Article Summary: Taxpayers can earn tax relief on their pensions so that some of the money they would have paid in tax on their earnings go into their pensions pot rather than to the government. Tax relief is paid on your pension contributions at the highest rate of income tax you pay. Pensions are a […]
Are you thinking about withdrawing money from your retirement plan early? An estimated 1.5% of 401(k)s and IRAs assets leak out each year through loans, cashouts, and early withdrawals—so, you’re not alone. $26.1 trillion Total assets in retirement accounts (Source: Investment Company Institute) But how will this financial move impact your taxes and future? The […]
32% Percentage of Americans on target to cover their current expenses when they retire. No matter what stage you are in life, there are tweaks available to improve your path to retirement. Whether you are just starting out or about to hit retirement, we have tips on retirement planning by age for you. This comprehensive […]
Have you begun to save for retirement? According to a recent survey, only two out of three workers feel confident about having enough money to live comfortably in their retirement. Most people don’t start saving for retirement until they hit 31, which undercuts their returns significantly. Even though retirement may seem far off, the earlier […]
When you have a large sum of money at your disposal, whether it’s a pension, settlement, or something else, you often have the choice of taking all the money at once or choosing annuity payments instead. We’ve all heard the stories of people hitting the lottery and quickly squandering their winnings when they could have […]
Say you saved X million dollars in your combined retirement savings plans. You’re set for life, right? Unfortunately, not necessarily. To paraphrase a great superhero, with great wealth come great taxes. As soon as you start withdrawing money from your retirement accounts, you’ll start paying income tax on it. So how can you protect your hard-earned […]
One of the best perks of being an employee — as opposed to self-employed — is that many employers offer a match to your retirement contributions. An employer match can be a powerful tool to help you grow your retirement savings more quickly. However, many employers do not let the employee access the money the […]
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