Discover the 403(b) This retirement plan allows teachers & employees of non-profits to invest for their futures.  Does your spouse contribute to a 401(k)? You are probably eligible for a retirement plan that can help you save and invest for retirement in the same way – a 403(b). 403(b) plans actually predate 401(k)s. They first appeared in the 1950s. School districts and non-profit organizations commonly offer these retirement savings vehicles to their employees.1  Contributions to most 403(b)s are 100% tax deductible. Typically, you just defer a small percentage of your salary into these plans per paycheck, prior to taxes being

Here are some things you might want to do before saying goodbye to 2017.  What has changed for you in 2017? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your finances before this year ends and 2018 begins.    Even if your 2017 has been relatively uneventful, the end of the year is still a good time to get cracking and see where you can plan to save some taxes and/or build a little

Make the most out of your 403b or 457 investment. The first thing you need to honestly need to do is ask yourself if you know what funds you are invested in your 403b or 457 plan.  If your answer is no, it’s ok, you aren’t the only one.  But you probably aren’t going getting as much out of your investment as you should be. Another thing is that you don’t open your 403b or 457 plan statements.  Fortunately not paying attention probably hasn’t hurt you over the last couple of years. Finally, you haven’t changed anything with investments in

Have you heard of the Savers Credit? You may qualify if you contribute to an IRA, SEP-IRA, SIMPLE, 401(k), 403(b), or 457 retirement savings plan.1 You can qualify for the Savers Credit for the 2017 tax year if you are a) married filing jointly with income of $62,000 or less, b) married filing separately or single with income of $31,000 or less, or c) filing as a head of household with income of $46,500 or less.1 To be eligible for the credit, you must be 18 or older, you must not be a full-time student, and you cannot be claimed

In-Service Withdrawals from Employee Retirement Plans

You might be able to take money out of your 401(k), 403(b), or 457 plan while still working. If you withdraw money out of a workplace retirement plan in your fifties, will you be penalized for it? In most cases, the answer is yes. Distributions taken from a qualified retirement plan before age 59½ usually trigger a 10% IRS early withdrawal penalty. The key word here is “usually,” for there are ways to make these withdrawals with no IRS penalty, even while you are still working for your employer.1   You may have a strong reason to make such a


How much can you contribute to an IRA or workplace plan this year? In 2017, you have another chance to max out your retirement accounts. Here is a rundown of yearly contribution limits for the popular retirement savings vehicles.  IRAs. The 2017 limits are the same as in 2016: $5,500 for IRA owners who will be 49 and younger this year, $6,500 for IRA owners who will be 50 or older this year. These limits apply to both Roth and traditional IRAs.1 What if you own multiple IRAs? This $5,500/$6,500 limit applies to your total IRA contributions for a calendar