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A 401(k) is a profit-sharing retirement saving plan some U.S. employers offer. It lets you contribute a portion of your pre-tax income to a tax-advantaged investment account.
Announcing your retirement a few months in advance is often considered a courtesy to your company. Not only does it give your employer time to manage the transition and hire a replacement, but it ...
Most Americans are generally familiar with the idea of planning for retirement, whether it's through an employer-backed 401(k), a private IRA, or some other investment vehicle. But not all of ...
If you retire before age 59.5, you may be too young to withdraw from an IRA or 401(k) penalty-free. And if you retire prior to age 62, you're too young to claim Social Security benefits. There’s ...
Schedule the meeting: While there is some debate in the literature, many experts recommend scheduling terminations for early in the day and early in the week. Coordinate with the IT department to deactivate network access at the time of the termination. Prepare a meeting place by booking a room that private and separated from other employees.
IRA and 401(k) withdrawals before age 59 1/2 typically incur a 10% penalty, but if you leave a job at 55 or later, you may be able to tap into that employer’s 401(k) penalty-free.
My post on 401(k) plans generated some spirited comments. Some readers asked what "subsidy" employers get from 401(k) advisors and mutual fund families. Here's the way it works. Brokers and fund ...
“People in this situation may think about taking a career change, opening a business or taking a part-time job and using retirement income to make up the difference in income needs,” says Czajka.