This is the second part of a two-part article on 401(k) Tax Mistakes In the first part of this article on 401K mistakes (here), we discussed the fact that overdoing your 401k contributions can cause you tax troubles down the retirement road. Because this is not an obvious mistake, it tends to sneak up on …
This is the first of a two-part article on 401(k) Tax Mistakes. Have you ever heard the story of the frog that was tricked into climbing into a kettle of nice, cool water by a hungry foe? Unbeknown to the comfortable frog, the kettle he was lounging in was really on a stove. Slowly but …
This is the second post of two on the Hidden Pitfalls of IRAs and 401(k)s. In our last post here, we discussed the penalties associated with withdrawing money early from either IRA’s or 401(k)’s. In this second post on this subject, we’ll talk about another aspect of these plans that creates problems. The rules-based conditions …
This is the first post of two on the Hidden Pitfalls of IRAs and 401(k)s. We hear a lot about them. In the world of retirement savings, the terms IRA and 401(k) are almost synonymous with the word retirement itself. According to ICI.org, as of the end of 2018 such accounts held over $16 trillion …
