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Tag: 401k

401(k) Loans: How They Work and are They Right for You

July 12, 2021

A 401(k) loan can be a quick way to get some cash. When you’re in a financial pinch, it is a low-interest alternative to using a credit card or personal loan. You might use the funds to pay bills, cover a big purchase, or put a down payment on a house.

However, 44% of people who’ve borrowed against their retirement savings regret the decision, according to TIAA-CREF.[1] If you’re considering a 401(k) loan, here’s what you need to know about how it works and how the temporary 401(k) loan covid rules from the CARES Act could impact you.

Yet 44 percent of those who have borrowed against their retirement plan savings regret the decision.

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Should you focus your savings towards your retirement or save for kids’ college?

May 20, 2021

When planning for your future, there is always some confusion about balancing savings for multiple goals simultaneously. The major dilemma falls on parents when contemplating whether they should allocate their savings dollars towards future retirement dreams or start socking away funds to pay for their child’s college tuition bills. While sorting out these two competing priorities can feel overwhelming at first, we’ve laid out 5 rules to follow when faced with this tough decision.

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Retirement Plan contributions limits and changes for 2020

November 21, 2019

The IRS recently released contribution limit and income limit updates that will go into effect for retirement savers in 2020. While the amounts you can contribute to IRAs and Roth IRAs have not increased, there are some important increases for your employer retirement plans to highlight, allowing you to save even more for retirement.

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Is An Individual 401k Or SEP-IRA A Better Choice For You?

March 26, 2019

SEP-IRAs have been the most common retirement plan for self-employed` individuals and small businesses owners. They allow business owners to contribute a chunk of money to their retirement plans while reducing their tax bills at the same time. Individual 401(k) may work better for you and have some different features that could be beneficial.

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