January is a great time to create a financial checklist for yourself and set a plan for how you can better prepare for the year ahead. This checklist will help you create a better plan of realistic goals for the short-term and long-term. While it is great to have a checklist in place, you also need to keep in mind that plans change, and the world is full of uncertainty. It is important to find peace with the fact that…
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Research shows that most Americans don’t have enough savings to cover an unexpected emergency. There’s no time like the present to start putting money aside for financial security in the future. Here are a few tips to help you get started. 7 Tips to Start Saving Today If you’re a beginner, start small. Even if you start by saving a small amount, focus on the fact that you’re saving something. Celebrate the $5 you stash away each week: It will…
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Did you know that the easiest and most effective way to save is automatically? It’s how millions of employees save through 401(k) and other retirement programs at work. It’s also how millions of Americans save at their bank or credit union. It’s a great way to build wealth and financial security, and it’s easy to set up! How to Save Automatically Every month, have your bank or credit union transfer a fixed amount (like $25, $50 or $100) from your checking…
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A: An IRA can be opened in a few simple steps, and the process can go especially quickly once you find the right provider for your needs. You can complete the whole process online. IRAs are important tools for saving for retirement, but many people mistakenly think an IRA is an investment itself. Instead, it’s an account that holds your investments. Here we’ll walk you through the process of choosing an IRA provider and opening an account, step by step. 1. Determine what…
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A: If you’ve been at your previous job for a few years, you’ll need to decide what to do with your old 401K plan. If you aren’t careful and make a mistake in the way you handle the account, it could cost you in taxes and penalties, not to mention how it could affect your retirement planning. According to a 2017 SHRM Employee Benefits survey, most organizations offer defined contribution plans to help employees save and plan for retirement….
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A: A 401K is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts. A 401K plan is a type of retirement plan that your employer can legally offer to employees. The plan allows both the employee and employer to get a tax deduction when they put money into the employee’s 401K retirement account. In order to ensure you’re getting the most out of your 401K, make sure that…
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