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
Retirement 401k
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
IRA and 401(k) Basics: What Are Withdrawals vs Distributions?
The world of terms associated both with retirement finances as well as taxation can quickly seem overwhelming, which is why we’ve put together this primer. It’s intended to help you start to work through the differences between retirement account withdrawals and distributions; in our next post, we’ll tackle how these retirement accounts are taxed.Since withdrawals and …Continue Reading
What To Do When Your Employer Stopped Matching Your 401K | Inside Your IRA
In today's economy, a lot of employers have had to cut costs on some of the benefits they provide for employees, such as the employer match on 401(k) accounts. Here's everything one needs to know about the 401(k) contribution limits and employer match scheme, as well as the options available for investors if their employer stops matching it.RELATED: What Is A Roth 401(k) …Continue Reading
