Two federal tax reform proposals could make them less attractive. Our federal government needs to reduce its massive deficit - and among the many revenue-generating ideas being discussed in Congress, two in particular could have disturbing consequences for employees saving for retirement. There is no need to...
A recap of contribution limit and phase-out adjustments. The IRS has announced cost-of-living adjustments to IRAs and employer-sponsored retirement plans for 2012, so here is what you need to know about the newly altered contribution limits and phase-outs for these plans. 401(k) & IRA yearly contribution limits....
Seemingly insignificant charges in retirement plans can add up. So much fine print goes unread. Few people realize how significantly 401(k) account fees can impact their retirement savings efforts. AARP recently conducted a poll of 401(k) participants and the results were eye-opening: 71% incorrectly assumed that...
More companies are offering them. Will they fix our retirement savings blues? The trend could become the norm. Human resources firm Aon Hewitt surveyed 120 large U.S. companies in 2010 and found that 60% of them automatically enrolled workers in defined contribution retirement plans such as...
The 2011 payroll tax holiday may give you a chance to boost your 401(k). What would you do with an extra $1,000 or $2,000? The Tax Relief Act of 2010 will give many of us the equivalent of a 2% raise in 2011. Employee payroll taxes...
It can reveal hidden flaws and help you improve the 401(k) plan. Why do companies request specialized audits of their 401(k)s? After all, the standard annual audit that large companies routinely attach to Form 5500s may seem adequate. Yet a specialized audit may reveal things that...
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...
When it comes to 401(k), what are your options? In the past year or so, we’ve seen some interesting options emerge for 401(k) account holders … “new wrinkles” that everyone with a 401(k) should be aware of, regardless of whether you’re contributing $50 a month or...
Here’s an overview of the retirement plan landscape. All retirement plans are not the same. In fact, there is such a wide variety of retirement plans that it is worth it to read up on your choices. Here’s a brief look at the different plans and...
Things you can do before and for the New Year. The end of the year is a good time to review your personal finances. What are your financial, business or life priorities for 2011? Try to specify the goals you want to accomplish. Think about the...