Quoted Articles

How Is Your 401(k) Taxed When You Retire?

When you withdraw funds from your 401(k)—or “take distributions,” in IRS lingo—you begin to enjoy the income from this retirement mainstay and face its tax consequences. For most people, and with most 401(k)s, distributions are taxed as ordinary income. However, the tax burden you’ll incur varies by the type of account you have: traditional or Roth 401(k), and by how and when you withdraw funds from it.

Millennials: Finances, Investing, and Retirement

Millennial is the name given to the generation born between 1981 and 1996, dates now clarified by the Pew Research Center, although some have seen them as starting in 1980 and being born as late as 2004. Also known as Generation Y (Gen Y), the millennial generation follows Generation X, and in terms of numbers, has edged out the Baby Boomers as the biggest generation in American history.

How Social Security Works for the Self-Employed

When you work for someone else, that employer takes Social Security taxes out of your paycheck and sends the money to the Internal Revenue Service (IRS).1 But things work a little differently for people who are self-employed. If you fall into this category, keep reading. This article will help you understand how to calculate the Social Security taxes you owe.