Retirement Planning

Exclusive guides, tips, and strategies on how to prepare for and enhance retirement planning.

Who Approves a 401k Loan

401k loans are a popular way for people to access their retirement funds to cover unexpected expenses, pay off debt, or make a big purchase. However, taking out a 401k loan can be confusing, especially regarding who approves the loan. This guide will break down the players involved in the approval process and what you…

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Annuity vs 401(k): Understanding the Key Differences

401k vs Annuity: The Basics Key Characteristics Annuity: 401(k): 401k Vs. Annuity Comparison Feature Annuity 401k Purpose Income security Retirement savings Nature Insurance contract Employer-sponsored retirement plan Taxation Tax-deferred growth Pre-tax contributions & tax-deferred growth Contribution Limits Typically none (varies by type) Yes, set by the IRS annually Investment Options Fixed, variable, indexed Stocks, bonds,…

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Can You Contribute to a Roth IRA and Still Participate in Your Employer-Sponsored Retirement Plan?

What is a Roth IRA? A Roth IRA is a type of individual retirement account that allows you to contribute after-tax dollars. This means that you will not receive a tax deduction for your contributions, but you will be able to withdraw your contributions and earnings tax-free in retirement. Roth IRAs are often a popular…

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How Many IRAs Can You Have?

The Number of IRAs Allowed You can have multiple IRAs. There is no legal limit to the number of IRAs you can own. However, the total contribution across all your IRAs must not exceed the annual IRA contribution limits set by the IRS. Types of IRAs Contribution Limits for 2024 Benefits of Multiple IRAs Considerations…

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Can You Withdraw Your Contributions From a Roth IRA Without a Penalty?

Can You Withdraw Your Contributions From A Roth IRA Without A Penalty? Yes, you can withdraw your contributions from a Roth IRA without a penalty. Roth IRAs offer this unique advantage. Since contributions are made with after-tax dollars, you can withdraw the amount you’ve contributed at any time, tax-free and penalty-free. How to Withdraw Contributions…

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Skilled Nursing Facility Vs. Nursing Home

Definition and Services Skilled Nursing Facility (SNF): Nursing Home: Duration of Stay Skilled Nursing Facility: Nursing Home: Cost and Insurance Coverage Skilled Nursing Facility: Nursing Home: Environment Skilled Nursing Facility: Nursing Home: Admission Requirements Skilled Nursing Facility: Nursing Home: Conclusion Choosing between a Skilled Nursing Facility and a Nursing Home depends on the individual’s medical…

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How Much Can I Borrow from My 401k?

Understanding 401k Borrowing Limits You can borrow up to 50% of your vested 401k balance or $50,000, whichever is less. This rule applies to most 401k plans. Repayment Terms Special Considerations 401k Borrowing Table Vested Balance Maximum Loan Amount $20,000 $10,000 $40,000 $20,000 $80,000 $40,000 $120,000 $50,000 $200,000 $50,000 Conclusion Borrowing from your 401k should…

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