Tag Archives: retirement

Retirement accounts  There are several types of retirement accounts: Pensions, Traditional individual retirement accounts, Roth individual retirement accounts, 401k accounts, Self-employment accounts or simple accounts or simplified employee pension, 457b accounts. Pension: Used mainly by government agencies but in the past more private companies were offering them. The fund is paid into by the company and the employee. Employees have a certain amount that they pay and depending on how long they work will be paid a certain amount after they retire. The company is responsible for paying and has to manage the fund. They can be dependent on earnings the fund has or guaranteed by the company. You will be taxed when receiving the money in retirement. These are more costly to maintain and why most companies don’t have them. You will probably have the choice of lump sum or payments. You don’t necessarily have to be at retirement…

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What side gigs are and why do them Monetize your time and build wealth. Most professionals have a primary form of employment, and some work in private for themselves.  Those that are employed over the years many have started side positions or side businesses to produce income.  There are several reasons and advantages as to why this happens. I would also recommend obtaining a skilled CPA when making these moves. If you are in an employed position generally that comes with benefits and retirement accounts.  These retirement accounts usually include a 403b plan or 401k plan and a 457b plan.  Generally, will not have access to both a 401 K and a 403b.  Those 2 plans are similar except the 403b planned generally only let’s to invest in annuities and mutual funds and the 401 K has more options for investment.  Generally, he will also get a certain percentage of…

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