Forty years ago, the 401k as we know it was born.
According to the Investment Company Institute, more than $5 trillion (with a "T") sits in these accounts of over 55 million participants.
401k's have become a staple of saving for retirement.Don't get me wrong, they work well for those that do two things:
With the new tax law kicking in this year, lots of things are changing for taxpayers, including itemized deductions. Prior to 2018, taxpayers who itemized deductions were able to lower their tax bill with few restrictions. But now, with the new cap on deductions for state and local income and property taxes set at a maximum of $10,000, being able to itemize is not assured.
It’s benefits season. The time of year when employees have to decide which health plan to select, which investments to select for your 401(k), and how much to put into your flexible spending plan. The number of options and complexity of all the different benefit options can be dizzying to many employees.
During the Columbus Day weekend, my son Sam and I went up to Augusta Maine to visit my sister.
She planned a hike for us at Little Bigelow Mountain which is accessed through the Appalachian Trail and has an elevation of about 3,000 ft. My brother-in-law Tom came along as well as their neighbors Emma and Ty along with their dog Bella who ran circles around us all.