401K
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The financial world is a vast landscape teeming with a multitude of investment options. Each one comes with unique advantages and disadvantages, making navigating challenging. Two such options often emerge under the microscope: the 401k retirement plan and Indexed Universal Life Insurance (IUL). This article aims to illuminate these two financial instruments, highlighting their benefits and drawbacks. The goal? To help you make an informed decision that aligns with your financial goals. Unpacking the 401k retirement planA 401k is a retirement savings plan sponsored by an employer. It’s a nifty...
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A 401K is an employer-sponsored retirement savings plan that employees can contribute to pre-tax, thus reducing their annual tax liability. Some employers also contribute to the account as a benefit to the employee. A 401K is a valuable part of a long-term financial and retirement plan that all employees should take advantage of. But you may be in a financial situation and considering cashing out your 401K. Before doing so, you need to consider the consequences carefully. Here, we’ll cover what steps to take before you make the decision. Understand the Consequences Before Cashing Out a 401KWhi...
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Saving for a down payment on a house is often not an easy task. A down payment can be a substantial amount of money, depending on the price of the house, and a weekly or monthly savings plan can take years to add up to enough. There are ways to use your 401K to buy a house, but doing so has implications you need to consider. Here we’ll discuss the pros and cons of using your 401K to buy a house so that you can make an informed decision. Pros of Using Your 401(k) for a House PurchaseDown Payment AssistanceIf you’ve been contributing to your 401K for a while, using 401(k) funds can provide a sub...
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Almost half of private sector workers in the United States do not have access to employer sponsored retirement plans. This is one of the factors contributing to the large number of people who reach retirement age but have little to no retirement savings. Some states have addressed these retirement savings gaps by introducing state-run auto-IRA programs that certain employers must offer if they are not offering another option like a 401K. In this guide, you’ll find everything you need to know about these programs, and how you can take advantage of them. Understanding the Retirement Savings GapA...
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There’s been a lot of press in the last year dedicated to asking whether or not we’re in a recession. Because the National Bureau of Economic Research (NBER) calls recessions retroactively, we could be living in one now and not realize it. Many experts still maintain that a recession will be announced in 2023, though we have yet to see how severe it will be. If your employer gives you access to a 401(k) – a defined-contribution retirement savings plan – you may wonder how a recession should change your contributions. Should you slow down on your contributions? Invest more? Or make your investm...
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The very essence of a retirement nest egg lies in the concept of patient growth and compounding of investments over time. Its purpose is to offer a bountiful reserve of funds when one bids farewell to the workforce, ensuring a comfortable retirement. However, a disconcerting trend has emerged, as a significant portion of younger workers succumb to the temptation of prematurely shattering their nest eggs. The result is a tax bill, fines for early withdrawals, lost contributions and a diminished – or vanished – account balance likely to come up short at retirement time. We’ll discuss the details...
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If you started a 401(k) and then forgot about it, you may be wondering how you can check back in on the account and see how it’s doing. In this article, we’ll cover how to check your 401(k), how often you should check it and what you should be looking for. What Is A 401(k)?A 401(k) is a tax-advantaged retirement plan. A 401(k) is set up through your employer and allows you to contribute a percentage of your paychecks to retirement. With traditional 401(k)s, that money comes out of your paycheck before it’s taxed. And you only pay taxes when you withdraw from your 401(k) in retirement. While th...
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