Daily Archives: November 1, 2017

What is a 401(k)?

2nd Half (Retirement) Planning, 401k and 403b, Retirement AccountsBy Cathy Martin November 1, 2017

What is a 401(k)? Have one? Here’s how to take advantage of it. A 401(k) is a retirement savings plan provided by an employer and allows you to save and invest a portion of your paycheck before taxes (the tax-advantage). The money in a 401(k) has the potential to grow tax free. In retirement, withdrawals…

Required Minimum Distributions

2nd Half (Retirement) Planning, Social Security and MedicareBy Cathy Martin November 1, 2017

What is a Required Minimum Distribution (RMD)? After you turn 70½, the IRS requires you withdraw a portion of the money in your retirement savings accounts each year (except for Roth accounts1). This is called a Required Minimum Distribution (RMD). Many of you who are enjoying your 2nd Half are approaching or have reached 70…