Social Security is a social welfare program. It’s huge and--based on how many people rely on it--immensely popular. Over 52 million Americans receive benefits from this massive program. This makes Social Security arguably the most important retirement plan in the country.
It doesn’t take a genius to know that the IRS has stacked the tax code with incentives for savers. Perhaps the biggest saver benefit being the tax-deductibility of retirement plan contributions, and allowing your retirement gains to be tax-deferred.
But there’s another little-known way the IRS is willing to pitch in. It’s called the Saver’s Credit. For those who qualify, this credit can result in a 10%, 20%, or even a 50% tax credit for your retirement plan contribution in 2018!
When I started my career in financial advising, I was clearly getting into a fairly complex business. It’s not so much because of the nature of investing and finances in and of themselves, but rather the regulation and rules that dictate what you can or must do, when, and how often.
Few things can be more complicated than taking money from your retirement account. The rules can be very particular and breaking them can be extremely costly.
Following is an explanation of some of the fundamental retirement distribution rules you should be aware of as you think about taking money from your 401(k) or IRA.
In the past I’ve talked about the importance of rebalancing and changing your asset allocation as you approach retirement. Making these tiny but crucial “course corrections” is a very important step in the retirement saving process, but it can take time and be a bit complicated, depending on how many investments you have to work with.
Wouldn’t it be nice if there was a service that would change your 401(k) asset allocation for you--automatically?
“You are so lucky!” is the common refrain when others hear about the adventure my family is on. But was it actually luck?We are currently eight months into our one-year family adventure in Ecuador, connecting as a family through adventure and the unknown.
My girls have been attending school taught completely in Spanish. Michelle and I have also been learning Spanish as well as working on personal side projects. Our family has traveled to fascinating places including high mountains, desert beaches and deep Amazonian jungles. We are truly having the experience of a lifetime.