One of the biggest challenges of finding a mortgage lender and buying real estate is saving enough money for the down payment. In some cases, you might find it beneficial to use your self-directed 401(k) to complete the purchase. Like any financing option, buying a property with your 401(k) comes with various pros and cons. In this […]
A Savings Incentive Match Plan for Employees (SIMPLE) IRA is an individual retirement account set up for employees through smaller employers. Typically, these smaller employers have a maximum of 100 employees and do not offer any other retirement plan. If you are a small business owner looking for employee retirement plan options, you may be […]
A 401(k) is an employer-sponsored retirement plan. Those who are self-employed can also open an individual or self-directed 401(k), a type of retirement account specifically designed to support businesses that employ only the owner, the owner’s spouse and business partners. If you have a 401(k), you may want to understand the relevant investment rules. 4 […]
If you leave your job or retire, you may be wondering what your options are for a 401(k) rollover. Determining where you want to roll over your 401(k) is a crucial decision that can result in significant savings or costs. When you roll over your 401(k) with high-fee investments to your new employer’s 401(k) plan […]
We know that people are concerned about precious metals investing in their self-directed IRA due to the recent selloff in metals and commodities in general. It’s easy to get concerned when you see corrections all the way to the mid-1500s for gold. But, you have to ask yourself why would gold suddenly just fall out […]
Business Account Contribution Limits: SEP IRA Contribution Limits Solo 401K Contribution Limits SIMPLE IRA Contribution Limits Individual Account Contribution Limits: Traditional IRA Contribution Limits Roth IRA Contribution Limits Contribution Limits for 2022 Current 401K contributions for 2021 are maxed out at $19,500 for savers under the age of 50, and max at $26,000 for savers […]
There is an obvious major benefit to contributing to a 401K retirement savings plan. A 401K has a higher contribution limit than an IRA offers, and for 2022, 401K contributions are even higher. What’s Changing in 2022 Current 401K contributions for 2021 are maxed out at $19,500 for savers under the age of 50, and […]
Being aware of the different types of self-employed retirement accounts that are available to you is important to get the most out of your retirement and retirement planning. The accounts that are available to most employees are your typical IRA and 401K with Roth and Traditional kickers. However, your account options are much more plentiful […]
First off, what is a hardship withdrawal? A hardship withdrawal is defined as an emergency withdrawal of retirement funds from a retirement plan. This type of distribution can be allowed without penalty from retirement savings vehicles like Traditional IRAs or 401Ks, given that specific requirements are met. It’s important to note that even if all […]
Whether you’ve just started your first corporate gig, or if you’ve just been thinking about securing your future, you’ve probably heard the term “401(k)” thrown around a lot, and how you should open one that’s being offered through your workplace. So what is a 401(k) exactly? 401(k) in a Nutshell Having the (k) in its […]
Ever heard of a self-directed 401K? It might be what you need. It’s not very common for employers to offer a self-directed 401K, more than likely you’ve been contributing to an employer-sponsored 401K. While there are similarities, they’re both retirement savings vehicles, and they follow the same rules, but the fundamental difference is that there’s […]
When it comes to a 401K, you can take it with you from job to job, and in fact, you should, and it should be in the form of a 401K rollover. But making the most of the money you’ve built up means performing the rollover correctly. Here’s the four-step process for how to rollover […]