401(k)s & IRAs / by Ted Benna with Brenda Newmann.

Format:

Book

Author/Creator:

Benna, Ted, author.

Contributor:

Newmann, Brenda Watson, contributor.

Series:

--For dummies.

--For dummies

Language:

English

Subjects (All):

401(k) plans.

Individual retirement accounts--United States.

Individual retirement accounts.

Physical Description:

1 online resource (355 pages)

Other Title:

401(k)s and individual retirement accounts

Place of Publication:

Hoboken, New Jersey : For Dummies, [2022]

Summary:

From the basics down to investing, get the most out of your 401(k) and IRA in any economic environment When you're ready to start setting aside (or withdrawing) money for your retirement--whenever that might be--401(k)s & IRAs For Dummies is here for you! It covers both types of retirement plans because they each have valuable tax benefits, and you may be able to contribute to both at the same time. With the practical advice in this book, you learn how to manage your accounts, minimize your investment risk, and maximize your returns. Sounds like a win-win, no matter your situation or where you're at in life. Written by a well-known expert and 'father of the 401 (k)' , Ted Benna, 401(k)s & IRAs For Dummies helps you keep up with the ever-changing rules surrounding both retirement plans--including the rules from the SECURE and CARES Acts--and avoid the mistakes that can lead to higher taxes and penalties. Additional topics include: Tax strategies before and after retirement Required distributions and how much you need to take Penalties for taking money out early and how to avoid them What happens to your or your spouse's retirement plan after death or divorce The rules for taking money out of an inherited plan Methods for calculating required minimum distributions Special tax benefits for conversions to Roth IRAs How to recharacterize IRA or Roth contributions Why IRA based plans are a better options for many small employers Helping solo entrepreneurs and other small businesses pick the right type of plan Whether you're just starting to think about a retirement plan, planning when to retire, or you're facing retirement, you'll find useful and practical guidance in 401(k)s & IRAs For Dummies. Get your copy today!.

Contents:

Intro

Title Page

Copyright Page

Table of Contents

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Part 1 The ABCs of 401(k)s and IRAs

Chapter 1 Explaining IRAs and 401(k)s

Exploring the Basics of Retirement Savings Plans

Getting down to 401(k) basics

Introducing IRAs

Comparing and Contrasting IRAs and 401(k)s

Accentuating the Positive

Saving up

Getting employer contributions

Chapter 2 Taxing Issues

Realizing the Reasons for Tax Breaks

What the government gains

What you gain

Talking Tax Terms

Earning your income

Combining your income

Adjusting your income with AGI

Figuring your marginal tax rate

Getting Credit for Contributions

Deducting IRA contributions

Paying attention if your spouse has a plan

Earning extra credit according to income

Taxing Income at Retirement

Staying Alert to Changes in Tax Law

Chapter 3 Naming Beneficiaries and Planning for the Future

Deciding Who Gets Your Savings When You're Gone

Detailing the Distribution

Talking Timing and Taxes

Passing along Company Stock

Starting the Roth Clock

Qualifying Your Charitable Giving

Giving a good QCD

Linking RMDs and QCDs (and minding your Ps and Qs)

Giving tax free

Being a Beneficiary

Deciding - or being told - what to do with the money

Saying no to the money

Stretching an inherited IRA

Part 2 401(k) Basics

Chapter 4 Checking the Benefits of a 401(k)

Realizing What a 401(k) Does for You

Lowers how much tax you pay

Gets you matching funds from your employer

Makes room for a little something extra: Employer non-matching contribution

Allows you to save without tears

Vesting: When Your Employer's Contribution Is Yours to Keep

Vesting of employer contributions.

Making exceptions (You knew this was coming, right?)

Letting the Pros Work for You

Protecting Your Money

Meeting minimum standards

Avoiding losses in bankruptcy

Watching Out for Potential Pitfalls

Earning more may mean contributing less

Being at the mercy of your plan

Chapter 5 Signing Up for a 401(k)

Exploring Your Eligibility

Sometimes you play a waiting game

Sometimes you can't join at all

Sometimes you're automatically in

Making Your Entry Date

Deciding How to Invest Your Money

Chapter 6 Paying Attention to Administrative Issues

Figuring on the Fees

Finding the fees

Understanding the fees

Paying the fees

Paying extra for extra services

Checking on small business challenges

Considering Funding Issues

Making a mutual decision

Unwrapping wrap fees

Prospecting in the prospectus

Knowing What You Can Know

Working to Improve Your Plan

Upgrading investment performance

Searching out information

Questioning investment strategy

Chapter 7 Weighing Your Options When You Leave Your Employer

Taking Your Savings with You

A Rolling 401(k) Gathers No Taxes

Realizing that account size matters

Moving your money to your new employer's plan

Waiting for the money to transfer

Leaving Money with Your Old Employer

Taking a Lump Sum

Taking Stock into Account

Part 3 undefined

Chapter 8 Investing in an IRA

Looking at the Basics of Your IRA

Staying traditional

Touching on Roth IRAs

Benefiting from a spousal IRA

Starting an IRA for a child

Setting Up Your IRA

Deciding where to invest your money

Opening your account

Maintaining Your IRA

Moving Your IRA

Chapter 9 To Roth or Not to Roth

Predicting Future Tax Rates

Calculating accurately

Talking tax breaks

The "Or Not to Roth" Section.

