A growing number of entrepreneurs are using money from their 401(k), IRA or other retirement savings accounts to finance a new or existing business without paying taxes or penalties. The strategy has several key advantages.
Baby boomers can avoid losing tens of thousands of dollars by heeding these three retirement-planning guides.
The the 401(k) loan is an often-overlooked source of funds for debt consolidation and interest rate reduction. However, to some financial advisors, the 401(k) plan is the third rail of debt management strategies — a source of capital that should never be touched.
President Obama will propose to strip away the 'loopholes' that permit wealthy individuals to accumulate large amounts in tax-favored retirement plans in his upcoming budget. But big retirement accounts are more a product of Congress' generosity on the matter, not loopholes.
Investors often worry about how to maximize their efficient use of current money, but that approach can have unintended negative consequences.
Retirement contributions for young workers face serious headwinds, and it will be difficult for them to retire as comfortably as their parents. Flat housing prices, declining wage participation, student loan debt, and declining Social Security benefits are all getting in the way of robust retirement contributions.
401(k) fees can take a dent out of your retirement savings if your funds are actively managed. For those who would like to stop these fees and charges, the Solo 401(k) plan is the answer.
If you are a retiree with a traditional 401(k) or IRA, there may be a window of opportunity for you to convert a significant portion to a Roth IRA tax-free. You can take advantage of this Roth IRA conversion if you’re not working, not yet living off your retirement savings, and not yet drawing Social Security.
Roth IRA accounts are a big part of new guidance from the IRS on long-term retirement savings. A new rule allows for the after-tax portion of 401(k) plans to be separated from the pre-tax portion and moved into a Roth IRA, resulting in tax-free growth from then on for that account.