Many employers now offer Roth versions of their 401(k) plans. Though many people believe Roth IRAs and Roth 401(k)s (known formally as designated Roth 401(k) plans) are identical, there have been important differences between the two types of retirement plans. But a...
President Biden signed the Consolidated Appropriations Act of 2023, a $1.7 trillion omnibus federal spending bill for fiscal year 2023, on December 29, 2022. Included in the bill is, the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0. The...
The steel magnate Andrew Carnegie, reputedly the world’s richest man in the late 19th century, had some advice for anyone who wished to follow his example: “Put all your eggs in one basket,” he said, “and then watch that basket.”1 Watching those eggs—aka asset...
A trust is a legal entity that holds money and assets for future distribution or management. For example, you might create a trust for your children’s college education, putting money into it which they can withdraw when they go to school. Or you might put the family...
While keeping tabs on your personal financial health should never be neglected, the end of the year is the perfect time to review your budget, investment portfolio and any recent financial decisions to ensure you’re on track to meet goals and to determine if...
If you have a traditional individual retirement account (IRA) or a regular 401(k), you can’t leave your money untouched in your account forever. Once you turn 72, you need to begin taking the required minimum distributions (RMDs) every year. For Uncle Sam, these...
