Articles and Advice
401(k) Plans Still Best
Why invest in a 401(k) plan? First, the savings can be tax-deferred, so more of your savings is invested, and it builds up faster. Second, it is automatic and out-of-reach, which provides discipline to save. Money in a 401(k) that is withdrawn early (before 59 ½) incurs an additional 10% IRS penalty, subject to certain exemptions. That’s a good incentive to leave it in there to build up. Third, and the most powerful advantage, most employer plans offer a matching contribution. It’s a g...
College Planning
The projected national average cost for a four-year state college education, if starting in 2025, for tuition, books & fees is $110,400. Add room and board to arrive at over $200,000. And that assumes in-state tuition. Out-of-state or private university will be much higher. While you can get financial aid and loans, that level of cost can overwhelm any mom or dad. Investing years in advance for College is no longer an option for most families.
Starting to save early is a critical step ...
What Do You Want to Be When You Retire?
A new AP survey shows 66% of boomers plan to work for pay after retirement. Some plan to take part-time jobs to supplement their income. Many others are modifying the traditional concept of retirement by starting a second career. Well, why not? Boomers seem to revise every traditional lifestyle. Retirement is no exception. Many of these career transitions are into the social and service fields. This tracks with the idea that the boomer generation places a high value on helping society....