Buck Bully
[The Motley Fool, Getty Images] In some cases, maxing out your retirement account could do more harm than good. If you’re aiming to supercharge your retirement savings, maxing out your 401(k) or IRA may sound like a smart move. As of 2020, you can contribute up to $19,500 per year to your 401(k) and […]
[The Motley Fool, Getty Images] Pop quiz: How does a 401(k) actually work? You probably know that money comes out of your paycheck and goes into the account, that the government gives you a tax break on your contributions, and that the money grows over time to help cover expenses in retirement. […]
[Business Insider] When my parents first got engaged, my father went to the library to read about “married peoples’ finances.” The book he checked out recommended tracking every penny of your spending, then budgeting based on your spending. Following that advice for over 50 years has allowed them to buy […]
[Forbes, Getty Images] Trump’s U. S. Department of Labor is pushing 401k sponsors to include the highest cost, highest risk, most secretive “private equity” investments ever devised by Wall Street in the retirement plans they offer to America’s workers. Chairman of the U.S. Securities and Exchange Commission Jay Clayton claims […]
It could destroy your financial security if you aren’t ready! Retirement should be an enjoyable time in your life, but it won’t be if you aren’t financially prepared for it. Unfortunately, a substantial number of Americans are likely going to be in for a huge financial shock when they leave […]
[MarketWatch, Getty Images/iStockphoto] Too much flexibility is dangerous, Jack Bogle warned In light of the continuing pandemic, Congress has temporarily changed the rules on hardship withdrawals from your 401(k). It’s easier to take money out penalty-free, up to $100,000, and you can pay it back and avoid the tax hit. […]
[MarketWatch, Getty Images] To conserve cash, some employers are suspending contributions to their workers’ 401(k) accounts. And if this downturn plays out like previous recessions, more will follow. The handful of employers announcing suspensions in recent weeks include travel companies and retailers hit first and hardest by shrinking consumer demand, […]