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401(k) Retirement
, 401(k) Tips and Advice
on August 28, 2010
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RambergMediaImages
A recent 'saving money tip' website suggested readers do a search in their couch, armchairs, pockets, and, drawers to see how much money they could find. Many people found in the region of $200 just by collecting loose change that was throughout the house and in coat pockets. One person found $700 in several drawers that were used as 'catch-alls' for junk.
Another thing you could do is look at the items in your house, and, if you have things that you don't want, don't like, or don't use, advertise them on Craigslist. Ads are free and the few dollars you can make here and there will all add up.
Withdrawing from your 401k will have serious consequences in the future. Do your best to find other options first. And, if you must make a withdrawal, as soon as you get back on your feet try and make up the difference by contributing more each month.
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401(k) Retirement
on August 20, 2010
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MJTR (´･ω･)
Under the hardship withdrawal clause:
Certain medical expenses; costs relating to the purchase of a primary home; tuition and education expenses; payments to prevent eviction or foreclosure on a primary home; burial or funeral expenses; and repair of damage to a primary home meet the IRS definition and are permitted by most 401(k) plans.
It is also not just the unemployed who are withdrawing funds: many people have had overtime reduced or cancelled resulting in less money in their paycheck.
With average 401(k) account balances only in the $61,000 range, most people don't have enough put by for retirement to begin with. This can only lead to more financial problems in the future.
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401(k) Tips and Advice
, Tips For Employed People
on June 27, 2010
©
Foxtongue
Here are a few things you can easily start doing now:
Look at your credit reports. Get a copy of your credit report once every twelve months from each of the three credit bureaus. Click on annualcreditreport.com to get your credit score from Experian, Equifax and TransUnion. If you think there are mistakes, make sure you get them resolved as quickly as possible.
Have an online savings account. All interest rates on bank accounts are low right now but online savings accounts tend to pay a bit more. But that only makes it important for you start some form of savings as early as possible. That will give you a very, very long time to start securing your money when you are about to retire 40 to 50 years from now.
Build up your 401(k). If you are employed and your company makes a contribution to your 401(k) plan, make sure you take advantage of it. Contributions to these funds are tax deductible and your earnings are all tax free.
If your employer offers education tuition reimbursement, then go for it! Get back into school and pursue some higher education. You may be feeling a bit tired of school right now but why turn down the chance to earn a master's degree at no cost to you?
Make sure you have a budget. This is something that will have to be adjusted often soon after you graduate but with practice, you'll be better able to manage your money. This will allow you to identify things you tend to be overspending on so you will know where cut back.
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Best of
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Best of
on May 26, 2010
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