Empowering busy working moms to secure their financial future amidst life's many priorities
What Can I Do with My Old 401k? 1. Roll over to IRA 2. Roll over to a new workplace plan 3. Stay in your old 401(k) 4. Cash out (and pay taxes) Note: Withdrawing $50,000 in cash before age 59½ could cost $20,500 or MORE in penalties and taxes! Let's discuss your options and see which direction is best for your goals! Madison Robidart Financial Advisor with Eagle Strategies LLC (307)-686-2157
"Great post, thank you for sharing! Being in charge of planning your retirement and managing financial risks is usually challenging for everyone, some more than the others. To help out with this, there are a few free tools/apps out there now that can help individuals with making informed decisions about which funds to put their 401k dollars in. Plootus (www.plootus.com) is one such app that can help maximise returns based on your life-stage and goals, all at your fingertips!"
Senior Human Capital Management Consultant at Paychex * 760-902-8087 * mwales@paychex.com
Financial advisors - save your clients from the headaches of end-of year 401(k) testing. 401(k) plan benchmarking helps ensure your clients’ plans are error-free and in compliance. The IRS likes it. And your clients will too. #401k #IRS https://dy.si/FCnLgJ
Unlocking Your 401(k): Navigating Hardship Distributions Your 401(k) plan can allow early distributions from an account for financial hardship. The regulations leave it to the discretion of plan administrators as to whether to allow hardship distributions. But if a plan allows it, the distribution must meet certain minimum requirements. The distribution must be made to meet an “immediate and heavy financial need.” The regulations specify certain events that meet this standard: expenses for certain medical care, costs related to the purchase of a home for the employee, tuition expenses for post-secondary education for the employee’s family, payments to prevent eviction, payments for funeral expenses, and expenses related to a natural disaster. This is not an exclusive list, and whether a distribution qualifies as a hardship distribution will depend on the facts and circumstances. But the law does allow a plan administrator to rely on an employee’s representation that a distribution is a hardship distribution. #kimandrosadollp #taxlawyer #tax #401k #hardshipdistribution
Imagine a 401(k) with no income restrictions, tax-free growth, and zero RMDs. Hard to believe, right? You get all that and more with a mega backdoor Roth. But, of course, you have to follow the rules! #RetirementPlanning #401k #MegaBackdoorRoth #TaxFreeGrowth #FinancialPlanning #WealthManagement
Financial Advisor who specializes in helping business professionals grow their wealth
Imagine a 401(k) with no income restrictions, tax-free growth, and zero RMDs. Hard to believe, right? You get all that and more with a mega backdoor Roth. But, of course, you have to follow the rules! #RetirementPlanning #401k #MegaBackdoorRoth #TaxFreeGrowth #FinancialPlanning #WealthManagement
If you create a Foundation for your wealth, financial decisions become clearer and easier to make.
Imagine a 401(k) with no income restrictions, tax-free growth, and zero RMDs. Hard to believe, right? You get all that and more with a mega backdoor Roth. But, of course, you have to follow the rules! #RetirementPlanning #401k #MegaBackdoorRoth #TaxFreeGrowth #FinancialPlanning #WealthManagement
Imagine a 401(k) with no income restrictions, tax-free growth, and zero RMDs. Hard to believe, right? You get all that and more with a mega backdoor Roth. But, of course, you have to follow the rules! #RetirementPlanning #401k #MegaBackdoorRoth #TaxFreeGrowth #FinancialPlanning #WealthManagement
Imagine a 401(k) with no income restrictions, tax-free growth, and zero RMDs. Hard to believe, right? You get all that and more with a mega backdoor Roth. But, of course, you have to follow the rules! #RetirementPlanning #401k #MegaBackdoorRoth #TaxFreeGrowth #FinancialPlanning #WealthManagement
Imagine a 401(k) with no income restrictions, tax-free growth, and zero RMDs. Hard to believe, right? You get all that and more with a mega backdoor Roth. But, of course, you have to follow the rules! #RetirementPlanning #401k #MegaBackdoorRoth #TaxFreeGrowth #FinancialPlanning #WealthManagement
A common word that I've noticed can trip clients up is 'Roth'. 'Roth' is commonly used as a shorthand for Roth IRA. While helpful, it's inaccurate. 'Roth' is really just a descriptor that refers to "after-tax" $$. So, it's relevance extends outside Roth IRAs. You can have a Roth 401(k). In this case, the rules around a Roth 401(k) follow the rules for 401(k) plans, not the rules for Roth IRAs. And yes, you can contribute to both a Roth IRA and a Roth 401(k)!
💡The Frugal Fiduciary's Tip of the Week💡 “During the plan 401(k) design process, employers choose plan features such as eligibility, compensation, contributions, vesting, and distributions and loans. Employers should choose the features that meet their plan goals at a low cost.” Read more about the 401(k) plan design process here: https://hubs.ly/Q02vwn0t0
