So what really counts as an emergency? When life catches you off guard, ask yourself if the expense is really unexpected, necessary or urgent before dipping into your emergency savings fund
Qualified retirement savings accounts are a great way to build a retirement nest egg. But what happens to the money in the account if the account holder passes away?
The advantage of accumulating after-tax assets in a retirement account is that when they are distributed, the amounts will be tax- and penalty-free. However, this benefit is realized only if the necessary steps are taken.
What does your ideal retirement look like? You can create the easygoing retirement of your dreams if you know how to take full advantage of the perks available within your tax-advantaged retirement plans.
Setting up your 401(k) contributions isn't rocket science, though it can feel that way, especially to those who aren't sure how much retirement will cost. There isn't a universal magic number, but there are a few pretty simple strategies you can use to come up with your retirement savings number right now.
The purpose of a 401(k) is to provide retirement income, so the last thing you ever want to do is access that money while you're still working. But if times get tough and you grow desperate for cash, you might be tempted to tap that account early and access the money that's technically yours.
