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From the basics down to investing, get the most out of your 401(k) and IRA in any economic environment
When you're ready to start setting aside (or withdrawing) money for your retirement--whenever that might be--401(k)s & IRAs For Dummies is here for you! It covers both types of retirement plans because they each have valuable tax benefits, and you may be able to contribute to both at the same time. With the practical advice in this book, you learn how to manage your accounts, minimize your investment risk, and maximize your returns. Sounds like a win-win, no matter your situation or where you're at in life.
Written by a well-known expert and 'father of the 401 (k)' , Ted Benna, 401(k)s & IRAs For Dummies helps you keep up with the ever-changing rules surrounding both retirement plans--including the rules from the SECURE and CARES Acts--and avoid the mistakes that can lead to higher taxes and penalties. Additional topics include:
* Tax strategies before and after retirement
* Required distributions and how much you need to take
* Penalties for taking money out early and how to avoid them
* What happens to your or your spouse's retirement plan after death or divorce
* The rules for taking money out of an inherited plan
* Methods for calculating required minimum distributions
* Special tax benefits for conversions to Roth IRAs
* How to recharacterize IRA or Roth contributions
* Why IRA based plans are a better options for many small employers
* Helping solo entrepreneurs and other small businesses pick the right type of plan
Whether you're just starting to think about a retirement plan, planning when to retire, or you're facing retirement, you'll find useful and practical guidance in 401(k)s & IRAs For Dummies. Get your copy today!
List of contents
Introduction 1
Part 1: The ABCs of 401(k)s and IRAs 7
Chapter 1: Explaining IRAs and 401(k)s 9
Chapter 2: Taxing Issues 19
Chapter 3: Naming Beneficiaries and Planning for the Future 33
Part 2: 401(k) Basics 45
Chapter 4: Checking the Benefits of a 401(k) 47
Chapter 5: Signing Up for a 401(k) 63
Chapter 6: Paying Attention to Administrative Issues 69
Chapter 7: Weighing Your Options When You Leave Your Employer 87
Part 3: Here Come the IRAs 95
Chapter 8: Investing in an IRA 97
Chapter 9: To Roth or Not to Roth 107
Chapter 10: Rolling Over an IRA 115
Part 4: Saving and Investing 123
Chapter 11: Setting Up Your Savings Plan 125
Chapter 12: Determining How Much to Save 143
Chapter 13: Selecting Your Investments 155
Chapter 14: Taking Reasonable Investment Risks 179
Part 5: Money In, Money Out 195
Chapter 15: Making Contributions 197
Chapter 16: Withdrawing Money Before You Retire 203
Chapter 17: Managing Your Plans after Retirement 217
Part 6: Helping Small Employers 241
Chapter 18: Plans from a Small Employer's Perspective 243
Chapter 19: Offering a 401(k) Plan 261
Chapter 20: Choosing a Plan for Your Business 279
Part 7: The Part of Tens 291
Chapter 21: Ten + Two Ways to Save For Retirement 293
Chapter 22: Ten Questions about IRAs Answered 299
Chapter 23: Ten Reasons to Participate in a 401(k) 305
Index 311
About the author
Ted Benna is commonly referred to as the "father of 401(k)" because he created and gained IRS approval of the first 401(k) savings plan.
Brenda Watson Newmann began her career as an Associated Press foreign correspondent and later moved to Silicon Valley as Managing Editor at
401k Forum/mPower.
