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Roth IRA vs 401(K): Which Should You Choose?

HR Digest

You probably have come across the occasional Roth IRA vs 401(k) comparisons to pick your retirement account. Maybe your company offers matching funds or doesn’t offer any retirement plan at all. Nevertheless, it’s an arduous task to choose the best retirement account. What is a 401(k) plan?

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Ten Upsides of Inflation

Money Talk

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 401(k)s) and IRAs are pegged to inflation. Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. When inflation rises, workers can save more money.

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Can Farmers Ever Afford to Retire?

Money Talk

Benefits are based on a worker’s 35 highest earning years and delayed retirement credits between full retirement age and age 70 increase benefit amounts. Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., health insurance).

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Annuity Myths and Facts

Money Talk

No Federal Insurance - There is no federal government insurance for annuities as there is for bank products (FDIC) and investment products (SIPC). Three Types- Fixed annuities are like CDs, only tax-deferred, and guarantee a certain interest rate for a specified time period. Medicaid planning, 2.

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Importance of Employee Benefit Package And Why it Matters

HR Digest

To drive company’s success, benchmark and budget a benefit plan that attracts the skilled employees, is needed to keep the employees performing at their best. Payroll taxes 2. Matching 401(k) contributions 2. Paid time off banks covering vacation and sick leave 8. The employer will contribute to the plan.

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Financial tips for your LGBTQ+ community

Employee Benefits

Gaps also exist when it comes to retirement savings among same-sex and LGBTQ couples. These individuals are 5% less likely to have a 401(k) or retirement plan and 12% less likely to have an IRA. You will also be exempt from paying inheritance tax or estate tax on any spousal transfers.

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Start your new benefits plan year off right with these 8 tips

WEX Inc.

Add dependents Your HSA or FSA may cover your dependents’ costs if the dependents are claimed on your tax return. For HSAs, it's tax dependents and spouses. Because an HSA is a “savings” account, you’ll want to designate a beneficiary (or beneficiaries), just as you would with a 401(k) or other retirement-planning accounts.