Tag Archives: Retirement

Pension Plans are Going Broke

The Washington Examiner has estimated that 114 multi-employer pension plans, involving 1.3 million people, are underfunded.  This means that the amount of money in the pension plan is less than the amount that the plan should have. If you are … Continue reading

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IRS Relaxes IRA Transfer Rules

The IRS has recently relaxed a long-time rule punishing people who do not correctly transfer money from one retirement account to another within sixty (60) days of pulling out the money.  Now, the IRS offers some exceptions to this sixty … Continue reading

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IRS Announces New Limitations for Retirement Plans

The annual limit a person can contribute to an individual retirement account (IRA) is $5,500 per year.  The elective contribution limit for employees who have a 401(k) plan, 403(b) plan, 457 plan, or federal thrift savings plan is $18,000 per … Continue reading

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Rollovers

A rollover is when a person withdraws or takes money out of one retirement account and moves it to another retirement account. If done correctly, then the transfer of money from one account into another is not taxable. One requirement … Continue reading

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Small Business Retirement Plan Penalty

If you are a small business with a retirement plan, here are a few tips you should check out: Plan administrators and sponsors who fail to file the required forms can face up to $15,000 in penalties per return. There … Continue reading

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Required Retirement Plan Distributions

For anyone who is age 70.5 or older with an IRA, retirement plan, or a Roth IRA, you are required to take a required minimum distribution.  A required minimum distribution is a required withdrawal of your retirement account.  If you … Continue reading

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Retiring your Retirement

Here are a few facts (according to Money.com) about retirement accounts.  How do you stack up? The average retirement account balance for men is $121,000. The average for women is $78,000. The average contribution to a 401(k) account is $9,600. … Continue reading

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401(k) Contributions in Bankruptcy

If you are in a Chapter 13 bankruptcy or thinking of filing a Chapter 13 bankruptcy and have a 401(k), you may have an issue continuing to contribute to your 401(k) after filing. If you need legal assistance, contact our … Continue reading

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Divorce and Railroad Pensions

Railroad pensions are treated partly as Social Security and partly as a private pension under the Federal Railroad Retirement Act.  The portion that is treated as a private pension is subject to division in a divorce and is treated as … Continue reading

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Take Credit for Your Retirement

Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s Credit. … Continue reading

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