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Retirement

MoneyTips

Even though retiring is the furthest thing from the minds of most twenty-somethings, you need to invest sooner, rather than later for one reason – you have an advantage over everyone else: time. Time to let your money grow exponentially. There is a reason Albert Einstein is credited with calling compound interest "the 8th wonder of the world." It can work either for you or against you. Those who understand it, earn it. Those who don't, pay it. Let me elaborate.

To understand truly how time affects money, let's look at Einstein's Rule of 72. This rule shows how long it will take to double your money, based on an anticipated interest rate. It's really easy to figure out and super-important to understand. In my opinion, it's one of the most important things to learn and apply throughout your life. For example, if you were to earn a 4% return on your money, it would take 18 years to d...

Why Your Children Need Their Own Roth IRA Now

Baby Boomers Not Ready For Retirement

10 Ways To Increase Your 401(k)

MoneyTips

Even though retiring is the furthest thing from the minds of most twenty-somethings, you need to invest sooner, rather than later for one reason – you have an advantage over everyone else: time. Time to let your money grow exponentially. There is a reason Albert Einstein is credited with calling compound interest "the 8th wonder of the world." It can work either for you or against you. Those who understand it, earn it. Those who don't, pay it. Let me elaborate.

To understand truly how time affects money, let's look at Einstein's Rule of 72. This rule shows how long it will take to double your money, based on an anticipated interest rate. It's really easy to figure out and super-important to understand. In my opinion, it's one of the most important things to learn and apply throughout your life. For example, if you were to earn a 4% return on your money, it would take 18 years to d...

Why Your Children Need Their Own Roth IRA Now

Baby Boomers Not Ready For Retirement

10 Ways To Increase Your 401(k)

MoneyTips

How can you retire with $1 million in assets? It's easy… if you start with $3 million! All kidding aside, the best answer is to make a plan that achieves the savings necessary to get to $1 million. We can help you formulate that plan using the following seven tips.

1. Make Saving and Budgeting a Priority – Saving is a mindset, and a budget is the way to turn that mindset into tangible results. Start by laying out a reasonable budget, looking for ways to cut expenses. Your budget is the building block to get a monthly surplus – and you can't even begin to save $1 million if you can't save anything on a monthly basis.

2. Start Early – Whatever you choose to do, do it right away. Start saving well before retirement and you can take full advantage of compounding interest. By adding regular deposits to your accounts and reinvesting your retirement plan ear...

How To Motivate Millennials To Save For Retirement

5 Common Mistakes in Retirement Investments

Don't Borrow Against Your Retirement Plan!

MoneyTips

How can you retire with $1 million in assets? It's easy… if you start with $3 million! All kidding aside, the best answer is to make a plan that achieves the savings necessary to get to $1 million. We can help you formulate that plan using the following seven tips.

1. Make Saving and Budgeting a Priority – Saving is a mindset, and a budget is the way to turn that mindset into tangible results. Start by laying out a reasonable budget, looking for ways to cut expenses. Your budget is the building block to get a monthly surplus – and you can't even begin to save $1 million if you can't save anything on a monthly basis.

2. Start Early – Whatever you choose to do, do it right away. Start saving well before retirement and you can take full advantage of compounding interest. By adding regular deposits to your accounts and reinvesting your retirement plan ear...

How To Motivate Millennials To Save For Retirement

5 Common Mistakes in Retirement Investments

Don't Borrow Against Your Retirement Plan!

MoneyTips

Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the credit for qualified retirement savings contributions, also known as the Saver's Credit. Note that this program is a tax credit and not a deduction, meaning that the amount you qualify for is subtracted directly from the taxes that you owe.

The credit applies to most retirement plans – 401(k)s, IRAs (both Roth and traditional), 403(b)s, 457(b)s, SIMPLE IRAs, SARSEPs, and other plans. It does not apply to rollover contributions, and any recent distributions that you received from these plans can reduce the amount of your credit. As of 2018, you may also take the credit for contributions to an Achi...

Only 25% Of Americans Know This Simple Tax-Savings Trick

It's STILL Not Too Late To Lower Your Tax Bill

Traditional vs. Roth IRAs and 401(k)s

MoneyTips

Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the credit for qualified retirement savings contributions, also known as the Saver's Credit. Note that this program is a tax credit and not a deduction, meaning that the amount you qualify for is subtracted directly from the taxes that you owe.

The credit applies to most retirement plans – 401(k)s, IRAs (both Roth and traditional), 403(b)s, 457(b)s, SIMPLE IRAs, SARSEPs, and other plans. It does not apply to rollover contributions, and any recent distributions that you received from these plans can reduce the amount of your credit. As of 2018, you may also take the credit for contributions to an Achi...

Only 25% Of Americans Know This Simple Tax-Savings Trick

It's STILL Not Too Late To Lower Your Tax Bill

Traditional vs. Roth IRAs and 401(k)s

MoneyTips

As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.

However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.

IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...

Your Roth IRA 60 Day Withdrawal Window

Don't Get A Surprise Tax Bill From Your IRA

5 Top Myths And 5 Top Facts About Tax Refunds

MoneyTips

As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.

However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.

IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...

Your Roth IRA 60 Day Withdrawal Window

Don't Get A Surprise Tax Bill From Your IRA

5 Top Myths And 5 Top Facts About Tax Refunds

  • Updated

MoneyTips

A stable income is critical to a comfortable retirement – as is limiting the amount of that income that you give to Uncle Sam. Maximizing retirement income and minimizing taxes requires advance planning – as illustrated in these seven tips.

1. Use a Roth IRA

Because Roth IRAs are funded with post-tax dollars, they are flexible retirement income sources and excellent for plugging retirement income gaps. You may draw contributions out at any time and earnings may be withdrawn tax-free if you are at least age 59½ and have had the account for at least five years.

Roth IRA contributions are less attractive when you are in higher-earning years where a high tax bracket applies. Contribute to a Roth IRA when tax conditions are favorable or convert a traditional IRA to a Roth IRA in a year where your adjusted gross income (AGI) is low, taking the tax hit while you'r...

7 Taxes Retirees Must Consider

Top 13 Ways To Cut Your Taxes

3 Top Retiree Tax-Planning Mistakes

MoneyTips

A stable income is critical to a comfortable retirement – as is limiting the amount of that income that you give to Uncle Sam. Maximizing retirement income and minimizing taxes requires advance planning – as illustrated in these seven tips.

1. Use a Roth IRA

Because Roth IRAs are funded with post-tax dollars, they are flexible retirement income sources and excellent for plugging retirement income gaps. You may draw contributions out at any time and earnings may be withdrawn tax-free if you are at least age 59½ and have had the account for at least five years.

Roth IRA contributions are less attractive when you are in higher-earning years where a high tax bracket applies. Contribute to a Roth IRA when tax conditions are favorable or convert a traditional IRA to a Roth IRA in a year where your adjusted gross income (AGI) is low, taking the tax hit while you'r...

7 Taxes Retirees Must Consider

Top 13 Ways To Cut Your Taxes

3 Top Retiree Tax-Planning Mistakes

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