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Tag: 401(k)

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What can you do with a 401(k) from a previous job?

  • Posted on March 19, 2022
  • by BrightDime

If you leave a job where you had a 401(k) you’re faced with a decision: what do you do with the 401(k) account at your old job? The money in…

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What is a rollover IRA?

  • Posted on March 12, 2022November 9, 2022
  • by BrightDime

A rollover IRA is an Individual Retirement Account that is funded by closing a 401(k) (or similar account) at a previous job and moving those funds to the new individual…

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What does “vesting” mean?

  • Posted on March 4, 2022March 4, 2022
  • by BrightDime

Vesting refers to the process of a financial benefit becoming yours over time. The most common example is a 401(k) match. (There are other types of compensation that might vest,…

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What does it mean if my company offers a 401(k) match?

  • Posted on February 25, 2022February 25, 2022
  • by BrightDime

When you contribute to a 401(k) you put your own money in, called a contribution. That contribution is made with pre-tax dollars, invested within the 401(k) account, and grows tax-deferred…

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What happens to my 401(k) if I leave my job?

  • Posted on February 19, 2022March 4, 2022
  • by BrightDime

A 401(k) is an employer sponsored, tax advantaged account for saving and investing for retirement. You contribute pre-tax dollars to it, invest that money, and then withdraw the money in…

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What should I do to wrap up my finances for the year?
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What should I do to wrap up my finances for the year?

  • Posted on December 4, 2020July 26, 2022
  • by BrightDime

Even if this year did not turn out as you hoped, you can still end the year on a positive note with your money! Below are TEN quick-hit items that…

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Know the Risks of a 401(k) Loan Before You Borrow
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Know the Risks of a 401(k) Loan Before You Borrow

  • Posted on November 28, 2020July 26, 2022
  • by BrightDime

Taking a loan from your 401(k) plan may seem like a good idea when you’re hit with a financial setback, especially when borrowing money from a bank may be difficult…

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Am I losing money by not using a 401(k)?
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Am I losing money by not using a 401(k)?

  • Posted on September 10, 2020January 14, 2023
  • by BrightDime

A 401(k) plan is a savings and investing option, sponsored by employers, that gives employees like you a tax-advantaged way to put aside money for retirement. Named for the subsection…

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Should I take a loan from my 401(k)?
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Should I take a loan from my 401(k)?

  • Posted on July 31, 2020July 26, 2022
  • by BrightDime

Your 401(k) plan is money meant to be used in retirement. Most financial advisors say that borrowing from your retirement plan should only be considered as a last resort, after…

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How can I save more before I spend?
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How can I save more before I spend?

  • Posted on July 18, 2020July 26, 2022
  • by BrightDime

When Warren Buffet talks about money, people listen. And they should; he’s one of the richest people in the world and widely regarded as one of the most successful investors…

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