IRS Expands Eligibility For IRA & 401(k) Loans & Distributions In Covid-19 Guidance

The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify for special tax relief. Newly eligible: those who’ve had a job offer rescinded or a job start date delayed due to the coronavirus. The CARES Act, the $2 trillion stimulus package passed in late March, opened the door to taking huge sums out [...]

July 2nd, 2020|

3 Ways To Improve Americans’ Retirement Readiness

Numerous studies—both past and current—report a looming shortfall of retirement savings for American workers who are approaching their retirement years. Some people call this a retirement savings “crisis,” whereas others characterize it as a serious retirement planning challenge. MORE FROM FORBESIs There Really A "Retirement Crisis"?By Steve Vernon Regardless of whether you call it a crisis or a challenge, there are steps we can take to improve Americans’ financial resources for [...]

July 1st, 2020|

Here’s How to Retire Far Earlier (Even If Another Downturn Strikes)

A simple mindset shift, more bicycle riding, and other small adjustments to your daily routine can move your retirement date years or even decades earlier, personal finance and lifestyle blogger Pete Adeney (a.k.a Mr. Money Mustache) explained to The Motley Fool in an interview three years ago. Since then, his frugal methods have continued to rise in popularity, and his ideas have morphed into foundational bricks as part of a growing movement [...]

June 30th, 2020|

10 Social Security Rules Everyone Should Know

How to boost your Social Security payments How much you earn and your age when you sign up play a big role in how much you will receive from Social Security. Workers who familiarize themselves with the Social Security rules will be better able to maximize their payments. Pay close attention to these aspects of the program when making Social Security decisions.

June 19th, 2020|

How to Pick a Beneficiary for Your 401(k) Plan

YOU MIGHT NOT BE ABLE to spend all the money in your 401(k) plan before you die. If that happens, your retirement savings will pass to the person you name as the beneficiary of the account. The information on your 401(k) beneficiary form typically supersedes what is written in your will, so it's important to keep this form up to date for all your retirement and investment accounts. 12 Documents to Prepare [...]

June 18th, 2020|

Tips for Retiring on a Small Budget

THE FINANCIAL transition into retirement can be daunting. A suddenly lower income often leads to lifestyle changes. These adjustments aren’t always easy, especially if you’ve landed in retirement without as large of a nest egg as you hoped to have. Even if you knew your budget would downsize, it can be tough to know just how to spend and where to cut back.

June 17th, 2020|