Money Traps to Avoid in Your 50’s | Phil Town

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If you’re turning 50 years old without having invested a dollar over the course of your life, it isn’t too late to save some money to retire with. With the right approach, it is possible to save up enough for retirement. Let’s talk about money traps that you will want to look out for in your 50s.

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Investment Options for 401k Plans

One of the most important advantages of a 401k retirement plan is that it provides participants with the opportunity to decide how they want the money they put in their plan to be invested. It is important to consider the available investment options carefully in order to ensure that you chose the best ones since this will determine how much money you are able to accumulate for your retirement. Your employer and the retirement plan provider should be able to offer advice to help you choose the investments that you want to use for your 401k plan.

IRA Or 401K Conversion to Roth IRA – Is It Right For You?

The Roth IRA conversion process is a hot topic for the year 2010. This article examines the pros and cons of doing this type of financial transaction.

Double Dip Recession – What is the Future of IRA’s?

Traditional IRA’s have been earning returns less than the inflationary rates for a long time. Despite the fact that self direction laws were enacted in early 1970’s, only a few people take advantage of this incredible hands-off and potentially easy-to-monitor vehicle to supercharge their retirement. Savvy investors on the other hand, have been able to use self direction to shield themselves from high taxes as they build larger cushions for their retirement as well as educational costs for themselves and their children. It is therefore imperative that people learn ways of increasing returns not only on investments for their day to day well being, but also for their sunset days.

What Is a Safe Harbor 401k Plan?

A Safe Harbor 401k plan is a retirement plan that does not require discrimination testing. Discrimination testing is required with a regular 401k plan. It ensures that the correct balance is maintained between the contributions made by higher paid employees and those made by lower earning employees. If a business fails discrimination testing, then they will be required to pay penalty fees.

401K Plan Vs IRA

The two main types of plans through which it is possible to prepare financially for retirement are defined contribution plans and defined benefit plans. A 401k is an example of the former, while a traditional pension plan is an example of the latter. Each type offers different advantages and disadvantages. It is important to understand these in order to get the most out of your retirement plan or pension.

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