Terms of Use /* Scoped container to ensure full width and no font conflicts */ .pension-article-container { width: 100%; margin: 0; padding: 20px; box-sizing: border-box; /* Inherits your website's default font and color */ } .pension-article-container h1 { border-bottom: 2px solid #000; padding-bottom: 10px; margin-top: 0; /* Underline removed */ text-decoration: none; } .pension-article-container h2 { margin-top: 30px; border-left: none; padding-left: 0; /* Underline removed */ text-decoration  More...

Terms of Use The IRS uses MAGI to determine if any or all of your IRA contribution is deductible and if you are eligible for premium tax credits. The higher your MAGI, the fewer deductions you can take on IRA contributions. There is a maximum MAGI when if met, IRA deductions aren't allowed. While you can still contribute to an IRA, but you won't be able to deduct any of the contributions on your tax return. Adjusted Gross Income (AGI) AGI represents your taxable income. AGI is defined as  More...

Terms of Use Definition: A 401(k) plan is offered by employers to allow you to set aside money for retirement on a tax-advantaged basis. You can contribute pre-tax dollars and then invest those dollars in the investment options provided by your employer for the purpose of saving for retirement. The earnings on your investments are tax-deferred until retirement. Your employer may also make matching contributions to your account. 401(k) plan limits: 401(k) Plan Limits 2026 Elective Deferrals $24  More...

Terms of Use One of the greatest benefits of a Roth IRA is the absence of Required Minimum Distributions (RMDs) during the owner's lifetime. Original Owner: No RMDs ever. Your funds can grow tax-free indefinitely. Workplace Roth Plans: As of 2026, Roth 401(k) and Roth 403(b) accounts also no longer require RMDs for the original owner. Inherited Roth IRAs: Most non-spouse beneficiaries must withdraw the total balance within 10 years of the owner's death, though these distributions a  More...

Terms of Use What if retirement is just around the corner and you haven't saved enough? Here are some tips. Some are painful, but they'll help you toward your goal. It's never too late to start. It's only too late if you don't start at all. Sock it away. Pump everything you can into your tax-sheltered retirement plans and personal savings. Try to put away at least 20 percent of your income. Reduce expenses. Funnel the savings into your nest egg. Take a second job or   More...

Terms of Use Your golden years are closer than you think! You know you need to save for retirement. Perhaps you've been stashing away some funds for that someday, but how do you know if you're saving enough? There isn't any way to know for certain how much you'll need to save today in order to afford the lifestyle you see for yourself down the road, but putting some thought to it NOW and coming up with a retirement plan will help ensure that you arrive over the hill in co  More...

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Terms of Use Employer retirement plans defined as a qualified plan under 401(a) or 403(a) as well as 403(b) plans, governmental 457(b) plans and Federal Employees Thrift Savings Plans can all be rolled over to a Traditional IRA. Funds retain their tax-deferred status and you enjoy the flexibility that a Traditional IRA offers -- such as the ability to access the funds when needed.

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Terms of Use Yes. If you contribute more than the allowed limit ($7,500 for those under 50; $8,600 for those 50+ in 2026), the IRS imposes a 6% excise tax on the excess amount for every year it remains in the account. How to Avoid the 6% Penalty To avoid the excise tax entirely, you must withdraw the excess contribution and any earnings (interest/gains) generated by that money by the due date of your tax return, including extensions (typically October 15 of the following year). Tax on Earnings  More...