Finance Globe

U.S. financial and economic topics from several finance writers.

What are your Retirement Goals? You Should Know the Answer

Most people say they want to retire by a particular age, such as 62, and automatically assume that this is good enough. However, many realize after some time that they are not on track to do so.One of the best ways to protect yourself, ensuring that you retire at your target age, is to set goals.No two people are in the exact same position. For this reason, no two people are going to share identical retirement...
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3 Alternatives to Traditional Retirement Saving

When it comes to saving for retirement, you know one thing to be true: more is always better. While this may be the case, some people don’t have enough time or earn enough money to reach their goals.If you find yourself struggling to save enough cold hard cash for retirement, there are other things you can do to improve your situation.Here are three alternatives to traditional retirement saving:1. Retire debt free. Are you able to eliminate...
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5 Ways to Save More for Retirement

Is retirement age closing in on you in a hurry? Are you worried that you don’t have enough money to hang up your work boots for good? If you find yourself in this position, you can take comfort in knowing that you are not alone. Of course, this won’t do anything to improve your financial situation.Here are five ways to save more for retirement:1. Max out your employer retirement plan. This is important for everybody, especially...
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5 Things you need to know about a Roth IRA

Are you interested in opening a Roth IRA? With this type of individual retirement account, you are making contributions with after-tax dollars. While this is not the right choice for everybody, with some opting for a traditional IRA instead, there are many benefits to consider.Here are five things you need to know about a Roth IRA:1. Contributions are not tax deductible. This is in contrast to a traditional IRA in which your contributions may be tax...
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Withdrawing From an IRA

If you’re looking for money to pay off your debt or accomplish another big financial goal, you may consider the funds you’ve put in your IRA or individual retirement account. Be care, depending on the type of IRA, your age, and how long you’ve had the account, you may have to pay penalties on money you take from the IRA. Once you put your money in an IRA, a traditional IRA at least, you’re expected to...
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401(k) Loans

401(k) loansAmerican workers may find themselves considering their 401(k) plans when they're in need of a loan. 401(k) loans are pretty easy to get, especially when compared to other types of loans. First of all, there's no credit check and no collateral required, since you're borrowing money from yourself. And, the payments and interest you'll pay are going back into your 401(k) account. A loan on your 401(k) is always better than taking an early withdrawal...
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Your 401(k) - Choosing the Right Investments

Investments within your 401(k)Your 401(k) is your tax-advantaged retirement account, sponsored by your employer. You've made a smart decision if you participate in your company's 401(k) plan. But simply putting money into a 401(k) isn't enough to ensure a comfortable retirement. You must manage your 401(k) portfolio just like you would with any of your other investments. Proper investment management is vital to your future security, whether your 401(k) is one of your many investmentaccounts, or...
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What To Do With Your Old 401(k)

Americans are fickle with their employers, and many will change jobs as often as they change cars. And considering that the 401(k) is the retirement plan of choice for most large companies, there's a good chance you'll need to decide what to do with your old 401(k) when you move on to greener pastures.So what do you do with your 401(k) when you move to your next job? You basically have four options: Take it and...
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Where You Can Open Your IRA

Ready to open your IRA?So, you've reduced your debts to a level you can pay off every month. You've saved a few month's worth of living expenses for emergencies. You've done a little research and learned the benefits of opening your IRA as soon as possible. Okay, you're ready to open your IRA. So, now what? First of all, I want you understand that an IRA is not a type of investment; it is a type...
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Roth IRA or Traditional IRA

If you are thinking about opening your IRA, you may wonder if it's better for you to go with the Traditional or Roth IRA.Both require that you earn at least as much income as the amount you contribute to an IRA. Both allow the same maximum annual contribution of $4000 for 2007, and $5000 for 2008. If you are age 50 or over, you may make an additional $1000 contribution annually to play "catch up". Both...
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