Category: 403b
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Retirement Savings Tax Credit Tips
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit, depending on your age and income. Here are six things the IRS wants you to know about the Savers Credit: 1. Income limits The Savers Credit, formally known as the Retirement…
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House Suspends Required Minimum Distributions for 2009
The House of Representatives recently passed the Worker, Retiree and Employer Recovery Act (H.R. 7327) and has come through on a move that will likely make retirees smile a little in our down economy (and hugely down stock market). The act essentially lets retirees suspend requirement minimum distributions from all defined-contributions plans, including but not…
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2008 Retirement Account Limits
In a few short months it’ll be 2008 and with a new year comes new retirement account contribution limits. For Individual Retirement Accounts (including Roth and Traditional IRAs), the contribution limit for 2008 is $5,000 if you are 49 and below. If you are 50 and above, you can contribute an additional $1,000 as a…
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Switch 403b Providers Without Penalty (until Sept 24th)
403(b) plan sponsors, unlike 401k sponsors, don’t actually manage the investment plans made available in the 403(b). In fact, 401k providers have “fiduciary responsibility,” meaning they must act in the best interests of their employees or suffer legal consequences. So, for many 403(b) plan members, a recent change in the IRS code, which kicks in…