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401(k)

Wednesday’s need-to-know money news

August 26, 2015 By Liz Weston

mortgage2Today’s top story: How getting a mortgage just became easier. Also in the news: Downsizing to save your retirement, handling major financial disruptions, and how to avoid or minimize bank fees.

4 Ways Getting a Mortgage Just Got Easier
The process has become slightly less stressful.

Can Downsizing Save Your Retirement?
Smaller living can protect your retirement.

How to Handle a Major Financial Disruption
Prepare in advance.

9 Ways Consumers Can Avoid or Minimize Bank Fees
Banking is getting very expensive.

5 Things You Should Never Do With a 401(k)
Protect yours for the long term.

Filed Under: Liz's Blog Tagged With: 401(k), banking fees, downsizing, mortgages, Retirement, Savings, tips

Wednesday’s need-to-know money news

August 19, 2015 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Seven times you’ll wish you had a better credit score. Also in the news: Money habits to master before your 30’s, a back-to-school financial checklist, and why the economic instability in China could have an effect on your 401(k).

7 Times You’ll Wish You Had a Better Credit Score
From renting an apartment to setting up utilities.

9 Money Habits to Master Before Your 30’s
Learning to live within your means.

Your Back-to-School Financial Checklist
Getting ready for the new school year.

Why China Matters To Your 401(k) Profits
How China-centric is your portfolio?

Filed Under: Liz's Blog Tagged With: 401(k), back to school, China, Credit Score, money habits

Social Security’s divorce and survivors benefits for same-sex married couples

July 23, 2015 By Liz Weston

gay-marriage-cake-toppers-485x320Same-sex marriage has been legal long enough in a couple of U.S. states that its pioneers may qualify for Social Security benefits even if they divorce.

Marriages that last at least 10 years before they end qualify the participants for both spousal and survivor benefits from Social Security. Spousal benefits equal up to half the benefit a spouse or ex-spouse has earned, while survivors benefits typically are equal to what the spouse or ex-spouse was receiving at death.

More information on the benefits available to same-sex married couples can be found in my column for Bankrate.

Also on Bankrate, I answer a reader’s question about using her 401(k) account to delay taking Social Security benefits. And on Reuters, I take a look at why parents are spending more and worrying less about college.

Filed Under: Liz's Blog Tagged With: 401(k), college, financial aid, same sex marriage, Social Security

Monday’s need-to-know money news

July 13, 2015 By Liz Weston

401k-planToday’s top story: How to choose the right 401K plan. Also in the news: Money losses you can’t claim on your taxes, the benefits of prepaying your mortgage, and how to survive living on a budget.

Do You Have the Right 401K?
Picking the plan that’s right for you.

These Money Losses Won’t Help You at Tax Time
Losses you can’t write off.

Should You Prepay Your Mortgage?
Prepaying could put more money in your pocket.

5 Strategies That Make it More Fun to Live on a Budget
It doesn’t have to be miserable.

Filed Under: Liz's Blog Tagged With: 401(k), budgets, mortgage, prepaying mortgage, Retirement, tax deductions, tips

Q&A: Retirement savings for freelancers

June 22, 2015 By Liz Weston

Dear Liz: I am a freelancer. I don’t consider myself a small-business owner, just someone who gets the work done on time and gets paid. I max out my IRA every year, but would like to save more in a tax-advantaged account.

I checked out SEP and SIMPLE IRAs, but they don’t have a Roth option. Am I eligible to start an Individual 401(k)? What administrative duties would be involved? I pay self-employment tax and my clients send me 1099s, not W2s.

Answer: You may not consider yourself a small-business owner, but that’s essentially what you are. And small-business owners should have tax pros to help them answer questions like this, since you have so many options.

As a sole proprietor, you should be able to set up a solo or individual 401(k) account. That would allow you to make either pre- or after-tax “employee” contributions of up to $18,000 in 2015 — plus an additional $6,000 if you’re 50 or older.

As your own employer, you can contribute an additional 25% of your net earnings (a contribution that would be deductible as a business expense). Your total contribution, employee plus employer, can’t exceed $53,000 in 2015.

Individual 401(k)s are somewhat more complicated to set up and administer than Simplified Employee Pensions (SEPs) or Savings Incentive Match Plan for Employees (SIMPLEs). But many discount brokerages are eager to help you with the paperwork and have low or no set-up costs.

You have many other ways as a self-employed person to reduce your taxes, but the rules can be complicated. A certified public accountant or an enrolled agent can help advise you of your options. You can get referrals to tax professionals from the American Assn. of CPAs at http://www.aicpa.org and the National Assn. of Enrolled Agents at http://www.naea.org.

Filed Under: Q&A, Retirement Tagged With: 401(k), freelancing, IRA, q&a, Retirement

Thursday’s need-to-know money news

June 4, 2015 By Liz Weston

401K Nest EggToday’s top story: Auditing your 401(k) plan. Also in the news: When you should buy both whole and term life insurance, the tax documents you should always keep, and how a balance transfer could help your credit score.

How Good Is Your 401(k) Plan?
This basic audit will tell you.

When to Consider Both Whole and Term Life Insurance
Why purchasing both may be best.

Tax Documents You Should Always Keep
What to keep and what to shred.

A Balance Transfer Can Help Your Credit Score
Understanding your credit utilization ratio.

6 Mistakes You Make When You Check Your Credit
Of course, not checking your credit would be the biggest mistake of all.

Filed Under: Liz's Blog Tagged With: 401(k), balance transfers, credit report, Credit Score, life insurance, Retirement, tax documents

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