Can you cash our your 401(k) and take the money? Technically, yes. But you probably shouldn’t. Cashing out early will cost you huge in penalties and lost growth over the next few decades.
Last week, we asked: 401k or IRA? So the obvious follow-up is: Roth or traditional? If you read that and say, “huh?” Don’t feel bad. Despite hundreds of articles I’ve read on the topic, I have yet to find one that explains the differences between Roth and traditional accounts in a way that non financial […]
Unless you’re new to the personal finance scene, you probably already know that you should be socking away a good deal of money into one of those handy-dandy retirement accounts to prepare for your future. This is especially true for the twenty-somethings out there who have years upon years for our money to ride out […]
About 75 percent of Americans have done at least a little saving for retirement. Yet only 55 percent of full-time employees in America contribute to an employer-sponsored 401(k) or 403(b) retirement plan, according to reports by the Employee Research Benefit Institute. Although some employees choose not to contribute their employer’s 401(k) plan, other employees would […]
Q: I just started my first full-time job but am not eligible for the company sponsored 401(k) until December. What should I do if I want to start saving for retirement now? A: It’s a great idea to get a head start on your retirement saving even if your employer delays the onset of its […]
Should you start saving for retirement with a 401(k) before paying off credit card debt? It depends on your situation, but for most people the answer is…