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Qualified Plan Withdrawals: IRA vs. 401(k)

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Qualified Plans are designed to accumulate assets in anticipation of funding retirement needs, and, therefore, withdrawals from such plans are governed by fairly strict IRS rules. There are differences, though, in how withdrawals from IRA accounts are regulated versus those from 401(k) employer plans: You can take a distribution from an IRA at any ...

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Surprisie! Millennials Are A Generation Of Savers

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It appears that Millennials (those born between 1980 and 2000) are going against stereotype, with more than half of them saving for retirement. This, despite the high cost of living, high credit card debt, and an average of $30,580 in student debt. Contrast that with my generation, baby boomers (born 1946-1964). According to a ...

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Don't Get 'Escheated' Out Of Your Money!

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If you read my previous blog entry, "Free Money!", you might be wondering how that money ended up in a state treasury. Well, the legal theory is that of escheatment, whereby money or other property deemed abandoned by the holder is transferred to the control of the state in which the tangible property ...

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Free Money!

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Catchy title, huh? Well, in this case, it may actually be true. Occasionally, you've probably seen in the newspaper a small-type, several page listing of accounts held by the state that are considered abandoned by the account custodian, usually a bank, a utility, an insurance company, or the like. Maybe you've even looked for your ...

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