401k plans
Standing Up for the 401k…They’re Not as Bad as Some Suggest
Many folks now in or soon to be in their retirement years have accumulated a substantial nest egg as a result of having access to tax-deferred savings plans, like 401ks. It’s probably fair to say that without the incentive of…
Needed changes to 401K plans
Since their arrival 40 years ago in the retirement industry, the 401(k) has become the leader in nudging out corporate pension plans and IRAs. But they are not perfect. So, the federal government has begun implementing laws aimed at workers…
Eliminating Tax-preferred Retirement Savings–A Way to Address Insolvency?
A study published recently by The Center for Retirement Research has called into question the possibility of eliminating “retirement saving tax preferences on employer-sponsored plans” and diverting the increased income tax revenue directly into Social Security to help address the…
Eliminating 401(k) tax benefits to fund Social Security
We all know the Social Security Trust Fund will be exhausted by 2034 if Congress does nothing, resulting in a 20 percent cut to Social Security beneficiaries, but is there a way to avoid this? According to new research published…
Another Tax Time Alert–Remember that Withdrawals from Deferred Retirement Accounts Will Affect Your Income Taxes
Although withdrawals from 401(k) plans and deferred (non-Roth) IRAs do not directly affect Social Security benefits, they do have a direct impact on the amount of your modified adjusted gross income used to calculate your federal tax obligation. As a…
This one mistake could cost you thousands of dollars
One result of the “Great Resignation” is retirement accounts left behind as people quit their jobs. According to a recent report from Capitalize, “3.8 million retirement accounts were left behind in 2021 and 4.4 million in 2022, representing roughly $30…
Hardship withdrawals in 2022
According to the latest analysis by Fidelity Investments, Americans’ retirement nest eggs saw significant drops year-over-year. The savings rates did change, but not at the level Fidelity recommends. Javier Simon explains how economic turmoil may prevent many Americans from maximizing…
Upcoming changes to your 401(k)
America has a retirement savings problem. The SECURE Act 2.0 is to enhance the retirement savings experience for working Americans. Some of its key elements focus on incentivizing people to save more and prioritize long-term goals; however, sections of it…
Portability Services Network
Fidelity Investments, Vanguard, and Alight Solutions have teamed up with Retirement Clearinghouse to create a new service called the Portability Services Network. Portability Services Network, LLC (PSN) utilizes the Retirement Clearinghouse (RCH) autoportability solution to deliver a nationwide, digital hub…
Will the debt ceiling affect your finances?
What is the debt ceiling? The debt ceiling is the maximum amount the federal government is able to borrow to finance obligations that lawmakers and presidents have already approved. What happens if the United States defaults on its debt? U.S…