Taking Money Out of Your Roth IRA

Converting to Roth

Chapter 10 Rolling Over an IRA

Rolling-Over Basics (How to Shake Is Next)

Rolling through the Process

Rolling through a conduit

Rolling partially over

Rolling Roths with care

Calling a Roth Conversion: No, It's Not a New Football Play

Paying 20 Percent

Part 4 Saving and Investing

Chapter 11 Setting Up Your Savings Plan

Targeting Your Retirement Date

Getting Your Hands on Your Money

Drawing on your Social Security

Tapping into other sources

Living the retirement life

Testing the waters in your gene pool

Developing Your Retirement Savings Plan

Cutting down on your expenses

Picturing your progress

Counting on compounding

Chapter 12 Determining How Much to Save

Improving Your Chances of an Ideal Retirement

Deciding How Much of Your Salary to Put Aside

Making use of your salary deferral agreement

Measuring your plan's maximums

Being highly paid means different rules

Estimating what your budget can afford

Building Your Nest (Egg)

If you're retiring in the near future

If your retirement is farther off

Using a retirement calculator

Chapter 13 Selecting Your Investments

Looking Over the Investment Menu

Money market funds: Show me the money

Keeping things reined in with stable value funds

Bonding your funds: Single portfolio seeks stable relationship

Deciding one and done: Balanced and TDF funds

Stock funds: A feather in your cap

Investing where you work: Company stock

Brokerage window: Don't fence me in

Forging Your Own Investment Trail

Baking Your Asset Allocation Pie

Check your ingredients and avoid these common mistakes

Open the oven door once in a while to check your progress

Make sure that your pie complements the rest of the meal

Seeking Help from the Pros.

Finding books and publications

Consulting a real live person

Going online for info

Going online for advice

Chapter 14 Taking Reasonable Investment Risks

Defining Some Investment Basics

Playing debt instruments and making equity investments

Taking a dip in the mutual fund pool

Watching the return of the mummy . . . er . . . money

Diversifying for fun and safety

Staying In It to Win It

Seizing the opportunity of a downturn

Buying more when prices are low

Classifying Different Types of Risk

Losing more than you can stand

Losing your entire investment

Owning too much company stock

Not having enough money to live on during your retirement

Understanding the Risk-Reward Relationship

Deciding How Much Risk You Can Stand

Part 5 Money In, Money Out

Chapter 15 Making Contributions

Checking Out How Much You Can Contribute

Gauging the limits of the law

Seeing what Uncle Sam allows (he's extra generous if you're 50 or older)

Paying attention to the percent-of-pay limit

Heeding limits on your personal IRA

Maxing Out Matching Contributions

Timing Is Everything

Spreading out your 401(k) contributions

Spreading out your IRA contributions - or not

Chapter 16 Withdrawing Money Before You Retire

Taking Money from Your IRA

Accessing Your 401(k) Plan Money While Working

Facing Hardship with Your 401(k) at Your Side

Defining a hardship

Determining the amount

Calculating the tax you owe

Dipping into Your 401(k) Money to Buy Your First Home

Both a Borrower and a Lender Be

Giving one good reason . . .

Figuring out how much you can borrow

Determining how much interest you pay

Paying the piper: Repayment rules

To Loan or Not to Loan (To Yourself, That Is)

Weighing a Hardship Withdrawal versus a Loan

Saying No to Yourself.

Chapter 17 Managing Your Plans after Retirement

Looking Forward to Retirement

Decisions, Decisions: What to Do with Your 401(k) Money

Being older can save you money

Foiling the dreaded early withdrawal penalty

Leaving money with your former employer

Making Withdrawals from Your IRA

Paying Uncle Sam His Due: Required Withdrawals

Developing a Strategy to Deal with the Tax Man

Which comes first: Plucking the chicken or emptying the nest egg?

Dealing with that darned company stock

Managing Your Investments in Retirement

Live long and prosper

Stay practical

Managing Risk

Balancing investments

Buying an annuity

Consolidating Your Accounts

Tending to Your Nest Egg

Row, Row, Row Your Boat, Gently Down the Income Stream

Treating Your Home Like the Asset It Is

Adding up the expenses

Making use of your equity

Part 6 Helping Small Employers

Chapter 18 Plans from a Small Employer's Perspective

Putting in the Effort

Meeting Regular 401(k) Requirements Is a Pain in the Pocketbook

Getting to know ERISA and her requirements

Dieting won't help top heavy plans

Sticking up for the little guy: Nondiscrimination tests

Calculating the bottom line on employer contributions

Deciding on other bells and whistles

Comparing 401(k)s

Going it alone: The solo 401(k)

Choosing a safe harbor in a storm of requirements

Spelling out QACA

Finding Alternatives to a 401(k) Plan

Making it easy with payroll deductions

SIMPLE Simon met a pie man . . .

Contributing the funds with a Simplified Employer Pension (SEP)

A Word about Cost

Chapter 19 Offering a 401(k) Plan

First Things First

Prioritizing employees: Being a fiduciary

Exploring the world of fees

Choosing a 401(k) Provider

Getting up close and personal - why you shouldn't.

Streamlining the process with outside help.

Notes:

Includes index.

Description based on print version record.

ISBN:

1-119-81726-9

1-119-81725-0

OCLC:

1273000397