An emergency can strike when you least expect it. Maybe your car breaks down, or medical bills start piling up. Whatever the reason, it can be frustrating, especially if you are short on funds. Situations like that may make you wonder if cashing out your 401(k) is the right move. Typically, people have a significant
Hurricanes Harvey and Irma have caused major destruction, and it’s taking a toll on the wallets of those affected. Roughly 80 percent of the victims of Harvey don’t have flood insurance to cover the damage to their homes and belongings, and the damage from Harvey alone is estimated to cost up to $190 billion. That
With traditional pensions all but disappearing, the workplace retirement plan has become the bedrock of many people’s retirement savings strategy. Four out of five Americans work at a company that offers a 401k (or a variant such as a 403b). And while far too many workers still don’t or can’t contribute to their 401k, it’s
When working with clients to develop their financial plans, integrating 401(k) accounts into an overall retirement strategy is an important part of the process. For most people, their 401(k) represents their largest source of funds set aside for retirement. Whether deciding how much to contribute, choosing investments within the 401(k), or wondering if it is
When leaving your job, the conventional wisdom has long been to take your 401(k) money with you by rolling it into an IRA. And 95% of the time that’s the way to go, says Evan Beach, a certified financial planner for Campbell Wealth Management, in Alexandria, Va. But in some cases, taking the conventional route
My husband and I recently bought a home in a New York City suburb. When we began the process of applying for our mortgage, we were asked to submit a boatload of documents and paperwork. We each handed over two months worth of pay stubs, three years worth of W-2s, about a dozen quarterly bank