Are you sitting on a tax-deferred time bomb?

If you have money in a tax-deferred retirement account such as a 401(k), IRA or 403(b), you’re sitting on a tax time bomb. Here’s why… Conventional wisdom says, “Maximize your contributions to tax-deferred plans. Your money compounds without being reduced by taxes and you’ll end up with more money during retirement.” But like much conventional wisdom about personal finance, it’s baloney. The Society of Actuaries says if tax rates remain the same, “It doesn’t make any

Everyone needs a financial plan

As some point you will be responsible for your own money. If that is not currently the case for you, here are some ideas to help get your financial plan in order. Retirement fund. Saving for retirement is crucial. Even small amounts can go towards U.S. savings bonds or mutual funds with an automatic savings plan. If you have more money to work with, diversify your holdings among several types of investments. The younger you are,