, and then we explored the differences between them.Now that you have a better understanding of what they are, let’s dig into the question that gnaws at us all: how exactly are withdrawals and distributions taxed?Part of the answer to this question involves looking at the differences between how the different …Continue Reading
