Entries filed under '401(k)'

    Will Tax Reform Help the “Gig” Economy?

    July 27, 2017 4:52 PM by Brian Dobbis

    Any freelancer will tell you nothing concentrates the mind like living on the edge. But many remain ill prepared for retirement.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    Lost in the debate over healthcare reform is the growing conundrum of retirement planning, especially when it comes to the so-called gig economy—a term that wasn’t even in the lexicon the last time Congress passed major tax reform in 1986.  Sure, globalization, automation, and suboptimal trade policies have cost America millions of jobs. But factor in industry consolidation, financial engineering, and downsizing, and the gig economy now has 40 million part-time, contingent, or freelance workers (or 25% of the labor force), according to the U.S. Bureau of Labor Statistics.

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    Don’t Forget Upcoming ERISA-Filing Deadline

    July 14, 2017 2:20 PM by Brian Dobbis

    Qualified retirement plans on a calendar year must file Form 5500 by July 31, unless an extension is requested. Beware of late-filing penalties.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    Every year, qualified retirement plans subject to the Employee Retirement Income Security Act (ERISA) must navigate through countless filing deadlines—and Form 5500, “Series Annual Return/Report of Employee Benefit Plan,” is no exception.  

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    The Looming Retirement Plan Coverage Gap

    June 2, 2017 4:05 PM by Brian Dobbis

    Can multiple employer plans help more Americans save for their golden years?

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    According to AARP (formerly, the American Association of Retired Persons), there are roughly 55 million private sector workers in the United States without access to an employer-sponsored retirement plan. Americans accumulate the vast majority of their retirement funds through employer-sponsored defined contribution (DC) plans, which currently comprise $7 trillion in assets, with the most well-known and popular being 401(k)s ($4.8 trillion).

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    Funding Multiple Retirement Plans

    January 26, 2017 1:05 PM by Brian Dobbis

    If you have earned income from a side business, increasing retirement savings is easy—as long as you navigate the maze of rules.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    Many Americans are entrepreneurial, in that they work and have earned income from a side business in addition to their full-time jobs. Can they contribute to more than one retirement plan? It’s a great question, and one I get with more frequency. The short answer is, yes.

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    IRA Tips Topped This Year’s Favorite Blog Posts

    December 8, 2016 4:34 PM by Brian Dobbis

    Recapping our most popular retirement posts of 2016

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    As the year 2016 winds down, I am once again thankful to all the readers who have made “The Road to Retirement” a weekly read in such an over-communicated environment. I look forward to offering you more content in 2017. 

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    Aftertax 401(k) Rollover Opportunities

    November 10, 2016 11:15 AM by Brian Dobbis

    Much needed guidance on aftertax 401(k) contributions and subsequent distributions, which have been a source of confusion. 

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    Do your clients have aftertax dollars in their 401(k)s or similar employer plans?  While many advisors are familiar with the rules that apply to pretax and or designated Roth 401(k) contributions and distributions, they are not as familiar with the unique planning opportunities that aftertax dollars offer plan participants.

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    2017 Retirement Plan Contributions and Income Limits

    November 4, 2016 12:05 PM by Brian Dobbis

    Amid negligible inflation, there was no increase in the cost-of-living index, but there were a few changes.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    On October 27, the IRS released the 2017 income and contribution limits for qualified plans and IRAs. As expected, most of the key limits remain flat from 2016, because the cost-of-living index did not rise sufficiently to trigger an increase. In fact, 2017 will mark the third consecutive year the 401(k) deferral limit has held steady at $18,000, and after five years, the IRA limit remains at $5,500, due to low inflation. 

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    The Maze of Inheriting Multiple Retirement Accounts

    October 14, 2016 9:15 AM by Brian Dobbis

    Managing all the retirement plans accumulated during a career can be complicated, especially if they’re inherited from the same person.  

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    According to the Bureau of Labor Statistics, the average American worker holds 10 different jobs before age 40, and the number is projected to grow. Keeping track of all the retirement accounts (e.g., 401(k), 403(b), 457, etc.) accumulated through one’s career can be quite a challenge.

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    IRAs and 401(k)s: Rollover Help from the IRS

    September 1, 2016 12:45 PM by Brian Dobbis

    The IRS has announced a new and expedited process that offers relief to taxpayers who have missed the 60-day deadline for rolling over distributions from employer-sponsored plans and IRAs. 

    THE ROAD TO RETIREMENT with BRIAN DOBBIS

    Withdrawals from an employer sponsored plan, such as a 401(k) or an IRA, have typically been subject to income taxes and or penalties if the proceeds are paid directly to the investor. However, the investor traditionally has had 60-days to plow the distributed amount back into an IRA and or workplace retirement plan without being subject to taxes or penalties—until now.  

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    IRAs versus 401(k)s: More Rules You Should Know

    August 25, 2016 3:05 PM by Brian Dobbis

    Back by popular demand: rule differences we didn’t cover last week.  

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    Summer sequels may be standard fare in the movie business, but not so much in retirement planning. So without much further ado, I present a continuation of last week’s blog to cover additional rule differences that separate IRAs from 401(k) plans. 

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