Nowadays, majority of the companies offer a retirement plan and the most common type is the 401(k). However, if your employer does not offer one, you can still save for retirement and enjoy the tax-deferment features by opening an Individual Retirement Arrangement or IRA. In the past, not many employer offer a retirement plan at work so the IRA has been a viable option by … [Read more...] about Individual Retirement Accounts (IRA): A Quick Overview
The economy seems better than it was two years ago. The Dow Jones has hit the 12,000 points mark and unemployment rate seem to be going down as the months passes by. On a recent statistics by BLS, the unemployment has dropped to 9% in January. However, there are still a Â lot of companies that are struggling to make it. Some have already filed bankruptcy and shut down their … [Read more...] about Has Your Employer Made Any Cuts Lately? Mine Did!
On my previous post, I talked about making a hardship withdrawal on your 401k and 403 (b) but now letâ€™s take a look at the 457 retirement plan, which is a deferred contribution retirement plan for the government employees. It should be noted that some government employees may actually have both the 401(k) plan and 457 retirement plan at the same time, so this may be a big … [Read more...] about The 457 Retirement Plan Hardship Withdrawal
During the economic downturn for the past couple years, millions of Americans have lost their job. However, as part of the American Reinvestment Recovery Act, the government made sure that even the unemployed are also taken care of by offering numerous benefits such as extending the unemployment benefits, exclusion of up to $2,400 of income, and subsidizing the COBRA health … [Read more...] about Tax Issues For The Unemployed Individuals
Government employees retirement plans are very similar to the private sectors because the tax contribution are deductible, the interest earned are tax deferred, and there are matching contributions provided. The difference probably is how it is named in the tax code. You are probably very familiar with the 401(k) plans because most companies have these. But if you work for … [Read more...] about Defined Contribution Plans For Government And/Or Non-Profit Employees