jim@blankenshipfinancial.com (Jim Blankenship), Author at FIGuide

Inherited 401k plan

Jul 15 2019

An inherited 401k plan isn’t necessarily a different kind of retirement plan from a regular 401k plan in the hands of the original participant. However, the rules around an inherited 401k plan are unusual enough to warrant their own review.

When an individual inherits a 401k plan, generally this individual must begin taking minimum distributions from the plan, on a preset schedule. There are a few things to consider, the first of which is whether the beneficiary is the spouse of the original owner, or another person (non-spouse).

If the beneficiary is a spouse, special options are available for handling …

Don’t Leave Money On The Table!

Jun 28 2019

Many individuals are offered an employer-sponsored savings plan though work such as a 401(k) or 403(b). Employers who offer these plans may provide a company match. This means that the employer will add money to the employee’s account, if the employee saves a certain percentage of income. Some employers will even provide money even if the employee is not saving.

If you’re employer offers a match on your contributions, take full advantage of it. Don’t leave money on the table! This is free money – and it’s unwise to not take it.

Let’s look at an example.

Sam and Betty …

Saving for College

Jun 07 2019

If you’re a parent or plan to be one, chances are you are considering ways to pay for your child’s college education. You may have a goal of sending them to public or private school, with the hope of helping them graduate college with little, if any debt.

Whether or not your goal is to fully fund your child’s education or to help as best you can, there are some options to consider saving as much as you can to reach or education savings goal.

One option to consider is a 529 college savings plan. 529 plans allow money to …

How To Turn $5,000 A Year Into a $33 Million Legacy

May 13 2019

With a headline like that I bet you’re thinking this is one of those wild & crazy get rich schemes. However, it’s really just a hypothetical illustration of the great benefits of three factors that can work in your favor in building a legacy:

compounding interest
Roth IRA tax laws (including IRA stretch provisions)
time

What follows is an example of how you can make those three factors work together to create this $33 million legacy.

How It All Started…

Once upon a time, there was this guy named Joe. Joe is 20 years old, working part-time making decent …

Author - jim@blankenshipfinancial.com (Jim Blankenship)

Timing

How It All Started…