401 (K) S & Iras For Dummies by Ted Benna

Are you ready to secure your financial future and make the most out of your retirement savings? Look no further than 401(k)s & IRAs For Dummies! This comprehensive guide is designed to help you navigate the world of retirement planning, whether you’re just starting out or already well on your way.

Written by renowned expert and “father of the 401(k),” Ted Benna, this book provides essential advice on managing your retirement accounts, minimizing investment risks, and maximizing returns. With the ever-changing rules and regulations surrounding retirement plans, including those from the SECURE and CARES Acts, staying updated is crucial to avoid costly mistakes and penalties.

Tax strategies are an important aspect of retirement planning, and this book covers strategies before and after retirement to help you reduce taxes. You’ll also learn about required distributions and how much you need to take, as well as penalties for early withdrawals and how to avoid them.

In addition to addressing individual retirement plans, this guide also tackles important topics such as what happens to your or your spouse’s retirement plan after death or divorce, how to handle inherited plans, calculating required minimum distributions, and the special tax benefits of converting to Roth IRAs. Furthermore, small business owners and solo entrepreneurs will find valuable information on selecting the right plan for their needs.

Whether you’re just beginning to consider a retirement plan, planning your retirement timeline, or already in retirement, 401(k)s & IRAs For Dummies is your go-to resource. Don’t miss out on the opportunity to secure your financial future with sound advice and practical guidance. Get your copy today!

“Maximize Your 401k and IRA: Expert Advice for Retirement Savings”

Are you curious about the origins of the 401k retirement savings plan? In this enlightening interview, Joe speaks with Ted Benna, often referred to as the “father” of the 401k. While initially a chance discovery, Benna’s role in the creation of the 401k cannot be underestimated. In the interview, Benna recounts how he stumbled upon the provision in the tax code while working on a retirement program redesign for a bank, and how he introduced the concept of matching employer contributions and pre-tax employee contributions. Despite initial skepticism, the plan gained traction and popularity, especially among Fortune 500 companies. Benna also addresses common misconceptions about 401ks, such as the idea that Social Security will provide adequate retirement funds. He emphasizes the importance of starting to save early and taking advantage of employer matches. Benna also highlights the portability of 401k accounts and the ability to roll funds over into an IRA, providing greater control and potentially lower fees. While acknowledging the risks and challenges associated with investing, Benna encourages individuals to view the stock market as a long-term opportunity for growth. Finally, Benna discusses recent developments in retirement savings, such as automatic enrollment and legislation mandating employer-sponsored retirement programs. He concludes by stating the need for increased financial education and the importance of taking personal responsibility for retirement savings.