Author: KnowledgeHippo

An individual retirement account (IRA) offers a great to save for retirement without going through your employer. It allows you to invest in a wider pool of investment options such as stocks, bonds, mutual funds, etc. What many investors do not know is that they can also use their IRA funds to invest in Certificates of Deposit (CD).An IRA certificate, also known as IRA CD, is an IRA that invests in certificates of deposit. It provides a fixed interest on your money for a set maturity term, usually between 6 months and 10 years. You can open an IRA CD…

401(k)s have different rules on when a participant can access their retirement savings without paying an early withdrawal penalty. Younger participants have fewer opportunities to take out money from their 401(k)s compared to their older colleagues who are already retired or approaching retirement age. The money in a 401(k) is intended to fund retirement, and the government enforces different rules to discourage withdrawals before attaining retirement age.The IRS requires that a 401(k) participant must be at least 59 ½ to begin taking money out of a 401(k) penalty-free. If you want to start taking distributions before age 59 ½, you…

Once you attain retirement age, you can start making withdrawals from your 401(k) retirement account. Usually, once you attain age 59 ½, you can start taking penalty-free distributions to meet your daily expenses. However, if you are not yet 59 ½, you can still make an early 401(k) withdrawal but you will be required to pay income taxes and penalties.401(k) withdrawals are counted as income for tax purposes, and you must report the amount withdrawn to the IRS when filing annual tax returns. A 401(k) is a tax-deferred account that is funded with pretax dollars, and retirement savers do not…

Contributing to an employer-sponsored 401(k) plan is a great way to build wealth for retirement; especially if you’re receiving a match from your company. The problem is they are tied to an individual employer. We forget about them, leave that company, and one day we realize “Oh yeah! Where is my 401(k)?”A 401(k) can be in a few different places. Most commonly it could be with your previous employers, an IRA they transferred your funds to after you left, or mailed to the address they had on file.Believe it or not, Americans unknowingly abandoned $100 billion worth of unclaimed 401(k)…

If you’re like most, you’ve changed jobs quite a bit during your career. According to a Department of Labor study, the average American will have had about 12 jobs during their career. All of that moving around is bound to cause some things to get lost in the shuffle. And if you’ve participated in any company-sponsored 401(k) plan, your retirement money may have been left behind. Luckily, there are ways to find your 401(k)s using your social security number.The sad fact is billions in retirement funds are left behind in 401(k) plans where the participant no longer works for that…

Individual Retirement Accounts (IRAs) are a great retirement savings alternative to the traditional 401(k). If your employer doesn’t offer a 401(k), an IRA is another excellent tax-advantaged alternative to build your retirement wealth. However, if you’ve lost track of an old IRA, it may be challenging to find it.You can find your IRA using your social security number, either by searching for the entity you opened the account with, navigating your state’s treasury database, or hiring a company like Beagle to do the work for you.With a bit of personal information and your social security number, you can find past…

Living expenses can become a major burden on seniors, especially those living on a fixed income. Fortunately, retailers recognize these financial challenges and offer discounts to help seniors gain more from a small budget. Walgreens is a well-known pharmacy chain in the U.S. that offers valuable senior discounts to help older adults make substantial savings.Walgreens offers a 20% senior discount on all eligible items on the first Tuesday of every month. This discount is available to seniors who are age 55 and over. The discount applies to pharmaceutical items, household items, beauty products, and other products. However, restricted products, such…

As the senior population grows, there is a demand for volunteers at senior centers to offer companionship and assistance with various activities. Whether you are passionate about helping seniors exercise or simply spending time with them, there are various ways to get involved as a volunteer at senior centers.You can start volunteering at a senior center by finding local senior centers with volunteering opportunities. Find volunteer opportunities that match your interests and skills. You can then contact the senior center via phone or email to ask about the specific volunteer roles they have and the requirements you must meet. You…

Finding ways to save money on regular expenses like cable TV and internet can make a difference for seniors on a fixed income. Xfinity is one of the largest cable TV providers in the United States, and it offers various options for seniors to save money on cable TV and internet bills.While Xfinity does not offer a senior discount, it offers other incentives that older adults can explore. One of these incentives is the Xfinity loyalty program, which offers many rewards and discounts to enrolled customers. In addition, Xfinity offers promotions such as the paperless billing discount that saves seniors…

Monitoring your finances should be cemented in your overall personal finance strategy. Whether it be your budget, credit profile, or retirement accounts, knowing where you stand is essential in determining your financial health. Some, like your bank accounts and credit, are relatively easy to monitor. However, figuring out how to check 401(k) balances can be more difficult.Like your car, your 401(k) needs regular maintenance. Without it, it may not perform as well or will no longer fit your overall investment strategy anymore.You can find your 401(k) balance by logging into your 401(k) plans online portal and check how your 401(k)…