Savings & Retirement

Being self employed definitely has a lot of good points to it. However many people often worry and wonder about how they can put money away for their retirement when they are self employed. Basically what you need is a 401(k) retirement account, which you can get as long as you don't have anyone working for you.

Get some great retirement advice and find out how you should be building good money habits and saving for retirement now.

What is the purpose of Social Security? Many people ask this question when they see how much money goes into this longstanding government program.

When it comes to retirement, long past are the days when your company sees you off with a gold watch and a fat pension. So how to plan for your golden years? Most corporations offer a 401k, a plan that allows you to stash cash to invest toward retirement.

Simply put, an annuity is a retirement account with air bags. You invest one or more lump sums and in exchange you're guaranteed a steady monthly check for a set number of years or for life.

If you are leaving your current job or about to retire, a 401(k) rollover is certainly worth considering; but before you can make a decision, you need to know what all of your options are.

Understanding how Social Security benefits are calculated and when you can receive them will help you make the most of this program.

If you've got a financial emergency, a 401(k) hardship withdrawal may be your only choice to resolve it. If you need to make a 401(k) hardship withdrawal, check your 401(k) rules for the specifics of your plan.

Before you decide to withdraw money from your 401(k) retirement plan, there are few 401(k) withdrawal rules you should be aware of. First, you need to remember that 401(k) retirement plans are intended to provide for your retirement, meaning the Internal Revenue Service has specifically instigated withdrawal rules governing 401(k) plans to make it difficult for you to withdraw your retirement money for other purposes.

The death of a spouse is a difficult time for any family, but it can be worse for a family worried about finances. If your deceased spouse was receiving Social Security benefits at the time of death, or was eligible to receive Social Security benefits, you or your children may be eligible to receive Social Security death benefits.

Participating in 401(k) plans is one of the best strategies for achieving a lifetime of financial security. Understanding 401(k) plan facts will help you to evaluate the quality of the plan and know the rules that apply to contributions and balance transfers.

Flexible spending accounts (FSAs) allow you to set aside pre-tax income now in order to spend it later on anything ranging from ointments to operations. To help you make a well-informed decision about flexible spending accounts (FSAs), this guide explains how they work, describes the different types available, and provides an overview of the rules you'll need to keep in mind when managing a flexible spending account (FSA).

Many employers offer flexible spending accounts to offset the burden of un-reimbursed medical expenses, including co-pays and treatments that aren't covered by your medical insurance. However, flexible spending accounts can have a downside, so it's important to evaluate your position before you sign up for a flexible spending account.

Social Security retirement benefits are set aside for workers to assist them in their retirement years. In order to qualify for social security retirement benefits, your age and years of work will factor in.

The penalty for an early withdrawal of 401(k) savings is set at 10 percent of the withdrawal amount, plus the normal taxes owed. However, there are some ways to get your money out for early retirement before you reach age 59 ½ without the penalty.

Some self-employed 401(k) planning administrators are circulating misinformation about 401(k) rules, so if you're considering a solo 401(k) or self-employed 401(k) plan, make sure you do your research first.

The decision whether to choose to take out your 401(k) distributions as a lump sum payment or not is dependent on many things, specifically your current financial state, other investments and retirement contributions and your plans for retirement.

If you've given any thought at all to your retirement options, you've probably heard about 401(k) plans and Roth IRAs. However, the differences between the two aren't always apparent, and many people have trouble deciding where to put their retirement dollars. If you're not sure whether to invest in 401(k) plans or Roth IRAs, consider differences between the two to help you make your decision.

For many disabled individuals, Social Security disability benefits are the only source of income enabling them to lead a relatively normal life. If you're permanently disabled and curious about applying for Social Security disability benefits, here are the things you need to know.

Borrowing from your 401(k) plan may seem like a great way to get your hands on some easy money, but it could do more harm than good. Before you convince yourself that borrowing is the best way to address your current financial priorities, make sure you understand the 401(k) rules and the risks that may apply to you.