When you work for state or local government—or an eligible tax-exempt organization—you are usually eligible for a 457(b) retirement plan. This is a tax-advantaged plan that allows you to grow your savings over time, similar to a 401(k) plan. However, there are some drawbacks that come with 457(b) plans. Here’s what you need to know […]
If you’ve never used a cash balance pension plan before, you’re probably wondering what it is, how it works and how it differs from other pension plans. Saving for retirement is an important part of life, so it behooves you to understand your pension options. More importantly, if you’re a business owner, you need to […]
Defined benefit plans are a type of employer-sponsored retirement plan. These plans differ from other qualified plans in that they incentivize both the employer and the employees. Employers are able to deduct contributions made to the plan, and employees will not owe taxes on those contributions until they start taking distributions from them (usually during […]
For a beginner, retirement planning and investing can be understandably intimidating tasks. After all, there are a wide variety of types of retirement plans. So how do you know which one is best for you, and what approaches you should take when choosing your retirement plan? Here’s a quick overview of the various types of […]
The COVID-19 pandemic has wrought a great deal of financial turmoil on Phoenix, AZ residents and their fellow Americans over the last year and a half. In fact, since May 2020, the percentage of Americans who say they are financially struggling went from 22 percent to 46 percent, with 51 percent now saying their ability […]
