There are plenty of excuses we make for not saving for retirement. Perhaps we are putting off funding a retirement account until we get a raise, get out of debt, or start a college fund for our children. But while these justifications might seem reasonable at the time, they can seriously jeopardize your ability to [...]
Saving for retirement is especially difficult for workers with small salaries. Many low-income workers don’t have access to a retirement account at work and simply have less money to build a nest egg after paying their monthly bills. Here are some strategies to save for the future on a small wage: Set up a [...]
It’s National Retirement Planning Week. Who knew? Well, oddly enough, not even many of those who work in the industry had a clue. But that’s OK. In honor of this week — sponsored by an industry coalition — here’s a look at two items to put on your to-think and to-do list. Save more No [...]
Saving in a 401(k) or IRA and taking the tax break is good for our personal finances. But shielding your money from income tax is not necessarily good for the country’s deficit. Workers can defer paying income tax on up to $16,500 in a 401(k) and $5,000 in an IRA in 2011. For those age [...]
Traditional pension and 401(k) participation picked up in 2010. There was a net gain of 53 pension plans and 5,207 401(k) and profit-sharing plans in fiscal year 2010, according to recently released Internal Revenue Service data. Over 1 million more people gained the ability to participate in a 401(k) last year when 6,747 new 401(k) and [...]
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