How Well Do You Know Your 401(k)?

The old saying “knowledge is power” applies to many situations in life, including retirement planning. The more you know about the benefits your plan offers, the more likely you’ll be to make the most of them and come out ahead financially when it’s time to retire. Here are some questions to test your knowledge about your plan. How much can I contribute? The maximum contribution permitted by the IRS for 2017 is $18,000, although your plan may impose lower limits….
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Make the Most out of your 401(k)

As more Americans shoulder the responsibility of funding their own retirement, many rely increasingly on their 401(k) retirement plans to provide the means to meet their investment goals. That’s because 401(k) plans offer a variety of attractive features that make investing for the future easy. Here are some things to help you better understand your 401(k): What is a 401(k)? It is an employee funded savings plan for retirement. Tax Treatment of 401(k) Plans The 401(k) plan allows you to…
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Ten Year-End Tax tips for 2019

Here are 10 things to consider as you weigh potential tax moves between now and the end of the year. 1. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a real opportunity for tax savings if you’ll be paying taxes at a lower rate in one year than in the other. However, the window…
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Five Times in Your Life When You Might Need Help With Your Finances

As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education. When you navigate through these various life events, you might seek professional guidance to help you make sound financial choices. 1. Getting married Getting married is an…
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Taxation of Investments

It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain? To determine how an investment vehicle is taxed in a given year, first ask yourself what went on with the investment that year. Did it generate interest…
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Invest In Your Business

According to an analysis by the Economic Policy Institute the median working-age couple has only saved $5,000 for retirement, and 70% of couples have less than $50,000 saved. Considering retirement can last 30 years or more, having a solid savings plan is crucial to everyone’s well-being and long-term happiness – both yours and your employees. As a business owner you know that establishing an attractive culture is key both in recruiting new talent and keeping existing employees satisfied, and a…
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How Will I Manage to Send My Child to College?

Being able to send your child to college is near the top of the wish list for most parents. A college education can open doors to many opportunities, and is increasingly necessary in today’s economy. But that diploma doesn’t come cheap. Unless you are very well off financially, it’s difficult to sit on the sidelines for years and then suddenly find the money to pay for college when your child is ready to go. The best thing to do is…
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10 Things Women Need to Know About Money

Life is definitely more than just about money. There are so many things to know about money. The list is endless, but here are 10 important things you as a woman should know about money: 1. Men and Women are Different Understand that men and women are different in how we use money, how we feel about money, and how we communicate about money. In most relationships one partner will be the spender and one will be a saver. Understand…
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Investing in Stocks

Businesses sell shares of stock to investors as a way to raise money to finance expansion, pay off debt, and provide operating capital. Each share of stock represents a proportional share of ownership in the company. As a stockholder, you share in a portion of any profits and growth of the company. Dividends from earnings are paid to shareholders, and growth is realized by the increase in value of the stock. Stock ownership also generally gives you the right to…
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Closing a Retirement Income Gap

When you determine how much income you’ll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won’t be enough to meet your needs. If you find yourself in this situation, you’ll need to adopt a plan to bridge this projected income gap. Delay retirement: 65 is just a number One way of dealing…
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