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How to Maximize Your 401k Mutual Fund
April 12th, 2008 |
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When it comes to 401k's there is an overabundance of sad stories. Here is one that at least has a happy ending-and it's getting happier all the time. Last year (in 2002) a friend of mine-let's call him Jack-phoned and asked if I could help him with his 401k. Jack works for a large company as Senior VP of lending and is financially pretty astute. However, when it came to his 401k mutual fund decisions, he had repeatedly made the same mistake most people were making. As a result, he saw his account... |
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Creative Home Equity Strategies for Retirement
April 7th, 2008 |
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The Baby-Boom generation is nearing retirement and it is clear that millions of aging Boomers are financially under prepared. Reasons are many - poor savings habits, rising medical costs, the demise of guaranteed corporate pensions, and the dreaded squeeze faced by many: i.e. having to pay college costs for their children, care for their elderly parents, and save for retirement, all at the same time. The outlook is not entirely bleak, however. One bright spot that may help Baby-Boomers achieve... |
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Knowing your 401k plan
April 2nd, 2008 |
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Taking full advantage of your 401k plan today can help you achieve financial goals sooner, and provide enough income for a comfortable retirement. For most working people, Social Security checks alone will not be enough to maintain the standard of living they are used to, once they are no longer working. If you are lucky, your employer offers a 401k plan which, if used wisely and to the fullest advantage, can provide...
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Planning For Your Retirement Tips
March 31st, 2008 |
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When you are planning for your retirement, a 401K plan is a good place to start. This a very special account that you fund with pre-tax earnings and is deducted from your paycheck each pay period. These funds are then invested in a variety of bonds, mutual funds, and stocks, and no taxes are charged upon it until the funds are withdrawn from the account. Congress created this in the early 1980's and is used as a vehicle for saving for retirement. There are many benefits of a 401k plan that can make...
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401k First, Then IRA
March 28th, 2008 |
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If you're already saving the maximum allowed in your retirement savings plan at work, great job! If you still have money to save, you might want to consider contributing to an Individual Retirement Account (IRA). They offer tax-advantaged ways to meet your retirement goals.
Which IRA is best for you? A Traditional IRA is a great solution if you have earned income and are under age 70.5. Contributions may be tax-deductible, and taxes on earnings are deferred until the funds are... |
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I Want My 401(k) Retirement Money Back!
March 27th, 2008 |
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Author: Laura Adams
Here's the Internal Revenue Service's definition of a 401(k): "a tax-qualified deferred compensation plan in which an employee can elect to have the employer contribute a portion of his or her cash wages to the plan on a pre-tax basis." So, let's say you've got a nice 401(k) savings. What happens if you need to withdraw that money? Early distributions are those that are received before age 59 ½. To discourage them, early distributions are subject... |
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401k Tax Deduction
March 27th, 2008 |
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401 K plan is a retirement plan that is on offer in US and some other countries. This plan offers tax deferred savings to the employees and encourages them to save for retirement. It is also referred to as employer sponsored retirement plan.
A 401 K plan offers several tax deduction benefits to the employees. These benefits can be availed by all citizens (except in certain cases where the employer can impose certain restrictions). In cases of people with less than 1 year of service, non... |
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10 Steps to Save Your Retirement
March 26th, 2008 |
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Many of the brightest and hardest-working marketing and advertising people in the country are obsessed with getting you to spend money and, if necessary, to go into debt to do so. Absolutely all the media that reach you every day are designed to get you to spend money. In order to save money in this environment, you will need determination to withstand the constant pressures to spend now. What is it that separates those who are successful from those who are not? Successful individuals have a... |