- 401(k) Contribution Limits for 2025
Contributing to your 401(k) is a great way to prepare for retirement, allowing for tax-deferred growth and, in some cases, employer matching contributions. If you really want to boost your savings, you might even contribute the maximum to the account. For… read more…
- How to Buy Stocks: A Step-by-Step Guide
Investing provides a great opportunity to grow your money for future goals, like retirement. But getting into the stock market isn’t a one-and-done deal. It requires research and upkeep to make sure your investments continue to perform well. Investing in… read more…
- How to Handle Excess IRA Contributions
Maxing out your individual retirement account (IRA) each year is a smart move when you’re focused on growing your retirement fund. But contributing too much money can result in a tax penalty of 6%. Many taxpayers work with a financial advisor… read more…
- Inheritance Rules for Traditional and Roth IRAs
Inheriting an IRA, whether a traditional or Roth account, comes with certain responsibilities. The rules for an inherited IRA depend on the specifics of your situation, as well as the deceased’s age and other circumstances. Unfortunately, you might have to… read more…
- What Is a Nest Egg for Retirement?
A “nest egg” generally refers to retirement savings that you typically don’t touch until you retire. It’s the money you save for the future so that you have something to fall back on when you retire. Oftentimes, growing your nest… read more…
- IRA Rollover vs. IRA Conversion
Do you have money in a 401(k) from a previous job or an old IRA? Performing an IRA rollover or conversion can be smart depending on your situation. You might also opt for an IRA transfer, where you move money… read more…
- Need Help With Your Asset Allocation in Retirement? Use This Bucket Approach From Morningstar
Thanks to target date funds and some simple rules of thumb, picking a mix of stocks, bonds and cash is pretty straightforward while you’re still saving for retirement. According to conventional wisdom, the further out from retirement you are, the… read more…
- Annuity Transfer Rules: How to Avoid Tax Penalties
If you purchased an annuity but later decide that it no longer fits your financial plan, you may be wondering what you can do with it. You could surrender it or cash it out but that could trigger fees and… read more…
- How to Handle a Forced Retirement
Retirement isn’t always planned. For most people, reaching retirement age means finishing a lifetime of hard work. They have saved up enough to rest and enjoy their days without a daily grind. That isn’t always the case though. Occasionally someone… read more…
- Healthcare Will Cost More Than Most Retirees Have: Here’s Why Medicare Isn’t the Answer
For the average American, healthcare in retirement will cost more than they have in their entire savings account. And unfortunately, Medicare won’t help. Healthcare, of course, is the single biggest line item that most retirees need to prepare for. Recently,… read more…
- State-Mandated Retirement Plans
For the most part, employer retirement plans are entirely voluntary. Your employer may choose to offer a 401(k) or something similar, and they may choose to match contributions, at their discretion. However, some states have begun to require more than… read more…
- Is $5 Million Enough to Retire at 60?
Based on the median costs of living in most parts of America, $5 million is more than enough for a very comfortable retirement. Based on average market returns, $5 million can support many households indefinitely. However, it also depends on… read more…
- Can You Buy an Annuity at Any Age?
Annuities are designed to provide you with a consistent stream of income for retirement. If you’re interested in adding an annuity to your financial plan, you may be wondering when you should consider purchasing one. The best age to buy… read more…
- Can You Collect Unemployment and Social Security?
If you’re collecting Social Security, your benefit won’t be reduced if you’re receiving unemployment checks at the same time. However, receiving Social Security benefits may affect the size of your unemployment benefit. Each state has its own rules for unemployment eligibility,… read more…
- What to Do When You Overcontribute to Your 401(k)
Did you just find out that you overcontributed your 401(k) plan? If you act quickly, you can minimize the damage. But if you wait, the tax bill and inconveniences will multiply. So if you’ve overcontributed to your 401(k), the plan… read more…
- How to Contribute to a Roth IRA
You can fund a Roth IRA in a variety of ways, including IRA rollovers, bank transfers and even cash deposits. However, there are limits to the amount you can contribute each year to this popular tax-advantaged retirement savings vehicle. And… read more…
- Responsibilities of a Fiduciary in a 401(k) Plan
Every 401(k) plan has at least one person who handles administering the plan and investing its assets. This role is known as plan fiduciary and it carries with it important responsibilities, including avoiding conflicts of interest, following good investment practices… read more…
- This Bernie Sanders Bill Could Hike Your Social Security by $2,400 and Ensure Solvency
Ginning up fears that Social Security “is going broke” or “is running out of money” is a mainstay of American politics — and an argument that experts point out simply isn’t true. A financial advisor can help you plan for… read more…
- How to Plan for Retirement at 30
Although turning 30 might feel like an unwelcome leap toward old age, don’t worry! You’ve still got decades left before retirement. That said, 73% of working adults started thinking seriously about retirement in their 30s, according to Thrivent’s Retirement Readiness… read more…
- What Is an Annuity Factor?
You may think saving for retirement is as simple as throwing a few bucks into your 401(k) every paycheck. However, accounting for retirement’s complexities and costs goes beyond piling up money in an investment account. Your interest rate, length of… read more…
- Retirees Are Keeping Their Money Longer in Retirement Plans: Should You?
As you approach retirement age, you may be wondering what to do with the money in your retirement plan. In particular, you want to make sure you’re not losing money due to pesky fees and don’t want your asset allocation… read more…
- How to Retire at 65 With $4 Million
Is $4 million enough to retire at 65? For most people, the answer is yes. But there are a lot of considerations and a good deal of planning to retire, regardless of how much you’ve saved. Everyone has different needs when… read more…
- How to Protect Your Parents’ Assets From Nursing Homes
Long-term care for seniors is one of the biggest gaps in America’s safety net. For many of us, as we get older we will require longer and better care. In some cases, this can mean a health aide or other… read more…
- Empower Joins Auto-Portability Consortium to Accelerate Retirement Savings
Empower, one of the leading providers of financial services, has officially announced its intention to join an auto-portability network that was founded in the fall of 2022. It joins other industry leaders Fidelity and Vanguard in joining the consortium in… read more…
- You Can Make a $10,000 Bonus Contribution to Your 401(k), But You Need to Fit Into This Narrow Age Window
If you’re behind on your retirement savings, you got some welcome news in December when President Biden signed the SECURE 2.0 Act into law. The landmark legislation establishes a higher limit on catch-up contributions for people between 60 and 63… read more…