Please read our blog about a wide variety of insurance topics. Please feel free to ask us any questions.
What Happens When You Inherit A 401(k)?
Posted: December 13, 2020
What Happens When You Inherit A 401(k)?A 401(k) is a tax-deferred, retirement savings account. When a person opens a 401(k), he or she names one or more beneficiaries to receive the remaining funds when the account holder dies. If you have inherited a 401(k), your options will depend on several factors, including your age, the account holder’s age at the time of death, and whether the account holder was your spouse....
Pros & Cons Of Opening A Flexible Spending Account
Posted: November 28, 2020
Pros & Cons Of Opening A Flexible Spending AccountFlexible spending accounts (FSAs) are associated with employer-sponsored health insurance plans. They allow you to divert a tax-deferred portion of your earnings into the account, which you can use to pay for certain healthcare-related expenses, including copayments and deductibles, and dependent-care costs. Money in an FSA must be used by the end of the plan year. However, employers may offer a grace period of up...
How Does My 401(k) Get Invested?
Posted: November 13, 2020
How Does My 401(k) Get Invested?A 401(k) is a tax-deferred, employer-sponsored retirement savings plan that allows you to save and invest a portion of your paycheck. Your employer may contribute matching funds to your 401(k) account. The company may offer a choice of investment options, but you control how your 401(k) money is invested. What Are the Common 401(k) Investment Options? Employees can typically choose from a spread of mutual...
Traditional IRA Vs. Roth IRA
Posted: October 28, 2020
Traditional IRA Vs. Roth IRA“IRA” is an abbreviation for “Individual Retirement Account.” A traditional IRA and a Roth IRA are two different retirement options, each with its own pros and cons. Depending on your circumstances, either may be a good choice for growing your retirement dollars. What Is a Traditional IRA? A traditional IRA is a retirement account for pre-tax contributions. The funds in the account can be used...
Can I Have More Than One 401(k)?
Posted: October 13, 2020
Can I Have More Than One 401(k)?It is possible to enroll in more than one 401(k) at a time. In fact, it is not uncommon to accumulate several over a lifetime. This can occur in various situations. Scenarios that Can Lead to More than One 401(k) You may have a 401(k) account from a previous employer and enroll in a second 401(k) plan when you start a new position. This process...