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When it comes to saving for retirement should you fund your 401(k) or IRA first? Here are ten questions to ask that can help you make your decision. 1. Do you get an employer match? The first question you want to ask is, does your employer match funds. It’s free money, so you don’t want to give Continue reading Where to Save for Retirement First – an IRA or 401(k)? The terrain: Prosperity Quadrant II (positive cash flow; negative net worth). This portion of the trek has activities to save from income. Activities to Save From Income get the 401(k) match from your employer An increasing number of employers are offering their employees the option to have a Health Savings Account (HSA). If your employer offers a Health Savings Account and you can afford it this is a saving option to allow you to save for retirement or future medical expenses. Savings Account You can treat the HSA as a savings Continue reading Trek III: Health Savings Account An increasing number of employers are offering their employees the option to have a Health Savings Account (HSA). If your employer offers a Health Savings Account and you can afford it this is a saving option to allow you to save for retirement or future medical expenses. Savings Account You can treat an HSA as a savings Continue reading Trek II: Health Savings Account Investors that have high incomes and don’t qualify for a deductible IRA or a Roth IRA are allowed to open a nondeductible IRA instead. The earnings are tax-deferred – not tax-free as they are in a Roth. A nondeductible IRA can make sense if you think you can convert the funds to a Roth IRA in Continue reading Trek III: Invest in Traditional IRA If you expect to pay for college how to prepare for the college costs can be difficult – and complicated. The best way to save for college is to consider taxes and your retirement savings. One of the first questions is whether to max out the contributions to retirement accounts before saving specifically for college. By putting Continue reading Trek III: College Savings If you expect to pay for college how to prepare for the college costs can be difficult – and complicated. The best way to save for college is to consider taxes and your retirement savings. One of the first questions is whether to max out the contributions to retirement accounts before saving specifically for college. By putting Continue reading Trek II: College Savings In an earlier step you began contributing to your 401(k) to get the maximum employer match, if your employer offers it. Now, we’re going to focus on the benefits and strategies for contributing additional funds to the 401(k). When you compare the percentage of your salary that your employer matches with the maximum contribution that you Continue reading Trek III: Invest in 401(k) Non-Match |
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