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What Is a Solo 401(k)? Self-Employed Retirement Plans
The perks of self-employment are plenty, but there’s at least one significant drawback: the lack of an employer-sponsored retirement plan like a 401(k). Enter the solo 401(k), or what the IRS calls a one-participant 401(k). Designed for self-employed workers, a solo...
Tax Planning for Beginners: 6 Tax Strategies & Concepts to Know
Know your bracket, how key tax ideas work, what records to keep and basic steps to shrink your tax bill. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product...
8 Things You Need for an Estate Plan at Any Age
Whether you're in your 20s or 60s, estate planning will give you control over financial and medical decisions. Starting when you're 18 and changing as you progress through life, be sure to review your estate plans throughout your life.(GETTY IMAGES) Estate planning...
4 Reasons Estate Planning Is So Important
It’s all about protecting your loved ones It seems like many people devote more time to planning a vacation, choosing a car to buy, or even selecting a spot to eat dinner than they do to estate planning—deciding who will inherit their assets after they’re gone. It may...
Is Life Insurance Worth It?
The pros and cons of investing in permanent life insurance Life insurance is something you may consider adding to your financial plan if you're interested in providing a measure of security for your loved ones. Proceeds from a life insurance policy can be used...
How Much Life Insurance Should You Carry?
Life insurance coverage may depend on your financial goals and needs. Death, just like taxes, is inevitable though most people may not be keen to dwell on it. But ensuring that you have the right financial resources in place, including life insurance, is important if...
Can your 529 savings plan be used for graduate school?
A 529 plan is designed to make it easier to save for your or your child’s college education, from undergraduate school to a graduate program and beyond. As long as the university and expenses are eligible, you can enjoy the tax benefits of a 529 plan while also...
What are the best college-savings investments?
5 ways to grow your money for the ever-higher costs of higher education Many of the best-known college-savings tools are specifically earmarked, educational accounts — but it pays to think outside the box towards certain general investments too. Hello Lovely/Getty...
Millennials And Financial Trade-Offs: Where To Put Your ‘Extra’ Savings To Work
In the early months of the Covid-19 pandemic, back in April 2020, to be specific, the overall personal savings rate in the U.S. reached 33.7%, a record high. For many people, job concerns and economic uncertainty forced this change in habits. But even those who remain...
3 withdrawal strategies to maximize your retirement plan in 2021
There are many changes in store for retirees this year There are many changes in store for retirees in 2021. Under the Biden administration, we might see an increase in individual tax rates and other key tax policy changes that could have a direct impact on your...