How Much Money Do I Need in My 401k When I Retire?

If you are the kind of person that must plan ahead to ensure your family will have enough money to live on, AND you are not blessed with the gift of foresight, you’ve likely spent a few sleepless nights wondering if you have saved enough for retirement. To go along with those restless nights are a multitude of “what-ifs” that begin to creep in. With all that in mind, this article will explore a few rules of thumb and techniques used to estimate how much a retiree will need to have saved so that their nest egg lasts their lifetime.

Guest UserDecember 14, 2022Michael Mikonis, 401k and IRA

Backdoor Roth IRAs: A Savings Strategy for High-Income Investors

So how does a disqualified Roth investor actually slip past the IRS? Their “backdoor way in” is, in a basic sense, a 2-step process.

Guest UserAugust 16, 2022Scott Snider, 401k and IRA, Roth IRA Series

What should I do with my 401(k) when I retire?

So, you’ve finally let the company know that you are ready to retire. You’ve given them notice of your last day and now they are scrambling to make sure they are prepared for your departure.

You’ve already done your planning. You know your plan looks great and you are ready to take some well-deserved time for yourself. But have you thought of everything? What about that 401k – what are your options? Should you rollover your IRA or keep it in the plan? Or maybe you cash it out and take that trip of a lifetime you’ve always wanted to do? Let’s take a look at your options.

401K, RetirementGuest UserNovember 23, 2020Jenn King, 401k and IRA

401K Hardship Withdrawals: What Qualifies & What It Means to You

Many people have saved for their retirement years in 401K plans, which typically do not allow distributions until one is 59 ½, retires or changes employment. However, it can become a true lifeline if you can qualify for a “Hardship Withdrawal” if your plan allows for such a distribution.

401KA.S.September 15, 2020Michael Mikonis, 401k and IRA

To Roth or Not to Roth... That is the Question

As a fee-only financial planning firm, we spend significant time assisting clients with tax planning - planning one's actions in order to minimize the impact of taxes on one's financial situation. As such, one of the decisions we must often address is whether or not a client should use a Roth IRA, or convert funds from a traditional IRA to a Roth IRA. Generally this question is answered on an annual basis.

UncategorizedJon CastleDecember 6, 2016401k and IRA

How Making a Qualified Charitable Distribution from your IRA Can Help You

The QCD is a provision that allows individuals 70 ½+ to directly transfer funds from an IRA to a public charity without classifying as taxable income.

UncategorizedEdward AckerFebruary 10, 2016401k and IRA

It's Never Too Early to Save for Retirement

Have you worked and saved your whole life with the goal of retiring one day? Have you thought about if you have saved enough money to live on for 30 years during retirement?

IRAs, Planning, RetirementEdward AckerNovember 4, 2015401k rollover, children's IRA, retirement, Roth, 401k and IRA

The Backdoor Roth - What's that??

There are a few ways to get money into a Roth IRA, but we are going to look specifically at a technique known as the ‘Backdoor Roth.’

IRAsKristine dEsterhazyAugust 18, 2015401k and IRA

Should I pull money out of my 401k to pay off credit card debt?

Honestly, I don't think that is a good idea. It may seem like a quick fix... but you know what they say about quick fixes!

401KJon CastleAugust 17, 2015401k and IRA

How do I Invest More Than I Can Put in my 401k or IRA?

How do I Invest More Than I Can Put in my 401k or IRA? This question often arises as an investor's income increases to the point where they can save beyond the limits.

401KJon CastleAugust 15, 2015401k and IRA

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