An Employee Stock Ownership Plan (ESOP) is a qualified retirement plan that allows employees to own shares in the company they work for. This article provides an overview of what an ESOP is, its benefits for both employers and employees, and its treatment upon an employee’s retirement. What is an ESOP? An ESOP is a
Mega backdoor Roth conversions give high-income earners an opportunity to participate in after-tax savings and tax-free investing. This strategy is available to individuals that participate in a qualified retirement plan, such as a 401(k), that allows after-tax contributions to the plan. Who Should Consider a Mega Backdoor Roth Conversion A mega backdoor Roth conversion may
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals who are enrolled in high-deductible health plans. HSAs have three main tax advantages.
Retirement plan contribution limits are reviewed each year and are occasionally adjusted by the IRS. Table 1 below summarizes retirement plan contribution limits for 2024. Table 1: Retirement Plan Contribution Limits (2024) Retirement Plan Type 2024 Contribution Limit Age 50+ Catch-up Contribution Limit Individual Retirement Account (IRA) $7,000 $1,000 Simple IRA $16,000 $3,500 SEP 25%
Qualifying medical expenses include preventative care, treatment, surgeries, dental care, vision care, psychologists, psychiatrists, prescription medications, and appliances such as glasses, contacts, false teeth, and hearing aids, among others.
The IRS has announced the estate and gift tax exemptions for 2024.
The Exact Hour You Hit Peak Vacation Happiness—and How to Make That Feeling Last
advisorstream.com
The fun of vacationing tends to hit a high point at hour 43, according to studies. How to keep your brain guessing and ensure the trip never gets boring.
advisorstream.com
advisorstream.com
In 1999, William Gordon bought a lot in Arizona, planning to build a home where he could retire. But in March 2023, Gordon found out a complete stranger had sold the lot for $200,000. Gordon had to fi...