20 Essential Tax Breaks Every Senior Should Know About

Roll Over the Money

Many people don’t know that you have the option to roll your 401(k) money from a former employer over to an IRA. That, sadly, means that a lot of seniors will get a check.

There are two differences between rolling over and checks. Firstly, the latter options will require taxes, since the check will be considered a form of income. Secondly, if you roll your money over you’ll actually gain more investment options.

So if you’re about to make a career change make sure your current employer doesn’t cut you a check if you want to avoid taxes on the money you’ve saved up so far.

«1 ... 15 16 17 ... 20»

Leave a Comment

Your email address will not be published. Required fields are marked *

Personal Finance

Retirement Life

Saving & Spending