What is it? Over the years, you’ve accumulated funds in a traditional IRA or employer-sponsored retirement plan and those funds have been growing tax deferred. But tax deferral doesn’t...
How compound interest works Compound interest is the interest you earn on interest. You deposit an initial investment at a particular rate of return that could vary each year....
A simplified employee pension plan (SEP) is a deferred-compensation arrangement that is similar to a profit-sharing plan. It can be set up by employers and self-employed individuals, as well...
When you roll funds over from an employer plan to an IRA, your financial institution may suggest that you use a rollover IRA to receive the funds. Of course,...
A critical aspect of retirement planning is understanding the rules and requirements surrounding Required Minimum Distributions (RMDs) from retirement savings accounts. An RMD is a mandatory minimum amount that...
Even if you’re saving money in a 401(k), IRA, or another type of retirement account, you may not be paying much attention to the specific rules and regulations governing...
Understanding the guidelines surrounding Required Minimum Distributions (RMDs) becomes crucial as we navigate the complexities of personal finance and retirement planning. For those who have inherited retirement accounts or...
The 401(k) plan is an excellent way for HENRYs, high earners not rich yet, to save for retirement. Hitting the maximum contribution limit is a goal many work toward...
Contributing to a 401(k) plan is an excellent method for saving for retirement. There are many benefits to having a 401(k) plan, and you often hear that you are...
Many dream of working toward early retirement, but getting there generally doesn’t happen by accident. Retiring early requires financial independence that can last for decades, but that is much...