Tag Archives: 401k
Required Minimum Distributions – What You Need To Know
Many types of retirement accounts offer enormous tax advantages. For example, if you make contributions to an IRA or 401k, you may be able to deduct those contributions (i.e., not pay income taxes on the income you use to fund those accounts) now — and, instead, let the money grow — with no taxes due […]
9 Things To Do Before Year End 2015
Give gifts to charity. To get a tax break for any gifts you give (cash, stock, etc), those gifts have to be given by Dec 31 to qualified charitable organizations. The IRS provides a tool for checking on this: <https://www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check> For a contribution of cash, check or other monetary gift, you need to keep a record […]
Free Money! Which, sadly, only 25% of those eligible are taking…
Now that I have your attention, let’s try that again. Free Money! What we’re talking about here is the “Retirement Savings Contributions Credit”. It was first created as part of the 2001 tax cut package called the “Economic Growth and Tax Relief Reconciliation Act of 2001” and was made permanent as part of the 2006 […]
2015 IRA, 401(k) and other retirement plan contribution limits announced
By law certain retirement plan limits get adjusted every year, not exactly tracking inflation (i.e., not by the CPI) but rather in “chunks” which approximate it. For 2015, the following limits have been announced: IRA Contributions (combined limit across Roth and Traditional): $5,500IRA Catch-Up Contributions (for folks over 50): $1000[Both unchanged from 2014 and, actually, […]
Who’s Training Your Advisor? And let’s talk about conflicts of interest…
Another great column from Jason Zweig over at the Wall Street Journal: <http://blogs.wsj.com/moneybeat/2014/02/14/whos-training-your-retirement-navigator/> In it, he starts with the big issue — there’s a lot of money on the table in the world of retirement savings and, especially, those huge balances growing in people’s 401(k) accounts, many of which will be rolled over in some form […]
NYTimes Opinion: Our Ridiculous Approach To Retirement
Worth reading. Prof. GHILARDUCCI has been saying for years that the 401(k) system has failed and her arguments are sound. While abolishing them may not be the answer, her recommendation for mandatory contributions to retirement accounts may be part of a much better answer. People simply aren’t saving enough through 401(k)s and incremental changes – like […]
Meyers Wealth Management 