Retirement Planning Basics

Want a Special Tax Break?

The savers tax credit gives a special tax break to people saving for retirement. Few people take advantage of this tax break because they don’t know about it. See if you are qualified. If you are, it can reduce your tax bill. Eligibility To claim the Savers Credit, you must be: Over 18 Not a …

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Retirement Planning Basics

What Independent Contractors Need to Know about Paying Taxes

Paying taxes can be an overwhelming process if you work for yourself. In addition to paying federal and state income taxes, independent contractors, the self-employed, freelancers, and anyone who receives a 1099 are also responsible for paying self-employment income taxes, i.e, Social Security and Medicare taxes. Employers take these taxes out of employee earnings as …

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Types of Plans

SEP-IRAs: Retirement for Self-Employed Individuals

You may know that Individual Retirement Accounts (IRAs) are a good option for individuals to want to save for retirement, but don’t have access to a employer-sponsored 401(k)-type plan. However, if you are self-employed there is another option to consider — a simplified employee pension, or SEP-IRA — which offers additional benefits designed for individual …

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Retirement Planning Basics

Getting Close to Retirement? Things to Think About

Once you’ve built a retirement nest egg, you’ll need a strategy for how to use your savings in retirement. Here are some things to keep in mind. Choose investments that fit your stage of life As you move towards retirement and have less time to recover from unexpected losses, you’ll want to assume less risk. …

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Retirement Planning Basics

You Lost Your Job – What do you do with Your 401k Plan?

It’s stressful to lose your job. It’s additionally stressful to have to decide what to do with your 401(k) during this time. Here are a few options to help make this decision easier. If you’re fired or laid off, it’s your right to move money from your 401(k) account to an IRA (Individual Retirement Account) …

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Retirement Planning Basics

Understanding Retirement Plan Fees

High fees can eat away your retirement savings, make sure you know what you’re paying. Many people don’t know how much they are paying for their retirement saving plan. Unfortunately, it’s all too common that people are paying high fees. Make sure you know what you’re paying, this will help make sure you’re on track …

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Financial Jargon

Understanding Mutual Funds

Although mutual funds seem complex, they’re simply professionally managed investment funds that combine money from investors to buy other securities. These can be stocks, bonds, and other assets.  Many retirement plans offer the option of investing in mutual funds. These are some familiar types of mutual funds. Balanced Funds These funds invest in both stocks …

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Retirement Planning Basics

Five Ways to Reach Your Retirement Savings Goal

Successful investing will help you reach your retirement savings goals. To do this, you’ll need to assess your goals, review your options, and routinely check on your investments. The following tips will help you. Start today. The sooner you begin investing in your retirement plan, the more time you benefit from years of compounding growth. …

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Retirement Planning Basics

Employer Match, a Great Benefit

Always take advantage of an employer-offered 401(k) match. It’s rare to receive free money, but that’s what a 401(k) match from an employer is. A “match” is when an employer contributes money to your 401(k) account when you put money into it from your paycheck. An employer’s match is a percentage of what you contribute …

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