Archives for Financial Ideas

The IRA Had a Birthday Last Month

The IRA can provide many gifts as part of a comprehensive retirement plan. The Individual Retirement Account (IRA) turned 45 on Labor Day. On September 2, 1974, the Employee Retirement Income Security Act, or ERISA, was enacted into law, introducing broad safeguards to protect employee savings in both defined benefit plans like pensions, and defined contribution plans. The intent of Congress in initially establishing IRAs was to provide a tax-advantaged retirement savings plan for those workers at businesses that weren’t able to offer pensions. The IRA also made it possible to preserve the tax-deferred status of qualified plan assets when
Read More

Categories: Financial Ideas and Financial Literacy.

Managing Your Finances

We work with dozens of people to help them create retirement plans. But in order to get to a successful retirement, there are thousands of small decisions along the way. Like, should you drive through your local coffee place and grab a latte this morning? Go with the office gang for lunch at that little bistro across the street, which usually costs you around $15? Should you order pizza delivered for dinner tonight because you didn’t go to the grocery store yesterday? Grab that new shirt because it’s 50% off? Sticking to a budget is the beginning of mastering your
Read More

Categories: Financial Ideas and Lifestyle.

Resist Tapping Into Your 401(k), Employer-Sponsored Plan If You Can

‘Leakage’ can erode assets and negatively impact your retirement wealth If you find it difficult to save or pay for big financial emergencies when they arise, tapping into a pot of money can be tempting – even if it’s your 401(k)-style employer-sponsored plan. But if you’re able to resist, rewards do come from the power of compounding. The problem, though, is that a small percentage of Americans take early withdrawals and withdrawals after age 59½ from their 401(k)s each year or cash out of their plan when they switch jobs. A large percentage – typically about 20% of plan participants
Read More

Categories: Financial Ideas and Retirement.

Financial Resolution for 2018: Buy More Time!

When the New Year rolls around, many of us focus on making financial resolutions. These goals often include things like getting out of debt, saving more or negotiating a higher salary. These are all worthy endeavors and they all have something in common: The result of achieving any of these goals is reduced stress and happiness. But the fact is, limiting stress in your life can actually mean spending a little more money, too. The results of a study published earlier this year in the Proceedings of the National Academy of Sciences of the United States of America, suggests that
Read More

Categories: Financial Ideas.