Borrowing From 401K to Reduce Your Debt Good or Bad Mint Good Credit Tips Tutorial
Question comes from Max on Mint's Facebook page, and this is Max's question What's the formula to determine if it makes more sense to pay down credit card debt normally or to borrow from your 401k to pay off that credit card debt Max, here's my opinion on that issue. Your 401k is your nest egg. It's the war chest that you're going to build over the entire time that you're working so that someday you can retire and live off of it. Taking money out of a 401k to pay off credit card debt.
Knowledge Base Down Payment
Here's another installment of your finance tips from your knowledge base so you're buying a house are you. Do you realized that you need a down payment. Yes, you did well here are a few tips on where the downpayment can come from so one of the options of course is cash in the bank well actually not cash the money in your bank account because we can we use cash for a down payment in this crazy world of lending so your bank account could be one of them and that's easy as long as we can verify where the money come from.
And that you have a paper trail on it which we will help you put together. Now another option is gift money and there is another tip on gift money alone there's a sale of a car or another valuable asset that you can also document and there is another tutorial on that you can watch separately as well but what this is all about is a couple of rarely thought of sources of funding for your down payment what comes to mind to a lot of people is cashing out there IRA's or 401k's. Well.
I have a better one for you. Cashing it out entails paying taxes and potentially penalties because if you're not a firsttime homebuyer there will be a penalty for cashing out your 401k's or IRA refunds and you will be taxed on those and the end of the year as you would have to add them to your income, So if that doesn't scare you fine go right ahead, but again I have a better idea for you if you have a 401 K through your employer please find out from the 401k administrator if you're able.
Personal Finance 401k About 401k Contribution Limits
My name is Phillip Beningoso, I'm an investment professional, and I'm going to be discussing 401K contribution limits. It's important to keep your eye on what amount that is allowed for your 401K contributions. There are two different 401K contribution limits that you're going to really need to be aware of. The government sets the limit allowable, and an employer sets their own 401K limit. So, let's talk a little bit about both. The U.S. government imposes a 401K contribution limit guideline. Okay, the government is beginning to understand the importance of saving for retirement, and has started to increase that limit each year.
To help people save more money. Now the limit for 2008, 401K contribution limit is fifteen thousand, five hundred. And they also have what's called a catchup contribution feature, which is for those over fifty years of age, and that is five thousand additionally. Now, check with your employer to find out their contribution limit. This is very important. Any information provided here is for general informational purposes only, and should not be considered an investment advice or personalized investments. Any strategies or investments mentioned here may not be suitable for everyone. My name's Phillip Beningoso, and I'm an investment.
What are my Down Payment Options Home Loan Tips Darren Copeland Mortgage Team Lees Summit MO
Hey everyone it's Darren Copeland your Mortgage Expert. Over the years we've had several people ask about ideas on how to come up with their down payment. For those of you that qualify for a VA loan which is prior Military OR USDA which means it's located in a rural area.both of these loans are 100 financing which is great. If not, then you're looking at FHA or Conventional so that's means a small down payment of 3 to 3.5. This can come from a few areas 1. Your savings 2. You can get a loan from your 401k 3. A gift from a family member.
Choosing the Right IRA for You Wells Fargo
Music gtgt NEDAccording to a recent survey, what percentage of people age 2232 claim to have no savings for retirement A. 23 B. 51 C. 77 D. 11. In just a minute, I'll show you the answer. So, here you are. You've landed the great job that you always wanted. Your career is underway, and you're finally starting to earn the kind of money you were hoping to. If you're like me, it's pretty tempting to go out and start getting the things you've been dreaming about a new car, clothes, maybe the new tablet that just came out, and.
A retirement account I know you're too young to think about that, right Well, maybe not. I mean, sure, there are a lot of things to do before you stop working, like paying off your student loans, for example. But if you start saving now, things could be a whole lot easier down the road. One easy step you could take is to open an IRA. This would allow you to start putting some money away, and have it grow, tax deferred. And that taxdeferred growth can really add up over time.
Here's how if you deposited $5,500 in an IRA at age 30, then deposited the same amount every year for 30 years. Assuming a 6 return and a 25 tax bracket, your money would grow to over $460,000 in those three decades versus about $350,000 in a taxable account. That $110,000 dollar difference makes for a pretty different kind of retirement even after accounting for taxes you may pay on that money when you withdraw it. So you've seen the difference taxdeferred earnings in an IRA can make over the long.
Haul. Now you need to consider which IRA is best for you. There are two kinds the Traditional IRA and the Roth IRA. In a Traditional IRA, your contributions may be deductible on your tax return and you'll generally pay taxes when you make withdrawals in retirement. With a Roth IRA, you make contributions with money you've already paid taxes on after tax so withdrawals are taxfree in retirement, provided that certain conditions are met. The amount of money you can contribute to either type of IRA is $5500 per year and.
You can split your contribution between the two but the combined total can't be more than the annual limit. There are also a few other rules you'll need to know about these IRAs, so it's always a good idea to have a conversation with a financial professional to get the details that will will help you decide which account is the best fit for you. Ask friends and family members for ideas on who they'd recommend to give this kind of advice. And here's the real irony the start of your career is really the best time to start preparing.
For the end of it. Regardless of which IRA you choose, if you start putting away money now even a little bit, the power of tax deferred growth and compounding interest will help you to live the kind of retirement you'd like down the road. So, what percentage of people aged 2232 claim to have no savings for retirement The answer is B 51 of people 2232 claim to have nothing saved for retirement. So start saving now. I'm your host for My Financial Minute. Check back often to continue the conversation.
Should I Roll My 401k To An IRA
A question we're commonly asked is should I roll my 401k into an IRA There are many reasons why it makes sense, but there are also circumstances where is does not. If you choose a rollover, you can continue taxdeferred growth, open up more investment choices, possibly choose a Roth account, and consolidate your assets. However, you can't borrow against your assets, fees may be higher and custodial fees may apply. If you remain in your current 401k plan, you can always move to a selfdirected IRA later, and can potentially defer required minimum distributions past age 70.
With this option, however, you might have limited investment options. You may not be able to take a loan, and you might also need to transfer the assets if the account is less than $5,000. Staying in your 401k means it's possible to rollover to another employer's plan. If you rollover to a new 401k, may be able to borrow, will have protection from creditors, and can begin withdrawals after age 55 if you're retired without penalty. As you can see, a lot needs to be considered before making a decision, and an experienced financial planner can help.
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