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What's the Difference Between an IRA and a 401k?
One of the most common questions I get from readers is, "What's the difference between an IRA and 401(K)?"
If you're an athlete, 401(k) sounds like it should be the length of some torturous marathon. Of course, IRA might evoke images of the Irish Republican Army.
Are You Still Contributing to Retirement Savings?
It's not surprising that some people are tempted to pull the plug on retirement contributions when things are tight, but it's important to continue on the path to saving enough for the golden years. Have you kept up with your contributions as the economic crisis has worsened?
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Are You Still Contributing to Retirement Savings?
Savvy ATM: Revisiting the Retirement Account Rollover
Job hunting might be the only thing on your mind after losing a job, but don't let your 401(k) from your previous employer slip through the cracks. Deal with wrapping up those loose ends before diving into the job search head first, otherwise you're more likely to indefinitely postpone the task.
Your 401(k) savings can be rolled into a Traditional IRA account without penalty.
Your Two Cents: Have You Started Saving For Retirement?
There are a number of vehicles available to help us save for retirement. Maybe you're participating in your employer's 401(k) plan, you're saving in a separate IRA account, or you're using a combination of different accounts. Have you started saving for your golden years?
Women Need to Save More to Support Their Longer Lives
It may seem counterintuitive that you're presented with retirement savings options the moment you get your first job. You just started working and you're asked to consider your life when you've stopped working for good. That's reality folks, because unless you have a family fortune to count on or make serious dinero that lets you worry less, it can take your working lifetime to save enough to live during retirement.
Ask Savvy: What Should I Consider When Opening a Brokerage Account?
SweetPeasMom asked this important question in my Ask Savvy group — have you joined yet?
My husband and I are starting to look at investment and retirement accounts. Right now, we've decided on a Traditional IRA.
Retirement Account Focus Review
Over the past several weeks we've discussed different retirement options and choosing the right plan for you. We've also looked into selecting investments for your account, how much you should save for the future, and important decisions you might face when you have a retirement account. Since saving for retirement is one of the most savvy things you can do, in case you missed any of them I've rounded up all of the retirement tips.
Retirement Account Focus, Part VII
We've been reviewing methods for retirement savings that are focused on those who are currently working, but if you're a stay-at-home spouse that doesn't mean your side of retirement savings should be brushed to the wayside. Individual Retirement Accounts (IRAs) typically require that you earn income from work in order to have this type of account, but if you're married and your spouse is working there's a way to save in your name. To find out how just read more
Play Hard to Get With Your Money
This credit crisis we're in must have been on the minds of neuroscientists who recently completed a study on why it's so tough to not be lured by the spell of instant gratification. Researchers found that we don't seem to be cut out for the waiting game when it comes to cash — the possibility of receiving a slightly bigger reward tomorrow doesn't arouse the brain as much as a smaller gain today.
When offered a payout today of $20, the studies discovered that the average person's brain will justify waiting three weeks for a higher reward only if that amount grew at an annualized rate of about 4,800 percent.
Retirement Account Focus, Part III
Many of you have been asking about whether or not now is a good time to invest because the market hasn't exactly been steady. It's understandable that you're protective of your hard-earned money and don't want to see your account dip because of a down market, but that's not what you should focus on when thinking about your retirement investments especially. I have an opinion of market timing that not everyone shares, but it's one that has worked for some serious professional investors.
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