One day in the near or far future, you’re probably going to come to a point in your career when it’s time to leave your job and enjoy your golden years without strings. Unfortunately, not everyone plans that far ahead. Unfortunately, a few get stuck in pitfalls, leaving them in a tight spot when retirement time comes. Knowing what these snags are is the best way to navigate around them. While there may be other hazards, look out for these detours on your road to preparing for retirement.
Tag: retirement savings
How Old Is Too Old to Save Money for Retirement?
A recent study by OnePoll found that nearly half of the people surveyed thought there was an age when people were too old to start saving for retirement. While it’s true the longer you wait to save, the less you’ll be able to rely partially on compound interest to leap your wealth forward, it’s never too late to start saving for retirement. In fact, the best time to start for anyone of all ages is now.
How to Track Down a Lost 401(k)
Most individuals will change employers several times throughout their working years. It’s possible during those career shifts, workers will unwittingly leave behind retirement benefits accumulated over their tenure with the company. For that reason, it’s important to know how to track down long-forgotten 401(k) accounts. Luckily, there are steps you can take to reclaim the lost retirement account and roll it into your current 401(k) or another retirement account.
The Tax Credit Over Half of Americans Miss Out on
When Americans file their taxes each year, there may be a tax credit they could be missing. The Savers Credit used to be known as the Retirement Savings Contributions Credit, and it gives low to middle-income taxpayers a tax break each year, as long as they qualify. Beyond the qualifying factors, the credit is non-refundable, meaning it can only reduce a person’s tax liability but cannot contribute to a refund.