For as long as men have ruled other men, taxes have been a necessary way of life. They fund the government and provide the civil services that we depend on in our everyday lives. But as important of a notion as that is, no one likes paying them. It’s something that we just have to do … but not always. If you’d like to hang on to your money, then look no further than your retirement accounts to find the best tax saving investment – your IRA and 401k. … [Read more...]
Is a Self Directed 401k Plan Right for You?
What do you do if you’re self employed or you want more than what your employer's 401k plan offers? You apply for a self directed 401k. A self directed 401k (also called a solo 401k) is the do-it-yourself version of a 401k retirement plan. The major advantage to a self directed 401k is that you can control where and what kind of investments you want to put your retirement money into. … [Read more...]
Can I Borrow Against My 401k Plan? Not If You Can Help It
It can be tempting. You spend years and years building up a stockpile of money that just sits in an account and doesn’t seem to do anything for you in the present. Sure you know your savings is for retirement. But that seems so far away. What about my problems and needs for today? Can I borrow against my 401k and use the money to tide me over for a little while? … [Read more...]
What You Need to Know About a 401k Rollover to IRA Account
If you’ve changed jobs and still have a 401k balance with that former employer, you should know that you have options for what you can do with your money. One of the best choices you can exercise is to make a 401k rollover to IRA account where your money can continue to grow tax free just as it did inside the old 401k account. When you consider an IRA vs 401k, there can be a lot of advantages to switching your money from one to the other. Here are a few things you need to know about making the rollover. … [Read more...]