The best time to save is now. If you are in your 20s and 30s, you still have the luxury of time when it comes to saving for your future. Beyond your 30s, it is time to get realistic about your savings strategies. Whether you got a late start or you just plain haven't been saving enough, there are ways you can start to potentially increase your retirement savings now.
Also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service (IRS), the Saver’s Tax Credit is a non-refundable credit that can reduce your tax bill by up to $1,000 (or $2,000 for married couples filing jointly) if you made contributions to an IRA, 401(k), 403(b) 457(b) or any other IRS-recognized retirement savings plan.
What's your plan after your final paycheck? Retirement has been your goal since you first started saving for it (or likely even earlier), but it's not the end of the race. In fact, your "in" retirement plan may be more crucial than your current savings plan.
Underneath the broad asset classes of stocks, bonds and cash are a multitude of options for building a diversified portfolio. Learn about some of the most common investment choices and how they can help you fine-tune the mix that's appropriate for you.
History shows that soaring bull markets and tumbling bear markets don’t last a lifetime. While the highs may spark lots of optimism, the lows can bring even greater pessimism. Current stock market drops as a result of coronavirus (COVID-19) fears have left many uncertain as to how they should, and should not, react.
Also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service (IRS), the Saver's Tax Credit is a non-refundable credit that can reduce your tax bill by up to $1,000 (or $2,000 for married couples filing jointly).
What's similar, what's different, what's right for you? Take a look at how Traditional and Roth 401(k)'s affect your paycheck now and distributions in the future.
The amount you need to save for a secure retirement can seem daunting. But, if you take it step by step, those retirement goals are more in reach than you realize. The small changes you make today could mean a huge improvement in your retirement security tomorrow.