Many plans need refining. Others need to avoid conflicts with Department of Labor rules. At times, running your business takes every ounce of energy you have. Whether you have a human resources officer at your company or not, creating and overseeing a workplace retirement plan takes...
Are you taking full advantage of your company’s 401(k)? The 401(k) plan is one of the most widely-utilized wealth creation tools offered Americans. These retirement savings plans have several advantages, including dollar cost averaging, tax savings and tax deferral. However, one of the most powerful advantages...
What steps could you take to catch up? If life has not allowed you to build substantial retirement savings, what can you do to improve your retirement prospects? Here are some suggestions. Play catch-up. If at all possible, take advantage of the catch-up contributions the IRS allows...
In light of a recent SCOTUS ruling, this is a good time to double-check. How often do plan sponsors check up on 401(k)s? Not as often as they should, perhaps. A recent legal development seems to call for greater supervision of these plans from employers –...
Here is a way for a solopreneur to save much more for retirement. Self-employed? Seeking to ramp up your retirement savings? You should look at the potential of the Roth Solo 401(k). If you are a high-earning solopreneur, this savings vehicle may be a great choice,...
A little inflation means a little adjustment. As the Consumer Price Index is up 1.7% over the last 12 months, the federal government is giving Social Security benefits a 1.7% boost for 2015 and lifting annual contribution limits on key pension plans as well.1 401(k), 403(b),...
You may be tempted to do it – but do you really want to? While you might be able to borrow from a 401(k), that doesn’t mean you should. Yes, we are in a recession. Yes, times are tough. But borrowing from your 401(k) could prove...
Rules changes for IRAs, 401(k)s & other savings vehicles. The IRS has made minor adjustments to retirement plan limitations for 2014. As inflation has been tame in 2013, these COLAs aren’t dramatic; as a result, some retirement plans won’t see any next year. Here is a...
A classic mistake that can come back to haunt you. Have you invested too much of your 401(k) in company stock? This can happen – and you may not be fully aware of it. Back when corporations offered traditional pension plans, the federal government watched out for...
Professional firms & businesses use them to reward employees. Could you help your employees save more for retirement? Adding a profit sharing feature to your company’s 401(k) plan could allow you to do just that. It could also help your firm compete against the “big fish”...