2010 401(k) Contribution Limit Won’t Be Adjusted
If you are thinking of putting aside a little more for your retirement next year, you won’t get any help from the government because the 2010 401(k) contribution limit will remain at the same level as this year at $16,500 (the catch-up limit for workers 50 years old and order will also be the same [...]
2009 401(k) and IRA Contribution Limits
If you haven’t contributed to the limit in your individual retirement account for 2008 tax year yet, you still have 10 days to do so. As long as the contributions are made before the tax day on April 15th, they can still be considered as contributions for 2008.
In 2008, I contributed close to the maximum [...]
What You Need to Know about Early Withdrawal from Retirement Accounts
If you are saving for your retirement using vehicles such as IRA and/or 401(k), there are limitations on when investments can be withdrawn from these accounts. Since these are tax deferred accounts, either contributions (401(k) and Traditional IRA) or growth (Roth IRA), or both (401(k) and Traditional IRA) will be taxed at the time when [...]
2008 Net Worth Review
So far I have looked at how I traded stocks in 2008 and my passive income last year. Now it’s time to examine the progress on building up our net worth. Before I get to the details, one thing is for sure: It’s not pretty, as I have already shown through my monthly net worth [...]
Poll: Do You Save in 401(k) Without Company Match?
We paid a sizable tax bill last April. One of the reasons was that I only made partial contribution to my 401(k) account in 2007.
After changing my job middle of the year, I didn’t make any contribution to my retirement account because 1) there was a three-month delay preventing me from contributing immediately; 2) I [...]
401(k) Debit Card Is NOT a Good Idea
Don’t borrow money from your 401(k) account unless you absolutely have to. If you have to, pay it back as soon as possible.
The Securities and Exchange Commission (SEC) last week issued a warning on using 401(k) debit card to tap into retirement funds to pay for daily living expenses. As the slowed economy put the [...]
You Don’t Have to Know Everything to Have an IRA Account
My answer is: No, nobody needs to be an expert in order to open and invest in an IRA account.
The biggest obstacle from I can see is not whether you know investing or not, but whether you are determined to save for your own retirement. If you make tons of money, you probably don’t need [...]
Social Security Exhaustion Date, USPS Free Recycling Through Mail, and First Ever Actively Managed ETF
The government today updated its outlook on Social Security and Medicare and there’s no good news for folks who will retire in 10 years from now. According to the annual trustee reports released by The Department of Treasury, the Social Security Trust Fund will run into negative cash inflow in 2017 and exhaust its [...]
Key Differences between Traditional and Roth IRA
Last week I got an email from a reader about the difference between Traditional and Roth IRA. The question is more on the withdraw side than contribution side. After giving a quick answer, I feel I can expand it a little bit with more information on this topic. But tax rules are always complex, so [...]
IRA Transfer from Scottrade to Vanguard: The Horrible Experience Continues
The first thing I did when I came to work this morning was giving Vanguard a call, again.
When I filled out the IRA asset transfer form to move all Vanguard funds in my IRA account from Scottrade to Vanguard, I provided a blank check and instructed Vanguard to automatically invest $200 into each of the [...]
