When most people hear the term 401(k), they immediately think of it as a benefit that an employer provides to its employees. Many employers will make matching contributions to an employee’s 401(k) retirement account, effectively doubling the amount of savings that the employee puts away. But what about those individuals who are self-employed or own Read more…
Personal Finance Resources & Guides
401(k) Early Withdrawal | 11 Ways To Cash Out Without Penalty
If you are in financial need, it might seem extremely tempting to simply withdraw some money from your 401(k), IRA, or other retirement account to cover the need. However, that withdrawal generally comes with a heavy penalty of 10% of the withdrawal amount. Retirement accounts are intended to be used for retirement, so the IRS Read more…
IRA vs. 401(k) | What’s The Difference & How To Choose
You can never start too early when it comes to saving for retirement, but many people find themselves wondering what kind of retirement savings account they should open. They may have access to a 401(k) through their employer, but many people also know about individual retirement accounts (IRAs) as well. So, what is the difference Read more…
Is Social Security Disability Taxable? | (Complete Guide)
Social Security disability benefits assist many people who are unable to work because of a medical condition that qualifies them for disability. The average benefit payments are not extremely high, so some people struggle to make ends meet when they only receive SSDI benefits. Paying for housing, food, and other essentials is difficult enough, but Read more…
Is Social Security Taxable? | Comprehensive Guide + Examples
Millions of Americans receive Social Security benefits each month, and many of those people struggle to survive on just those benefits alone. If you are wondering how much Social Security pays, the average Social Security check in 2022 was only about $1,600 per month, so that is not a large income. Income taxes on those Read more…
