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Tag Archives: 401k

How to Legally Cheat Your Tax Bracket


Lowering your tax bill is no easy feat. No matter how much you love Fluffy, your cat is not a dependent that can score you a deduction so you can reduce your taxable income, and thus your tax rate (There are, however, a few tax breaks for pet owners). And, you can’t deduct the cost of a gym membership, even if ... Read More »

    The Great Illusion of Retirement Savings

    Panic attack

    The nation is facing a looming retirement income crisis. Average retirees today are not well off. Tomorrow’s average senior is likely to be in worse shape. Instead of addressing this looming crisis, too many of the nation’s policymakers and elites propose to make it worse. They tell the American people that Social Security’s earned benefits must be cut, despite their ... Read More »

      Should You Ever Tap Into Your 401K?

      Dollars and Stopwatch

      Saving for retirement isn’t easy. It’s hard to forgo things now to plan for some distant day in the future. But whether you want to see the world or play golf in your backyard, if you want to be able to stop working at some point, saving up is usually necessary. Calculating how much you will need in retirement can be tricky, ... Read More »

        5 Ways to Boost Your Retirement Savings

        retirement Paul Revere

        Even if you haven’t yet entered the working world, you can probably assume you will want to retire and some point. While most Americans have similar goals for a debt-free, affordable post-working life, you might not realize how much work (outside the office) it takes to get there. You probably are not saving enough, or are at least worried that ... Read More »

          401(k) Limit Updates Worth Knowing for 2015


          Every year someone asks me how much they can actually contribute to their 401(k). There seems to be a ton of confusion. Some 401(k) participants seem to think it’s a percentage. They are confused by the match percentage. Somehow they have confused that’s the max that they should contribute. Not true, that’s the max contribution to get your employers match. ... Read More »

            Reduce Your Spending and Save More. Now.

            Ready to Collapse

            Here’s some good news. Fidelity Investments recently reported that the number of 401(k) millionaires on their books has doubled over the past two years. Specifically, they went from 34,920 accounts with million-dollar balances to, as of the end of 2014, 72,379 accounts with seven-figure balances. That’s wonderful for those folks. The bad news is that those diligent savers are the ... Read More »

              Should I Take Money Out of My Retirement Account to Pay for a Move? – Sam


              “Dear Steve, My wife and I paid off our debts and we don’t want to go there again. I recently found a better job but it is going to involve significant upfront expenses in terms of move etc which is not paid for by the company. I have a 403b from my current employer with about 20K in it. When ... Read More »

                Many Draining Retirement Accounts Rather Than Deal With Debt


                I’m not sure how many times I can say it, don’t drain your retirement assets to pay debt. It’s a bad idea on so many levels. In a couple of posts I even talk about the long term consequences of tapping those funds. See Here’s Why a 401(k) Loan to Pay Off Debt Can Cost You a Massive Amount in ... Read More »

                  How to Borrow From a 401k in a Make Sense Way

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                  Borrowing from a 401k is a major decision. It is important you make certain considerations before borrowing from your 401k, so that your loan doesn’t negatively impact your retirement. The key aspect to borrowing from a 401k vs withdrawing from one, is you won’t have to pay taxes or penalties unless you default on your loan or in some circumstances ... Read More »

                    Should I Roll Over My 403(b) to My 401(k)? – Salvador

                    Ready to Collapse

                    5 years in present employer.with GREAT 401k retirement plan … 2 years in previous one with so so plan worked at a place for 2 years with a 403 b retirement plan… there are $2100, right now and for the past 6 years im in a good place with great 401k plan… can I cash out on the previous plan ... Read More »

                      Should I Drain My 401K So I Can Pay Off Debt And Retire? – Cathy

                      Ready to Collapse

                      “Dear Steve, I am 65 yrs old, still working and my husband 71, retired. Our income is $51k (me), and my husband’s SS benefit of $10k. I used to have $250k Line of Credit/ c card debt. We’ve been diligently tried our best to pay and now the it’s down to $140k of Line Of Credit Debt on a home ... Read More »

                        Should I Take Out a Loan from My 401k to Payoff Credit Cards? – Terry

                        Ready to Collapse

                        Income 70K Debt $300,000 mortage 4.5% fixed Debt $4,000 Student loan 4.5% Debt $5,000 Student loan 6.5% Debt $5,000 Student loan 6.0% Debt $5,000 Credit Card 10.2% 401K $11,000 Should I take out a loan of $5,000 from 401K @ 4.25% to pay off credit card, stop paying in to 401k and focus on paying off student loan? I still ... Read More »

                          I’ve Got a 401(k) Just Sitting Stagnant. – Steve

                          Ready to Collapse

                          “Dear Steve, I am a state employee and am fully vested in the state’s pension plan. My job is secure and I will be able to retire with a full pension. I also have an older 401k from a previous employer with approximately $30k just sitting stagnant. My wife and I have some credit card debt and a home equity ... Read More »

                            Should I cash in 401k to pay debt down to get better mortgage rate? – Carol

                            Ready to Collapse

                            Going to buy a home soon. Would like all credit cards to be at the 30% mark so that we get a better rate. Was told wed get 4.125 now but im wondering if I could get better. We make plenty of money but made bad choices in youth. Cc with high interest rates= a tone in lost money. Carol Read More »

                              Should I Take Money Out of My 401k or Roth IRA to Pay My Student Loans? – Seapar

                              “Dear Paul, Annual Gross Income: 66,000 401k balance: 16,000 Roth IRA balance: 6,000 Savings: 5,500 Stock: 1,500 Grad Student Loans: (72) payments left of one $520 combined payment per month on total $32,500 balance on the following (so, $5,000 interest would be paid over the life of the loan at this payment rate). Loan 1 Direct Unsub $5,500 balance, Interest ... Read More »

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