How To Plan for Retirement in 2020

As 2019 comes to a close, many people are already looking ahead to 2020. The new year signals a time for reflection and planning. For many, the goal is to manage their money better in the coming year, and that includes planning for retirement. Certain moves can be beneficial, ensuring you are financially secure in the future. If you want to set yourself up for retirement success in 2020, here are some tips that can help. Learn the New Contribution Limits You can’t maximize your retirement Read more [...]

Here Are The 401(K) Contribution Limits 2020

If you are preparing for retirement and using your 401(k) as the primary savings vehicle; you will be happy to know that you can now add more money to your account in the coming year. According to the IRS.gov website; in 2020, you can contribute $19,500 to your 401(k) account.  This is an increase of $500 from last year's limit. This limit also applies to federal employees utilizing the Thrift Savings Plan. Here are a few other notable changes: 1-Catch-up contributions for those over Read more [...]

Can I Use My 401(k) to Pay for My Child’s Education?

Let’s face facts; college is expensive. No parent wants to see their child saddled with thousands upon thousands of dollars in debt, or sacrificing decades of financial well-being to repay it. Student loans are a serious burden; one that I’m sure you’d do anything to help them avoid. Since many parents of college-aged children have been contributing to a 401(k) for many years, it can be tempting to use some of those funds to help pay for their child’s education. If you are considering using Read more [...]

IRS Announces 2018 Tax Rates

Few people look forward to paying their taxes, but nonetheless the Internal Revenue Service has announced its 2018 tax rates, along with associated deductions, credits and exemptions. Highlights of the 2018 Tax Rates Highlights include adding another $500 to the maximum annual contribution to most of the numbered retirement plans, along with the government's Thrift Savings Plan. If you apply for ein in 2018 you may need to use a ein filing service. Numbered Plans The maximum contribution for Read more [...]