So you would like to retire early? Achieving financial independence and retire early is a great financial goal. To get started, you want to make sure you have a good financial foundation in place — for example, if you’re in debt, you have to get rid of your debt first. Debt is like a big … Read more How to Retire Early
When you leave your job, whether you quit or you get laid off, there are many things you need to do, including deciding what to do with your 401(k). You have the choice of leaving the 401(k) funds in your current plan, cashing out of the plan, or rolling the funds over into another qualified … Read more What to Do with 401(k) When You Quit or Get Fired
In How Much Money Do You Need to Retire?, I shared a way to estimate how much money you need to save for retirement. But what happens if you are not able to save enough for your retirement? After giving it some thought, here are some ideas on how to retire with less money. 1. … Read more How to Retire on Little Money
One of the biggest financial dreams harbored by many “regular folk” is to reach the point where they have a net worth of $1 million. Becoming a millionaire is a sign of financial success in our country, and, for some reason, we think that if we become a millionaire all of our money problems will … Read more How to Become a Millionaire
When you leave your job, you have four options for the money in your 401(k) plan. You can cash out the money, keep it in your current plan, or move it to another qualified retirement account (i.e., your new employer’s 401(k) plan, a Traditional IRA, or a Roth IRA). The action of moving money out … Read more How to Rollover 401(k) to IRA
The contribution limit for IRAs increased by $500 for 2019 to $6,000. The maximum you may contribute to all of your Traditional and Roth IRAs combined is the lesser of $6,000, or the amount of your taxable compensation for 2019 (and $5,500 for 2018). If you are 50 years of age or older before the … Read more Traditional and Roth IRA Contribution Limits for 2018-2019
An emergency fund will help you prepare for life’s unpleasant financial surprises. Depending on the size of your emergency fund, you can supplement your income if something happens to the ability of someone in your household to work. Additionally, an emergency fund can help you pay for car repairs, or help you take care of … Read more How Big Should an Emergency Fund Be?
When it comes to saving for retirement, it’s important to understand your options. Figuring out which type of account to use is a big deal. For some workers, understanding the difference between a 401(k) and a 403(b) is important. Photo by PT Money. What is a 403(b), and How Does it Differ from a 401(k)? … Read more 403(b) vs. 401(k): What’s the Difference?
One of the ways that you can shelter some of your assets, and give your child a good financial head start, is to open a custodial account. A custodial account is one that you open in your child’s name, but that you control — at least until your child reaches the age of majority in … Read more What are Custodial Accounts, and How Do You Use Them?
Retirement is something that many of us worry about. Most of us want to be comfortable in retirement, commanding the resources to get what we need, as well as live a desired lifestyle. Do you think that you will have enough money for retirement? Do think that becoming a millionaire will provide you enough in … Read more Will You Have Enough for a Comfortable Retirement?