Saving for Retirement

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What to Do With Money in a 403(B) Retirement Plan When Leaving a Job

A 403(b) plan, also called a tax-sheltered annuity, is a tax-advantaged retirement plan for tax-exempt organizations, ministers and public school employees. If you leave your job, you typically have a few options with what to do with your 403(b) money. You may have to check with ...

Is There a Cap on Two-Earner Social Security Retirement Benefits?

If you've worked and paid into the Social Security system, then you're entitled to retirement benefits, either at age 62 (for early retirement) or later. The amount of your monthly Social Security benefit depends on your lifetime work record and the amount you've earned over all ...

When You Roll Over an IRA or Annuity Do You Pay Taxes?

An individual retirement account and an annuity are both used in retirement planning, but they are different instruments. An IRA is a sort of savings account, usually established with a bank or other financial institution. An annuity is a contract with a life insurance company ...

How Does Civil Service Retirement Affect Social Security Benefits?

Social security is a pay-as-you-go system that requires contributions during your working years in order to collect benefits at retirement. Although federal civil service employees pay into a retirement system, the “system” is not always covered under Social Security laws. ...

Are Green Card Holders Living Abroad Eligible for Social Security Benefits?

Green cards give citizens of other countries the right to work and live in the U.S. These permanent residents like U.S. citizens, have FICA -- Federal Insurance Contributions Act -- payments for Social Security withheld from their paychecks. FICA taxes and wages build ...

TSPs vs. Pensions

Taking advantage of your employer's retirement savings plan is a way to begin building your nest egg. Depending on where you work, you may be offered some type of pension plan or be eligible to participate in the Thrift Savings Plan. Pensions and TSPs are designed to help ...

How Much Money Should I Put Into Pre-Tax Retirement Savings?

Comfortable living in your twilight years requires decades of careful planning and saving. Within your planning, you must decide on your types of retirement accounts, percentage to contribute and how to invest your money. Retirement accounts fall into two categories: pre-tax and ...

How Do Retirement Plans for Teachers in Pennsylvania Work?

The Commonwealth of Pennsylvania sponsors a retirement pension plan for the state’s public school employees, including teachers. The Public School Employees’ Retirement System, or PSERS, is the agency responsible for administering the plan. Pennsylvania’s teacher pension plan is ...

The Tax Consequences of a Whole Life Annuity

When you buy a whole life annuity, you are entering into a contract with an annuity company. In exchange for your deposit, the annuity company agrees to give you payments for the rest of your life. The IRS created several tax benefits for the whole life annuity to help Americans ...

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