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Retirement

An Alternative Approach To Retirement With Denise Downey

https://www.podbean.com/media/share/pb-7r7gj-fd0e24 Retirement expert Denise Downey joins us to discuss different approaches to retirement. Times have changed over the last 20 years and maybe our approach to retirement should too. And as always, we will discuss how college planning fits into her alternative retirements. For questions on working with Denise: https://www.financialtrex.com/ For Sona’s free eBook on …

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The Backdoor Roth For High Earners

https://www.podbean.com/media/share/pb-mcmf3-f53e14 A Roth IRA can be a great part of a college funding strategy. Its flexibility can help you prepare for funding college and retirement. But many families make too much to contribute. To make matters worse, most families that make too much for a normal Roth contribution, make too much for need-based aid from …

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So, your 401k match is gone. Here’s what you should do now.

https://www.bloomberg.com/news/articles/2020-06-09/pandemic-s-toll-on-your-401-k-is-probably-going-to-get-worse With COVID, many companies are looking for ways to cut costs. A low-hanging, cost-saving, fruit for many companies is to do away with the 401k match. While good for the company in the short term, there is no way to sugarcoat how bad this is for the typical employee’s retirement. But as I tell …

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New COVID-Related Rules For Accessing Your 401k

COVID-19 surprised everyone. As part of the response to COVID, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. A less-publicized part of the act was the option for employers to offer very lenient 401k distribution and loan options for COVID-related hardship. One major takeaway for employees is to realize that the new …

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The 401k Loan, A Useful Tool (If Used Correctly)

401ks are for retirement. With pensions going the way of the dodo bird, flip phones, and fax machines, our retirements are dependent on 401ks and Social Security. While their primary purpose is retirement, 401k loans do have a feature that can be a great tool if used correctly: the ability to borrow money from yourself. …

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A Common Mistake Of Overachieving 401k Investors

It is common knowledge that your company’s 401k match is free money. Unless you are struggling with high-cost debt, you should strongly consider “maxing out” your company’s match. What is maxing out? If your company matches the first 3% at 100%, then to max out your company’s match you must contribute 3% or more of …

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