Tag Archives: 401(k)

Taking Your 401(k) To The Next Level

By Posted in Personal Finances Tagged , , , , , , Leave a comment
If you are saving money towards retirement, congratulations. You are one of the nearly 26% of Americans who are preparing for their latter years. There are many avenues for savings. Some people are merely using a savings account or high-yield savings account that generates little interest but remains stable. Others are utilizing retirement accounts like an IRA, 403b, or 401(k). I myself, am using a 401(k) to house my retirement funds. While many 401ks offer slim investment choices and possibly good Read more [...]

Here Are The 401(K) Contribution Limits 2020

By Posted in Personal Finances Tagged , Leave a comment
If you are preparing for retirement and using your 401(k) as the primary savings vehicle; you will be happy to know that you can now add more money to your account in the coming year. According to the IRS.gov website; in 2020, you can contribute $19,500 to your 401(k) account.  This is an increase of $500 from last year's limit. This limit also applies to federal employees utilizing the Thrift Savings Plan. Here are a few other notable changes: 1-Catch-up contributions for those over Read more [...]

Can I Use My 401(k) to Pay for My Child’s Education?

By Posted in Personal Finances, Student Loans Tagged , Leave a comment
Let’s face facts; college is expensive. No parent wants to see their child saddled with thousands upon thousands of dollars in debt, or sacrificing decades of financial well-being to repay it. Student loans are a serious burden; one that I’m sure you’d do anything to help them avoid. Since many parents of college-aged children have been contributing to a 401(k) for many years, it can be tempting to use some of those funds to help pay for their child’s education. If you are considering using Read more [...]