If you're wondering "Can I contribute to an IRA and a 401(k) this year?", then you'll be delighted to know that the answer is most likely: Yes. For most middle income families, the good news is that both spouses can usually contribute to both types of retirement plans. With a 401(k), eligibility is pretty straight-forward. Your employer will either offer one or they won't. The employee generally just has to meet the employer's requirements which might be being 21 years of age (or older) and having worked with the company for a minimum amount of time (such as one year). IRAs, on the other hand, are accounts that you set up yourself. If you want to start one, you simply pick a reputable financial institution and apply. Its … [Read more...] about Can I Contribute to Both an IRA and a 401(k)?
Archives for April 2020
What Are the Smartest Things You Can Do With $1,000 Right Now?
If you're looking for some good things you do with $1,000 right now, then you're in the right place. Anytime you're about to receive some money, it's important to have some good options for what you plan to do with it. And let's be honest: With the median household income in the U.S. standing at $61,937 per year, a thousand dollars can do a lot of good. In fact, according to a survey reported by Fox Business, the majority of people who are about to receive $1,000 or more plan to use it to pay down their debt. While that's always a very responsbile use of money, is it the only option? Depending on how you normally manage your money, there may be some other choices that would also make similar positive impacts. In fact, if … [Read more...] about What Are the Smartest Things You Can Do With $1,000 Right Now?