retirement plans Archives - Empathic Finance

Secure 2.0: Can you save for retirement while paying off your debt?

Posted by Mike Pumphrey on April 29, 2024 | Featured

I used to believe you couldn’t pay off debt and save for retirement, but new legislation through the Secure 2.0 Act is making me reconsider. … Read More

Tags: legislation, retirement plans, student loans

How to rollover your 401(k) to Fidelity

Posted by Mike Pumphrey on November 7, 2022 | Featured

I explore the process of doing a rollover of a 401(k) to an IRA at Fidelity Investments for the first time. UPDATE: Added in details on whether you are rolling over pre-tax funds or Roth funds. I’ve been taking a … Read More … Read More

Tags: Fidelity, IRA, retirement plans, rollover

How will you spend your time in retirement?

Posted by Mike Pumphrey on January 10, 2022 | Featured

While preparing for the financial aspect of retirement is important, it’s also vital to figure out how you’ll spend your time too. When you think of retirement, what comes to mind? (Okay, you probably are feeling some dread that you’ll … Read More … Read More

Tags: bill bryson, community, retirement, retirement plans, time management

The Saver’s Credit: Free money for retirement

Posted by Mike Pumphrey on August 2, 2021 | Featured

I talk about The Saver’s Credit, and how some people who might have assumed it wasn’t relevant to them might qualify now. (Nothing in this post should be considered tax advice. Please see my Disclosure Policy.) The pandemic probably changed … Read More … Read More

Tags: retirement, retirement plans, tax credit, taxes

If you were automatically enrolled in an IRA, would you opt-out?

Posted by Mike Pumphrey on December 28, 2020 | Featured

A look at the state-run auto-IRA plans and whether they are a net benefit for employees who don’t have (or utilize) other retirement options. Not everyone has access to a workplace-retirement account like a 401(k). A few years ago, I … Read More … Read More

Tags: IRA, retirement, retirement plans, Roth IRA

Why a 401(k) is the most lucrative investment product for most people

Posted by Mike Pumphrey on September 10, 2018 | Featured

Lord have mercy, my day job just recently started offering a 401(k)! When I switched jobs last year, I was dismayed, as one can imagine, that there was no employee-sponsored retirement plan offered to me. When I asked, as politely … Read More … Read More

Tags: 401(k), retirement plans

What if you can’t contribute to a 401(k)?

Posted by Mike Pumphrey on August 24, 2017 | Featured

In my previous post, I talked about what to do if you’re ineligible for contributing to a Roth IRA. This most commonly is due to having an income over the limit set for those contributions. But just like you could … Read More … Read More

Tags: 401(k), investing, retirement plans

What if you can’t contribute to a Roth IRA?

Posted by Mike Pumphrey on August 21, 2017 | Featured

Roth IRAs are awesome. There’s just no other way that I can see that regular folks can invest in a way that lets money grow tax-free, without any Required Minimum Distributions or anything like that. Plus, a retirement account where … Read More … Read More

Tags: investing, retirement, retirement plans, Roth IRA

Enter the retirement mutant hybrid: the Roth 401(k)

Posted by Mike Pumphrey on July 28, 2016 | Featured

When people think of employer-based retirement accounts like 401(k) plans, people often think that that implies pre-tax contributions. It’s only your own self-directed retirement accounts (IRAs) that have the post-tax (Roth) option. I used to be one of those people. But … Read More … Read More

Tags: retirement plans, Roth, Roth 401(k), Roth IRA

Seriously, take the employer match

Posted by Mike Pumphrey on July 25, 2016 | Featured

What if I told I could get you an immediate 100% return on an investment? Would you believe me? According to the American Benefits Council, 80 percent of full-time workers have access to a defined contribution plan such as a 401(k) … Read More … Read More

Tags: 401(k), matching, retirement plans

retirement plans