Month: June 2021

3 ways to get retirement ready in your 20s

As a 20-year-old, saving for retirement can easily fall to the bottom of the priorities list.

College graduates must focus on repaying their loans and paying rent wherever they may have moved for a career, although several would rather backpack and see the world before making their next career moves. Add to all of those ambitions potentially accrued debt and it could spell a recipe for disaster.

Why it pays to be charitable

With the closing of the 2014 tax deadline a few weeks ago, we will soon find out if there was an increase in charitable deeds by investors. Aside from pure generosity, the forces likely driving gift-giving the past year boil down to two key components — an increase in stock market gains and higher income taxes.

Many unprepared for the needs of aging parents

LAKE MARY, Fla. – Studies show nearly 10-million adults are caring for their aging parents — a number that is sure to increase as the population ages.

Many of these children are being put in positions they were ill prepared for, unaware of mom and dad’s financial standing. Many are finding insufficient funds for what could be the most expensive years of their parent’s lives.

401(k) Mistakes That Can Cost You

NEW YORK (MainStreet) — Missing out on an employer 401(k) opportunity is the most obvious retirement savings mistake a worker could make. 401(k)s are an employee-sponsored savings vehicle. Contributions are made directly from someone’s paycheck and, depending on the account type, are either taxed immediately or tax deferred.

Avoiding the 60-Day IRA Rollover Rule

NEW YORK (TheStreet) — An employer-sponsored plan allows an employee to contribute pretax dollars into an investment account for retirement savings. These plans offer several tax benefits, including tax-deferred contributions until withdrawn, and employers are allowed to deduct those allowable contributions for each participant.