401k investment portfolio, financial statement.jpg Financial Planner Tim Moomey joined NTV's Good Morning Nebraska to talk about 401K plans and retirement accounts: "Lots of people have retirement plans at work. However, most of those nowadays are what we call 'defined contribution plans.' Some of us have parents or grandparents that retired, received the nice watch and had a pension plan that paid them something for the rest of their lives. That was called a 'defined benefit' plan. Those days are pretty much over. There are still a few of them out there, but for the most part, they have been replaced by what we call, 'defined contribution' plans. These are 401k's, SEP-IRA's, SIMPLE IRA's, and others, and the ending amount in your plan is a direct result of how much you put in to the plan. What we have to remember here is that this is the employees' retirement plan. It’s wonderful and very helpful if the employer contributes or matches into the plan, but the fact is … [Read more...] about Financial Planner: 401K plans and retirement accounts
24 Comments By John Clarke John Clarke The Wall Street Journal BiographyJohn Clarke Oct. 18, 2018 1:27 p.m. ET TEMPLE OF TUNES For compulsive stereo aficionados, not just any vintage amp will do. Illustration: DAVE URBAN VINTAGE-AUDIO collectors are a peculiar breed of relic hunters—never still, rarely pleased, steadfastly in pursuit of another sonic fix. Many of them may begin collecting affordable vintage gear as a hobby, only to quickly scale up their compulsion, “always looking for the next upgrade, or the perfect component,” said Adam Wexler, owner of StereoBuyers in Brooklyn, N.Y., which specializes in buying and selling high-end vintage-audio equipment (stereobuyers.com). “People obsess over this stuff, but that’s part of the enjoyment.” While modern tech geeks covet the latest novelties—brighter! faster! newer!—these dogged audiophiles are quixotically focused on tracking down the right thing. And many of … [Read more...] about Addicted to Audio: Why Music Obsessives Blow Their 401Ks Chasing Down Vintage Gear
Chris Clark and Jim Heffner are making plans in their dream home. It's a place they might not have been able to buy without an emergency loan from Clark's 401K retirement plan. "Borrowing against the 401K seemed to be best option that we had," Clark said. Clark and Heffner moved from Arizona. Their money was tied up in property there. The loan allowed them to buy a home in Florida without selling the Arizona house right away. Heffner, who is a realtor, said he sees his clients do it as well. "We personally didn't feel like it was a real risk in doing it," Heffner said. Sometimes it's ok Financial adviser Eric Klaus said despite the myths, sometimes it's OK for people to consider dipping into their 401K savings. "You can only take 50 percent of your vested balance, or $50,000," said Klaus, President and owner of Klaus Financial Group. "It's a great opportunity for the right situation." An example might be paying your child's college tuition in May when you're expecting a big … [Read more...] about Consumer Wise: Borrowing from your 401K OK?
MONEY 08/06/2018 05:45 am ET You're pumped for your new gig, but aren't you forgetting something? By Ann Brenoff Let’s face it: Nowadays, most workers don’t stay in the same job or work for the same company for the duration of their careers. But what happens if you funded a 401(k) and then switch jobs, leave your company or get laid off? What happens to the money you accumulated when you move on? The important thing to know is you get to decide what happens to it. Here are some of your options, assuming you are too young to begin taking distributions: Do Nothing Yes, you can do absolutely nothing ― which means your 401(k) will stay with the employer you are leaving and that company will continue to manage it. You will receive regular statements on how your money is doing. Your former employer will no longer be offering any match for contributions, of course, which makes sense since you won’t be making any more contributions to … [Read more...] about Here’s What Happens To Your 401(k) When You Leave Your Job
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest Eye clinic that pilfered employees' 401K must repay $1M Raymond Mays, an administrator of the Eye Centers of Tennessee, invested employee savings in his own businesses. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Subscribe Today Log In Subscribed, but don't have a login? Activate your digital access. Brett M Kelman, The Tennessean Published 1:40 p.m. CT May 11, 2018 | Updated 3:01 p.m. CT May 11, 2018 CLOSE USA TODAY's Charisse Jones offers tips on smart ways to utilize your 401(k). USA TODAY CONNECT TWEET LINKEDIN COMMENT EMAIL MORE The administrator of a middle Tennessee eye clinic has been … [Read more...] about Eye clinic that pilfered employees’ 401K must repay $1M