401k
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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Annuities and 401(k)s are two popular tax-deferred investment vehicles that can provide income in retirement, which is one of the top priorities for the average retiree. However, while they share a set of features and characteristics that make them seem similar, annuities and 401(k) work quite differently, and both have their own set of pros and cons. The decision whether to invest in annuities, a 401(k) or both, depends mainly on your circumstances and your individual goals for retirement. This post serves as a general guide to understand the differences between these two ways to save for ret...
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It’s not easy to keep your cool in the face of a market crash. Even if you were prepared and had a well-diversified portfolio with everything from stocks to bonds to crypto, things can still go south, and it can be hard to stomach when they do. It doesn’t help that we’re constantly bombarded by news reports about how bad things are for everyone else or that friends and relatives might be quick to share their gloomy outlooks with us. But there’s no need to panic: there are some tried-and-true ways of coping with a crashing 401(k), which will minimize the damage and get you back on track again m...
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