News & Insights
What you need to know about retirement savings tax credits
When it is time to prepare for taxes, everyone looks for ways to reduce their taxable income as much as possible so they do not end up owing as much. However, reducing your taxable income is not the only way to get the most out of the tax season. If you have been contributing to […]
Should I roll over my 401(k) to an IRA when I get a new job?
Leaving your job for another one and wondering what to do with your 401(k)? You have a handful of options. You could cash out your 401(k), but this is not recommended because you will incur taxes and early withdrawal penalties, if you are younger than 59 1/2. Or, you could transfer your 401(k) into your […]
What is the 401(k) withdrawal tax rate for my tax bracket?
One of the key benefits of contributing to a 401(k) account for saving for your retirement is that your contributions are not taxed until you withdraw them. Your contributions are made with pretax dollars, usually taken out of your paycheck. This means that you are liable for lower taxable income each year you make contributions, […]
How is 401(k) withdrawal affected by the CARES Act?
When the COVID-19 pandemic started to spread across the globe, the U.S. government knew it would have an impact on the American economy. Because millions of Americans are saving for their retirement using 401(k) accounts, it is understandable that the country was concerned about the impact of the pandemic on these accounts, especially those who […]
What is the 401(k) catch-up contribution limit for seniors?
Once you reach the age of 50, you are eligible to make increased contributions to your 401(k) retirement account. This is called a catch-up contribution, which is designed to help seniors nearing retirement to give their savings an extra boost to their retirement nest egg. The catch-up contribution limit changes every year. As of 2020, […]
When can I withdraw funds from a 401(k) account?
You have been saving for years. You are not quite ready to retire, but it is a lot closer than it is further away. When you are drawing nearer to your retirement, you need to start considering a strategy for when to withdraw and how to use your funds. However, there are strict rules about […]