In late March 2022, the House of Representatives passed the Securing a Strong Retirement Act, H.R. 2954, better known as the SECURE Act 2.0. The Senate has not voted on it yet, as of April 2022. But what exactly does…
For years, the traditional 401(k) plan has been the most popular workplace retirement account. However, there’s a newer alternative that’s grown steadily in the past decade: the Roth 401(k). According to CNBC, 86% of employers offered this plan in 2020,…
Want to save for retirement as a self-employed worker, and get similar tax benefits as employees with retirement plans? The simplified employee pension individual retirement account — or SEP IRA as less of a mouthful — helps you do just…
We all dream of a great retirement, but it is harder to achieve when you’re on your own for retirement savings. More Americans are leaving traditional jobs. According to a Gallup survey, 34% of workers are self-employed. Setting up a…
401k’s. IRAs. Roth accounts. Early-withdrawal penalties. Educating yourself about the various retirement plan options is intimidating, and figuring out how much you should be saving can be even scarier. To assist you in this essential aspect of financial planning, take…
Saving for retirement is difficult, but it’s an important part of everyone’s financial life. There are a number of ways to make saving for retirement easier, such as using tax-advantaged accounts like individual retirement accounts (IRAs) and 401(k) plans. One…
When you set out on your own to start your own business or gig, you give up structure and job benefits in favor of freedom and flexibility. And it’s no different with your retirement plans. People who own their own…
The government wants to help you save for retirement by giving you incentives like tax-deferred growth and deductible contributions through IRAs and work-sponsored plans. But while the government forgoes taxes on the front-end, it doesn’t want to end up entirely…
Congress raised contribution limits for some retirement accounts but not others from 2021 to 2022. Despite rampant pandemic inflation, Congress didn’t raise contributions for the easiest retirement account, the IRA. Still, taxpayers scored a few modest wins for other account…
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