I read this astonishing article today titled “3 reasons to ditch your IRA.” The author makes the case against contributing to traditional IRAs but all his arguments could be used against traditional pre-tax 401(k) plans as well. Before you cancel your pre-tax retirement account contributions, let’s take a look at his arguments and why they might be problematic: Continue reading “3 Reasons Not to Ditch Your IRA”
Should you make pre-tax or Roth 401(k) contributions? I recently read this article by Penelope Wang called “The Great Retirement Account You’re Not Using” that argues for Roth contributions. However, I still think pre-tax contributions make more sense for most people. Here is my response to each of her main arguments: Continue reading “In Defense of the Traditional 401(k)”
Earlier this month, a colleague of mine forwarded me this article by Jeffrey Levine. In the article, he outlines some of the changes President Obama is proposing in his 2015 budget. While it is unlikely that these provisions will be enacted anytime soon, it does raise the specter of possible changes in the future so it’s important to understand the short and long term ramifications for you and your retirement plans if they ever do come to pass. Here are some things to consider, along with my take on each proposed provision: Continue reading “What Obama’s Budget Proposals Could Mean For Your Retirement”
I hope you’re having a great holiday season! But in-between various parties and celebrations, there are some last minute financial moves to save you money that you might want to make before the end of the year. Here are a few to be aware of: Continue reading “7 Last Minute Financial Steps to Take Before the End of the Year”
Every year, the Ward family gathers around the table to share a traditional Thanksgiving meal together. Each of us takes turns sharing what we are thankful for and before long, the whole dining room is alive with laughter and joyous conversation. After the kids are excused, the adults sit closer together to talk about more serious issues, and inevitably the subject of money enters the discourse. Fortunately, there is a financial planner among them, so everyone knows who to ask when financial questions arise. Continue reading “How to Avoid a 50% Mistake”
With the yearly chore of tax filing upon us, all those year-end retirement account statements can become quite confusing for your group of employees who have chosen to remain in the workforce into their seventies. Which accounts can they still contribute to? Which accounts do they need to take a withdrawal from? Continue reading “Educating Older Workers on the ABCs of RMDs”
