Prosperity Trek by Prosperity Concierge » Investment Vehicles

Where to Save for Retirement First – an IRA or 401(k)?

Prosperity Concierge — Tue, 12 Jul 2011 13:11:28 +0000

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

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Net Worth: Save From Income

Prosperity Concierge — Fri, 08 Jul 2011 22:08:37 +0000

The terrain: Prosperity Quadrant II (positive cash flow; negative net worth). The trek: To build net worth. This activity on the trek: Explore how to save from income. Difficulty rating: Easy

This portion of the trek has activities to save from income.

Activities to Save From Income get the 401(k) match from your employer

Related Activities and Side Trips Career Development Establish your Savings

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Trek III: Health Savings Account

Prosperity Concierge — Mon, 21 Sep 2009 17:19:08 +0000

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

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Trek II: Health Savings Account

Prosperity Concierge — Mon, 21 Sep 2009 17:15:04 +0000

Savings Account

You can treat an HSA as a savings

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Trek III: Invest in Traditional IRA

Prosperity Concierge — Mon, 21 Sep 2009 16:38:07 +0000

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

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Trek III: College Savings

Prosperity Concierge — Mon, 21 Sep 2009 15:56:50 +0000

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

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Trek II: College Savings

Prosperity Concierge — Mon, 21 Sep 2009 15:20:53 +0000

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

Trek III: Invest in 401(k) Non-Match

Prosperity Concierge — Sun, 20 Sep 2009 20:40:08 +0000

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

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Trek II: Invest in 401(k) Non-Match

Prosperity Concierge — Sun, 20 Sep 2009 20:36:51 +0000

In an earlier step you began contributing to your 401(k) plan 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

Continue reading Trek II: Invest in 401(k) Non-Match

Trek III: Invest in Taxable Accounts

Prosperity Concierge — Sat, 19 Sep 2009 16:38:04 +0000

Investing in tax-sheltered accounts carries one disadvantage: you may not be able to get to your investment funds when you need them. The rules for tax-sheltered accounts can change with the whims and drifting priorities of Congress. That’s why you should have some money in taxable accounts – accounts that are unsheltered.

Earlier steps in the

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Wealth and Prosperity: Save From Income: Fund a Roth IRA

Prosperity Concierge — Thu, 17 Sep 2009 17:44:23 +0000

The terrain: Prosperity Quadrant III (positive cash flow; positive net worth). The trek: To build wealth and use prosperity to enjoy life and give back. This activity on the trek: Fund a Roth IRA if you are eligible. Steps you should complete before beginning this step: Get the 401(k) match, Improve Your Credit Score Difficulty rating: Moderate

This activity follows

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Net Worth: Save From Income: Fund a Roth IRA

Prosperity Concierge — Thu, 17 Sep 2009 17:25:23 +0000

The terrain: Prosperity Quadrant II (positive cash flow; negative net worth). The trek: To build net worth. This activity on the trek: Fund a Roth IRA if you are eligible. Steps you should complete before beginning this step: Get the 401(k) match, Improve Your Credit Score Difficulty rating: Moderate

This activity follows an earlier activity that gets a 401(k) match

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Wealth and Prosperity: Save From Income: Get the 401(k) Match

Prosperity Concierge — Sat, 11 Jul 2009 18:39:39 +0000

The terrain: Prosperity Quadrant III (positive cash flow; positive net worth). The trek: To build wealth and use prosperity to enjoy life and give back. This activity on the trek: Get the 401(k) match from your employer if your employer offers a 401(k) and provides a matching contribution. Difficulty rating: Easy to Moderate

If your employer offers a 401(k)

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Net Worth: Save From Income: Get the 401(k) Match

Prosperity Concierge — Sat, 11 Jul 2009 18:25:51 +0000

The terrain: Prosperity Quadrant II (positive cash flow; negative net worth). The trek: To build net worth. This activity on the trek: Get the 401(k) match from your employer if your employer offers a 401(k) and provides a matching contribution. Difficulty rating: Easy to Moderate

If your employer offers a 401(k) plan and provides a matching contribution up to

Continue reading Net Worth: Save From Income: Get the 401(k) Match