SmartAsset: What to do when you overcontribute to your 401(k) Did you just find out that you overcontributed your 401(k) plan? If you act quickly, you can minimize the damage. But if you wait, the tax...
Tag: 401k
Can I Use My 401(k) to Pay Off My Mortgage?
pay off mortgage with 401k The government offers several incentives for retirement accounts like 401(k)s. For instance, they’re a tax-deferred investment, meaning you won’t pay taxes on them until you...
I’m retiring, what do I do with my 401(k)? You have 4 choices, but only 3 are good.
You have to make a lot of decisions when you retire, and among the biggest is what to do with your workplace retirement savings. No matter how much money you have or how you intend to invest it, you h...
I’m 73 and will only have my 401(k) after retiring. How do I make it last?
I am 73 years old and still employed full time. I will receive no retirement benefits when I leave my job except for a 401(k). My question is: what is the best way to handle this 401(k) without losing...
The Only 401(k) Savers Who Didn’t Lose Money in The Past Year
The only workers whose 401(k) balances grew in 2022 were the Gen Z savers still decades away from retirement, according to new data from Fidelity Investments. While the average nest egg among Fidelit...
America’s 401(k) millionaires have plunged by a third
America’s ranks of so-called 401(k) millionaires are diminishing following last year’s stock market rout. The number of 401(k) accounts with at least $1 million in retirement savings fell ...
Morningstar Says This Brokerage Account Can Help You Save More for Retirement Than a 401(k)
Morningstar Says This Brokerage Account Can Help You Save More for Retirement Than a 401(k) Many Americans save for retirement through 401(k)s. These accounts offer tax-deferred benefits, which means ...
We’re in our 60s and have lost $250,000 in our 401(k) plans — can we still retire?
I am a 61-year-old female who has worked for the same financial institution since the age of 16. I will have 50 years at the company if I retire at 66. I’ve lost over $150,000 in my 401(k) this past y...
Here’s how much Americans’ 401(k) plans fell last year
Saving for retirement requires looking at the big picture, but it can be dispiriting when your 401(k) or other retirement plan takes a beating — a common plight for American workers last year, accordi...
Is a 401(k) or 403(b) Better for a Teacher? What Is the Difference?
In general, 401(k) plans and 403(b) plans are very similar—both are defined-contribution retirement plans offered by employers to employees. The primary difference between the two is the type of emplo...
How to Pay Back a 401(k) Loan
If you have an established 401(k) plan and need to access your money, you can use a 401(k) loan to maintain your tax advantages. These loans can provide lower interest rates than you may find on other...
Roth 401(k) vs. Roth IRA: What’s the Difference?
Roth 401(k) vs. Roth IRA: An Overview There is no one-size-fits-all answer as to which is better, a Roth 401(k) or a Roth individual retirement account (IRA). It all depends on your unique financial p...
I’m a single dad earning $100,000 – how do I maximize my retirement dollars?
Dear MarketWatch, I make over $100,000 a year, and expect to for the foreseeable future. As of now, I am contributing 8% of my income to my 403(b) with a 3% 401(a) match; all Roth. It would be more, ...
How to decide between pre-tax and Roth 401(k) contributions
Prathanchorruangsak | Istock | Getty Images Whether you’re starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the ...
Here’s One Easy Way to Boost Your 401(k) By 8%
SmartAsset: Here’s One Easy Way to Boost Your 401(k) By 8% If you’ve looked at the investment options in your workplace 401(k) retirement plan, chances are you’ll see mutual funds th...
A Roth 401(k) Just Got a Lot More Attractive
roth secure 2.0 act A Roth 401(k) is a solid option for retirement savers, especially those who don’t anticipate finding themselves in a lower tax bracket when they retire. A Roth 401(k) works s...
Can You Contribute to Someone Else’s 401(k)?
Investing in a 401(k) plan at work offers a tax-advantaged path to building wealth. Collectively, American workers held $7.7 trillion in their 401(k) plans as of the fourth quarter of 2021. Contributi...
Want to retire a millionaire? Here is why you should open a Roth IRA–even if you have a 401(k) plan
For young people, saving for retirement may be low on your list priorities—somewhere between cleaning the bathroom and going to the DMV. Yet according to financial advisors, investing early in retirem...
What Are My Roth 401(k) Contribution Limits in 2023?
roth 401k limits Saving for retirement is a top financial priority for many. If you’re one of those who has prioritized retirement by opening a Roth 401(k), it’s crucial to use the account optimally t...
Should I Participate in a 401(k) Without a Match?
One key advantage of 401(k) plans is that employers often provide a matching contribution. Employer matches represent a guaranteed return on your retirement investment, and it almost always makes sens...
I’ve Maxed Out My Work 401(k) Plan. Should I Get an Executive Deferred Compensation Plan?
A highly paid executive Are you maxing out the 401(k) plan you have at work every year? Do you still have money left for saving and investment after contributing the maximum to your 401(k) and maybe a...
401(k) vs. IRA: What’s the Difference?
401(k) vs. IRA: An Overview The two main options for saving for retirement include 401(k) plans and individual retirement accounts (IRAs). When employers want to give their employees a tax-advantaged ...
Top 5 401(k) Rollover Questions to Ask Your Advisor
You might think 401(k) rollovers are less common than they actually are. Like dusty boxes in an attic, many people have an employer-sponsored plan from a former job, such as a 401(k), lying around. It...
How New Rules On Your Retirement Money Can Help You
401k rollover memo. getty You might not know why you should care, but as of last summer, financial advisors and their firms faced more stringent rules as it relates to retirement rollovers. We ask Jul...
Should you add $30,000 to your retirement with an after-tax auto Roth conversion?
If you are saving up to the employee limit in your workplace retirement accounts and looking to add more, you’ll be glad to hear that employers are making it easier than ever to make extra after-tax c...
This simple, no-sweat portfolio makes money in all markets
Well now. This is interesting. Very interesting. And—potentially — very profitable. Especially if you want your savings to go to work and make you money in all environments—booms and slumps, crashes a...
Opinion: Where’s the bull market? Stock-market investors aren’t buying it.
Have Joe and Joanna Q. Public been buying the stock-market rally of the past five months? Not according to our data. Instead, they show that ordinary investors have been bailing out of stock funds for...