401k
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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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Why A 401(K) Could Lose MoneyMarket volatility is part and parcel of investing in the financial markets. When markets go down sharply, it concerns even the most stalwart investors. Your 401(k) is not a savings account but an investment account. So, it will make or lose money depending on the performance of the financial instruments you have invested in. If you check your 401(k) regularly and the markets are going down, it may seem to you that your hard-earned retirement savings is being washed away. In such a case, however, it is important that you don’t panic. Rather, you should focus on unde...
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A 401(k) plan can help you build wealth for retirement while enjoying some significant tax benefits. You might assume that your retirement assets are untouchable, but that’s not always true. For instance, can the IRS take your 401(k)? You might be surprised to learn that the answer is yes. There are certain situations in which the federal government can lay claim to your retirement funds. Q1 2023 hedge fund letters, conferences and more When Can the IRS Take Your 401(k)?The Internal Revenue Code grants fairly broad powers to the IRS when it comes to retirement account garnishments. Specificall...
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A 401(k) account is an instrumental part of your financial future. Because of this, it’s strongly advised that you never touch these founds. What’s more, if you make withdrawals before the age of 59 ½, then you can expect a 10 percent penalty from Uncle Sam. Nevertheless, there are times when you should use your 401(k). In fact, even the IRS is well aware of these financial hardships. As a result, there are specific situations when you can access your retirement plan before age 59 ½ without being penalized. Q1 2022 hedge fund letters, conferences and more With that in mind, here are 10 good re...
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As we all know, 401(k) plans are a great way to save for retirement. However, if you have a lot of debt, cashing out your 401(k) is an option; but is it a good option? In this article, we will discuss all the pros and cons of using your 401(k) savings to pay off debt. We will also explore some alternative methods for paying off debt so that you don’t have to rebuild your retirement fund from scratch. Q4 2021 hedge fund letters, conferences and more What Is a 401(k)?A 401(k) plan is a retirement savings plan. The money you contribute to your 401(k) plan is not taxed until you withdraw it; in ot...
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About a month ago I booked a flight to see one of my best friends. Considering that we’re still dealing with COVID-19, I decided to to purchase travel insurance. And, good thing I did. A couple of days before I was to take off, my friend and his family all tested positive. Thankfully, I was able to get my money back because of the insurance I had added-on to my trip. Q4 2021 hedge fund letters, conferences and more Outside of travel insurance, many of us buy warranties for phones, appliances, or HVAC systems. After all, it’s worth the additional cost instead of completely replacing these items...
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What’s the best way to fund your retirement? Well, I wish could answer that, definitively, for you. But, unfortunately, how you will save for retirement is dependent on your financial circumstances, as well as your unique retirement goals. Q4 2021 hedge fund letters, conferences and more While there are numerous options at your disposal, two of the most prominent are annuities and 401(k) plans. However, despite their similarities, both of these popular retirement savings vehicles have distinct differences and specifics about when each can be withdrawn. My money, however, is on annuities? Why? ...
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