401(K) AFTER RETIREMENT OR CHANGING JOBS 401(k) After Retirement or Changing Jobs: If you plan to retire or change jobs soon, it’s very important to have a plan for your balance in your current employer’s 401(k) plan. You could keep your savings where it is, roll them over into and IRA, or transfer the balance over to your new employer’s 401(k) plan. You do not need to rush your decision … Read more
If you contribute to a qualified retirement plan, such as a 401(k). You must begin taking required 401k withdrawal from the plan no later than April 1st of the year after you turn age 70½. However, there’s an exception if you’re still working for the entire year in which you turn 70½. Also, if you participate in one of the qualified retirement plans. The fundamentals of RMDs Required minimum distributions (RMDs) … Read more
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged. Good News for Taxpayers… But one piece of good news for taxpayers who’re already maxing out their contributions. The 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 level is for contributions to defined contribution plans It has gone up by $1,000. [table id=4 /] … Read more
Why you should contribute more to your 401(k) in 2015 Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI). Which can also help you reduce or avoid exposure to the 3.8% net investment income tax. Plan assets can grow tax-deferred — meaning you pay no income tax until you take … Read more
