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Keogh Plan Overview (Self-Employed Individuals Tax Retirement Act of 1962)
We all dream of a great retirement, but it is harder to achieve when you’re on your own for retirement savings. More Americans are leaving traditional jobs. According to a Gallup survey, 34% of workers are self-employed. Setting up a…
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How Much to Save for Retirement – Are You on Track? (Infographic)
401k’s. IRAs. Roth accounts. Early-withdrawal penalties. Educating yourself about the various retirement plan options is intimidating, and figuring out how much you should be saving can be even scarier. To assist you in this essential aspect of financial planning, take…
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6 Best Retirement Accounts for the Self-Employed
When you set out on your own to start your own business or gig, you give up structure and job benefits in favor of freedom and flexibility. And it’s no different with your retirement plans. People who own their own…
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IRA & 401k Required Minimum Distributions (RMDs) – Rules & Requirements
The government wants to help you save for retirement by giving you incentives like tax-deferred growth and deductible contributions through IRAs and work-sponsored plans. But while the government forgoes taxes on the front-end, it doesn’t want to end up entirely…
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Maximum Retirement Account Contribution Limits 2022
Congress raised contribution limits for some retirement accounts but not others from 2021 to 2022. Despite rampant pandemic inflation, Congress didn’t raise contributions for the easiest retirement account, the IRA. Still, taxpayers scored a few modest wins for other account…
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Taxes on Retirement Accounts – IRA & 401(k) Distributions & Withdrawals
When your retirement accounts are growing, it’s great to see the numbers climb. But when you retire and start withdrawing money from your IRA and 401(k), the taxes you owe can take a surprisingly big chunk out of your total. Hopefully,…
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Non-Qualified Retirement Plan – Definition, Benefits & Examples
Millions of employees save for retirement by deferring a portion of their compensation into an employer-sponsored, tax-deferred savings plan. The majority of these are known as qualified plans and fall under the jurisdiction of ERISA guidelines, which means they are…
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5 Tips to Prepare for an Enjoyable Retirement
According to a 2013 Gallup Poll, more than half of working Americans expect to retire by age 65 or earlier. However, this expectation stands in stark contrast to their practical readiness for retirement. The 2013 Retirement Confidence Survey, performed by…
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Should You Save for Your Child’s College Education or Your Retirement?
As a parent, you instinctively put your children first. While that impulse serves our species well in moments of physical danger, it doesn’t help your long-term financial planning. Quite the opposite, as it turns out. Diverting money from your retirement…
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