Why, When and How You Should Max Out Your Retirement Accounts

It’s never too late -or too early- to start saving for retirement. If you are just starting to save for retirement, focus on saving as much as you can now. Your biggest asset is time!

 

But, where to start? What type of retirement accounts should you have?

It can get confusing fast with all the different options, advice and opinions in terms of just where to begin. But, your overall goal is to start saving for retirement asap and work up to maxing out all avaiable retirement accounts.

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What You Need to Know About Your 401(k) Fees

What You Need to Know About Your 401(k):

Your 401(k) Might Be Charging You High Fees and Severely Decreasing Your Returns

 

You may have already heard or read about both high-profile brokerage firms and employers, such as Edward Jones, Brown University, Delta Airlines, MIT, NYU and Yale, being sued by plan participants and employees for high fees in their 401(k) plans. 

Employees and plan participants are fighting back against high, exorbitant 401(k) fees, and recent lawsuits decisions have proven that the courts are beginning to side with them. Continue reading “What You Need to Know About Your 401(k) Fees”

6 Habits You Must Start Now to Achieve Financial Independence Later

Financial Independence

 

According to Wikipedia, financial independence is “the state of having sufficient personal wealth to live, without having to work actively for basic necessities”. Many of the things we do right now to improve our personal finances are meant to reach this ultimate goal in which we no longer have to worry about money and/or its source (ie working).

This is also synonymous, and a prerequisite, for retirement. Continue reading “6 Habits You Must Start Now to Achieve Financial Independence Later”

Ally Invest is Coming (and I Am So Excited)

This page may include affiliate links. I may get paid when you click on a link and buy a product/service, but at no extra cost to you.

Ally Invest

If you haven’t figured it out yet… I am in love with Ally Financial. You can read about why an Ally’s savings account can increase your wealth here.

I am completely and utterly excited about Ally Invest coming this month. Ally bought TradeKing last year (2016) and is now Ally Invest.

Ally Invest offers a wide selection of resources to help investors of all experience levels make the most of their investments, including advanced charting tools and numerous calculators”.

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Retirement: Roth vs. Traditional IRA

This page may include affiliate links. I may get paid when you click on a link and buy a product, but at no extra cost to you.Good Morning everyone!

Today I want to discuss IRAs. If you have not heard of them, they are an awesome retirement option for Millennials to utilize.

An IRA is an individual retirement account. Individually, you can put $5,500 per year into a Roth or Traditional IRA. With a Roth IRA, you contribute money after you’ve paid taxes on it and then your money grows tax-free. That’s actually a really awesome deal and usually the best investment option for Millennials. In a Traditional IRA, you put money in before you pay taxes on it. In addition, you can usually deduct this contribution from your taxes if you don’t already have a retirement plan at work or if you make less than $71,000 a year.

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