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The Retirement COLLAB Blog

Can Life Insurance Be Used as a Retirement Plan?

The idea of using life insurance as a retirement plan may seem, at best, counterintuitive. At worst, it sounds vaguely fraudulent if you’re not familiar with the intricacies of the life insurance industry. As far as most people are concerned, life insurance is there to support your family after you pass away, not to help you after you retire.  

What if you’re the beneficiary of someone else’s policy? Could you use the death benefit you receive for retirement then? Hypothetically, yes.

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Do You Know the Fees in Your 401k?

We all love our retirement accounts. Saving for the future gives us something to look forward to and reminds us how our hard work will pay off down the road. 

A 401(k) is one of the most popular and common types of retirement plans we have access to today.. By diverting money from our paycheck into our 401(k), the goal is to save enough so that by the time we retire, we can live comfortably without a change in lifestyle.

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What’s the Difference Between an LLC and an LLP?

If you are considering starting or investing in a new business, you may have seen some information on a limited liability company (LLC) and a limited liability partnership (LLP). When you first look at the two business structures, they look very similar, but there are some key differences between an LLC and an LLP. 

To hopefully decrease confusion, we’ll start with defining what they are and then dive into what makes them different.

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Our Review of You Need a Budget (YNAB)

You Need a Budget, sometimes also called YNAB (pronounced why-nab), is a budgeting software. While it has been around since 2004, it first began receiving significant media exposure when it was voted the top personal finance application by Lifehacker in 2011. 

Over the past 16 years, You Need a Budget has become more than a budgeting program—for many of its hundreds of thousands of users, it has turned into a lifestyle. 

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What's the Difference Between a 1099 and a W2?

Whenever tax season comes along, it seems like everyone’s finances get a little hectic. Many of the employed expect some sort of tax rebate due to write offs and other credits. On the flip side, a lot of self employed workers have to pay their taxes in full at this time if they haven’t been paying quarterly (which I’d recommend). 

Handling your taxes can be tricky, and more so for the self employed and contract workers. Since employees who are taxed regularly from their payroll checks handle their taxes differently than those who do not see regular deductions from their paychecks, each group has a different tax form: The 1099 and the W-2.

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What's the Difference Between a Traditional 401k and Roth 401k?

Saving for your retirement is one of the most important financial hurdles you will be faced with. While there are a number of options including IRAs, chances are you’re most familiar with the 401(k). 

401(k) accounts are one of the most popular retirement plans offered by employers for their employees. Made up of a variety of investments, 401(k)s allow for increasing one’s savings and making your money work for you. 

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Social Security Filing Strategies With a Second Marriage

As you transition into retirement, one of the most pressing issues to consider is applying for Social Security. Although these monthly payments probably aren’t your entire income source, they can be a vital part of your retirement budget

If you’re married when applying for Social Security, your spouse may also be entitled to benefits, even if he or she is not at retirement age. However, while this process is relatively straightforward for current married couples, what if you’re on a second marriage? 

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Can Capital Gains Push Me Into a Higher Tax Bracket?

No matter who you are, investing is always a smart move. Whether you’re saving for retirement or trying to grow your personal wealth, you need to take advantage of investment opportunities. However, while your money can grow tax-deferred, what happens when you withdraw it? 

In most cases, you will have to pay taxes on capital gains in your taxable (non-retirement) accounts. Fortunately, if you wait until the right moment, you can reduce your tax burden. In some cases, you might be able to save thousands or tens of thousands of dollars. 

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2024 Retirement Plan Contribution Limits

This post was last updated on 30 December, 2023, to reflect all updated information and best serve your needs.

Planning for your retirement is the key to fully enjoying the fruits of your labor. Whether you have an IRA (individual retirement account), a 401(k) or other retirement account, you'll want to get the most out of it by maximizing your contributions. Understanding the contribution limits put in place by the IRS will help you maximize your savings.

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Important Retirement Plan Contribution Deadlines for 2024

This post was last updated on December 30, 2023, to reflect all updated information and best serve your needs.

Make the most of your retirement planning in 2024! No matter how much time between now and these deadlines, mark your calendar so you don't miss anything. Now is the time to prepare for retirement account contributions (or withdrawals). 

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