Tim Parker of Investopedia shares some benefits of rolling over your 401(k) when you leave a job. Whenever you change jobs, you have several options with your 401(k) plan account. You can cash it out, leave it where it is, transfer it into your new employer’s 401(k) plan (if one exists), or roll it over into an individual retirement account (IRA).
Personal Finance Reporter for CNBC, Greg Iacurci, writes about how a new bipartisan bill would raise the age for required minimum distributions from accounts like 401(k)s and IRAs to from 72 to 75. It would also let workers repaying student loans to get a company 401(k) match even if they’re not saving in their workplace plan. “The bill, dubbed the Securing a Strong Retirement Act of 2020, would also let businesses pay a 401(k) match to workers paying off student loans, even if those borrowers aren’t saving in the company retirement […]
Which is better, a Roth or traditional 401(k)? Kristin McKenna, Senior Contributor to Forbes.com, lists out the differences in this article: “Investors make traditional 401(k) contributions before tax while Roth savings occur after tax. Which is best for you will depend on your current/future tax situation, asset mix, and cash flows. For individuals in the upper end of the tax brackets, paying tax now on retirement savings may not make sense.”
David Rae, Contributor to Forbes.com, recently posted an article listing 4 steps to take to stay on track for a secure retirement. “Being stuck at home for months and months, thanks to COVID-19, has many people rethinking what their dream retirement looks like. Others, who are out of work or underpaid/underemployed, are concerned about falling behind when it comes to saving for retirement. Whatever your situation, it is never too late to improve your financial security.”