Retirement plans come in many different flavors and varieties. Each offers some unique advantages, while most also come with a few drawbacks. Your employer often plays a large role in which plans might be available to you to use for retirement savings. If you are a teacher, school administrator, government employee, doctor, or nurse, then Read more…
Personal Finance Resources & Guides
457(b) Plan: What Is It? | (Full Guide) Inside
Retirement plans can be confusing, and saving for retirement can be difficult. Many people are familiar with a 401(k), but what if your employer does not offer one? There are many other options available including 457(b) plans. These plans are similar to a 401(k), but there are a few distinct differences. So, just what is Read more…
Qualified Retirement Plan: What Is It & How It Works | Full Guide
Most people know that they need to save for retirement, but many do not fully understand all the savings plan options available. Not all retirement savings plans are created equal. Some can offer more tax benefits while others might allow you to make more contributions. Choosing which one is right for you requires knowledge of Read more…
Death Tax: Who Pays & How Much | Comprehensive Guide Inside
Since you pay income taxes on your income throughout your lifetime, you might think that you are done with taxes after that. Unfortunately, that is not always true! Even upon your death, your assets might still be taxed again when you leave them to your heirs. In some cases, that tax rate could be over Read more…
Inheritance Tax | How Much Is It & What To Expect [Full Guide]
![Inheritance Tax | How Much Is It & What To Expect [Full Guide]](https://ssofficelocation.com/wp-content/uploads/2021/09/miniature-people-inheritance-tax-concept-150x105.jpg)
Imagine getting great news that you just received a large inheritance from a long lost relative. Now imagine getting the bad news that you might owe a large inheritance tax on that money or property you just received. Depending on where the deceased person lived, you might have to pay taxes on inheritance that you Read more…
Living Trust: What Is It & Do You Need One? | Full Guide
When most people hear the words “trust account,” they immediately think about the super rich. However, trusts are not just for rich people! Living trusts can be extremely useful tools to help you accomplish your estate planning goals. They provide many benefits like tax savings and probate avoidance. Whether or not you can benefit from Read more…
SIMPLE IRA Retirement Plan | Everything You Need To Know
Saving enough money for retirement can be a challenge, especially if your employer does not offer a matching 401(k) plan. Many small businesses choose to avoid 401(k) plans because of the high administrative costs and IRS rules associated with them. Many individuals are left saving for retirement on their own through an IRA, or individual Read more…
What Is The FICA Tax? | Everything You Need To Know (Full Guide)
Have you ever taken a look at your paycheck stub and seen all the deductions and withholdings on there? Perhaps you saw a line item for the FICA tax being withheld from your check. Maybe you are not even sure what that is and why it was taken out of your pay. We are here Read more…
Roth IRA vs. Traditional IRA | What’s The Difference? (Full Guide)
Unless you are planning for your retirement, you might not know what a Roth or traditional IRA is. It is never too early to start a retirement plan, and you should start saving as soon as possible to maximize the amount of money you have when you reach retirement age. If you are unsure what Read more…
Pension Plan vs. 401(k) | What’s The Difference & How To Choose
Saving for retirement can be a daunting task, but knowing what options are available is a great first step. You might hear the terms 401k, pension plan, defined benefit plan, or defined contribution plan and start to feel overwhelmed. What do they all mean and how do you select the one that is right for Read more…
