Articles by Ankur Nagpal

.wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { --jtoc-numeration-suffix: ". "; } .wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { [...]

A SIMPLE IRA has smaller contribution limits than a 401k, but provides a simpler and cheaper option for employers to offer a retirement plan for their employees. If your company sponsors a SIMPLE IRA, here’s how much you can contribute as an employee and employer for 2024 and 2025. [...]

Deciding whether to contribute to a pre-tax or Roth retirement account is one of the biggest factors when it comes to saving for your retirement. Both offer tax-free compounding, but they differ in when and how you’ll get taxed on your income. Some retirement plans, like the IRA, 401k, and Solo 401k, offer both a pre-tax [...]

The SIMPLE IRA has slightly different withdrawal rules than other retirement plans. Much of it works the same way, but there’s an extra provision that prevents withdrawals from the account within two years of opening it. .wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { [...]

There are many different kinds of IRAs, each with its own set of rules and benefits. A Traditional IRA and Roth IRA are the most similar. They have the same contribution limits and eligibility rules, but only really differ in when and how they get taxed. A SEP IRA is actually closer in function to [...]

.wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { --jtoc-numeration-suffix: ". "; } .wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { [...]

The SEP IRA and SIMPLE IRA are both retirement plans available to business owners. They offer higher contribution limits than a Roth or traditional IRA, and are easy to set up and maintain compared to a regular 401k plan. However, the two accounts differ in objective and function. The SEP IRA is more advantageous for business [...]

If you’re looking to take money out of your 401k plan, either through a rollover or withdrawal, it can take anywhere from a few business days to two months, depending on what options you choose. .wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { [...]

An early distribution from your 401k is typically taxed with a 10% penalty plus income taxes if you’re under the age of 59½. However, the IRS can grant an exemption if the withdrawal is taken due to hardship. You’ll still have to pay income taxes, but you won’t have to pay the 10% penalty. [...]