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From the basics down to investing, get the most out of your 401(k) and IRA in any economic environment
When you're ready to start setting aside (or withdrawing) money for your retirement--whenever that might be--401(k)s & IRAs For Dummies is here for you! It covers both types of retirement plans because they each have valuable tax benefits, and you may be able to contribute to both at the same time. With the practical advice in this book, you learn how to manage your accounts, minimize your investment risk, and maximize your returns. Sounds like a win-win, no matter your situation or where you're at in life.
Written by a well-known expert and 'father of the 401 (k)' , Ted Benna, 401(k)s & IRAs For Dummies helps you keep up with the ever-changing rules surrounding both retirement plans--including the rules from the SECURE and CARES Acts--and avoid the mistakes that can lead to higher taxes and penalties. Additional topics include:
Tax strategies before and after retirement
Required distributions and how much you need to take
Penalties for taking money out early and how to avoid them
What happens to your or your spouse's retirement plan after death or divorce
The rules for taking money out of an inherited plan
Methods for calculating required minimum distributions
Special tax benefits for conversions to Roth IRAs
How to recharacterize IRA or Roth contributions
Why IRA based plans are a better options for many small employers
Helping solo entrepreneurs and other small businesses pick the right type of plan
Whether you're just starting to think about a retirement plan, planning when to retire, or you're facing retirement, you'll find useful and practical guidance in 401(k)s & IRAs For Dummies. Get your copy today!
Autorentext
Ted Benna is commonly referred to as the father of 401(k) because he created and gained IRS approval of the first 401(k) savings plan.
Brenda Watson Newmann began her career as an Associated Press foreign correspondent and later moved to Silicon Valley as Managing Editor at 401k Forum/mPower.
Klappentext
Craft a solid retirement plan at any age
One day, the fantasy will become a reality: Work will be a thing of the past. When that day comes, you'll be ready, thanks to 401(k)s & IRAs For Dummies. This is the only guide you need to take advantage of these popular savings plans. Inside, you'll find clear explanations of your available choices, easy-to-understand info that will cure your tax headache, and the latest on changing rules and regs. Do a little math now, with a lot of help from Dummies, and before you know it you'll be kicking your feet back and watching the distributions roll in. Inside
Zusammenfassung
From the basics down to investing, get the most out of your 401(k) and IRA in any economic environment
When you're ready to start setting aside (or withdrawing) money for your retirementwhenever that might be401(k)s & IRAs For Dummies is here for you! It covers both types of retirement plans because they each have valuable tax benefits, and you may be able to contribute to both at the same time. With the practical advice in this book, you learn how to manage your accounts, minimize your investment risk, and maximize your returns. Sounds like a win-win, no matter your situation or where you're at in life.
Written by a well-known expert and 'father of the 401 (k)' , Ted Benna, 401(k)s & IRAs For Dummies helps you keep up with the ever-changing rules surrounding both retirement plansincluding the rules from the SECURE and CARES Actsand avoid the mistakes that can lead to higher taxes and penalties. Additional topics include:
Inhalt
Introduction 1
About This Book 1
Foolish Assumptions 3
Icons Used in This Book 4
Beyond the Book 4
Where to Go from Here 4
Part 1: The ABCs of 401(k)s and IRAs 7
Chapter 1: Explaining IRAs and 401(k)s 9
Exploring the Basics of Retirement Savings Plans 9
Getting down to 401(k) basics 10
Introducing IRAs 12
Comparing and Contrasting IRAs and 401(k)s 14
Accentuating the Positive 16
Saving up 16
Getting employer contributions 16
Chapter 2: Taxing Issues 19
Realizing the Reasons for Tax Breaks 19
What the government gains 20
What you gain 20
Talking Tax Terms 21
Earning your income 22
Combining your income 22
Adjusting your income with AGI 22
Figuring your marginal tax rate 23
Getting Credit for Contributions 24
Deducting IRA contributions 24
Paying attention if your spouse has a plan 25
Earning extra credit according to income 27
Taxing Income at Retirement 28
Staying Alert to Changes in Tax Law 31
Chapter 3: Naming Beneficiaries and Planning for the Future 33
Deciding Who Gets Your Savings When You're Gone 34
Detailing the Distribution 35
Talking Timing and Taxes 36
Passing along Company Stock 37
Starting the Roth Clock 39
Qualifying Your Charitable Giving 39
Giving a good QCD 40
Linking RMDs and QCDs (and minding your Ps and Qs) 40
Giving tax free 41
Being a Beneficiary 42
Deciding or being told what to do with the money 42
Saying no to the money 43
Stretching an inherited IRA 43
Part 2: 401(k) Basics 45
Chapter 4: Checking the Benefits of a 401(k) 47
Realizing What a 401(k) Does for You 48
Lowers how much tax you pay 49
Gets you matching funds from your employer 53
Makes room for a little something extra: Employer non-matching contribution 55
Allows you to save without tears 56
Vesting: When Your Employer's Contribution is Yours to Keep 57
Vesting of employer contributions 57
Making exceptions (You knew this was coming, right?) 58
Letting the Pros Work for You 59
Protecting Your Money 60
Meeting minimum standards 60
Avoiding losses in bankruptcy 61
Watching Out for Potential Pitfalls 62
Earning more may mean contributing less 62
Being at the mercy of your plan 62
Chapter 5: Signing Up for a 401(k) 63
Exploring Your Eligibility 63
Sometimes you play a waiting game 64
Sometimes you can't join at all 65
Sometimes you're automatically in 66
Making Your Entry Date 66
Deciding How to Invest Your Money 67
Chapter 6: Paying Attention to Administrative Issues 69
Figuring on the Fees 69
Finding the fees 70
Understanding the fees 71
Paying the fees 72
Paying extra for extra services 74
Checking on small business challenges 74
Considering Funding Issues 76
Making a mutual decision 76
Unwrapping wrap fees 77
Prospecting in the prospectus 78
Knowing What You Can Know 79
Working to Improve Your Plan 79 …