Financial advisor and columnist Matt Becker Is it wise to start converting my 401(k) into an IRA (and then Roth) by 10% per year in order to avoid having to claim too much income each year when converting and also avoid RMDs as much as I can? -Cathy It’s definitely smart to be thinking about […]
Converting a 401(k) to a Roth IRA can potentially provide valuable long-term benefits, but it also triggers a tax bill that you’ll need to plan for. While the taxes on a Roth conversion can’t be avoided, savers can reduce the burden through several strategies like gradual conversions and timing adjustments. Those nearing retirement can weigh […]
How Much Should I Have in My 401(k) at 50? Most Americans have less in their retirement accounts than they’d like, and much less than the rules say they should have. So, obviously, if that describes you then you’re not alone. Now, most financial advisors recommend that you have between five and six times your annual […]
Financial advisor and columnist Brandon Renfro Is it a viable plan to use my 401(k) for the eight years between retirement (age 62) and the max payout age for Social Security (age 70)? I have about $750,000 and I’m planning to take about $1,700 per month. I already have a pension of about $1,500 per […]
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If you are considering leaving a job and have a 401(k) plan, then you need to stay on top of the various rollover options for your workplace retirement account. One of those options is rolling over a traditional 401(k) into a Roth individual retirement account (Roth IRA). This can be a very attractive option, especially […]
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If your employer offers a 401(k) plan, it can be one of the easiest and most effective ways to save for your retirement. But while a major advantage of 401(k) plans is that they let you put a portion of your pay automatically into your account, there are limits to how much you may contribute. […]
Financial advisor and columnist Brandon Renfro My monthly Social Security is $3,178, my pension will be $2,090 per month and my 401(k) has $800,000. If I use the 4% rule, where do I stand tax-wise? – Reggie This is a great question. I hope it goes without saying, but without having all of your information […]
I am 60 years old, married, with no mortgage. We also have $1.1 million in liquid cash and $880,000 in a 401(k). I will have two pensions, which have not started yet, and my wife will have one pension, all three adding up to approximately $3,500 a month if we took them today. Also, we […]
Millions of Americans are set to lose a popular 401(k) benefit — are you one of them? Here’s what it is and what it means for you Higher earners, heed this warning: If you’ve been persistently socking away money for retirement through a traditional 401(k) plan, a big change is coming. Thanks to one of […]
Man30s laptop_GettyImages-1363227324 (1) With a massive enough salary, maxing out an HSA as well as a traditional IRA or 401(k) would perhaps be doable year after year. But if you earn more of an average wage, then you may have to set priorities when it comes to funding these tax-advantaged accounts. You may be inclined […]
‘You’ll end up with $1.5 million in the bank’: Kevin O’Leary says you should do this 1 thing with your 401(k) in order to ‘succeed into retirement’ At 69, Kevin O’Leary is perhaps past the traditional retirement age, and he’s showing no signs of swapping his suit for sweatpants. But when the “Shark Tank” star […]