What’s the Difference Between a 403(b) vs 401(k)?

Have you ever wondered about the differences between a 403(b) vs 401(k)? In our house, we have both.  I work as an engineer and have a 401(k).  My wife is a teacher and has a 403(b). Early on when we first got our jobs, I honestly knew nothing about either plan.  We each just simply filled out the forms and really thought nothing of it. A few years later when I started taking more and more of an … [Read more...]

My Practical Advice for Writing Blog Content That Matters

If you own a website, I’m going to guess that one of your greatest struggles is continuously writing blog content. I should know … This week, officially turns 6 years old.  Can you believe it? And while I don’t have any ultra-impressive five or six-figure monthly income reports to share with you, I do celebrate the fact that we have a ton of blog content to offer you … [Read more...]

What is the Minimum Retirement Savings You Could Comfortably Live On?

Have you ever thought to yourself: What’s the least amount or minimum retirement savings I could get away with? It’s a perfectly valid question to ask; especially when you consider how little retirement savings most people actually have. (Fidelity estimates the average is around $273,600.) While the major media outlets would have you believe that you need somewhere between $2 and $3 … [Read more...]

What Are the 401(k) Withdrawal Rules for Early, Penalty-Free Access?

Is it possible to withdraw money out of your 401(k) retirement plan before age 59-1/2? The short answer is “yes” – of course! But the 401(k) withdrawal rules are not without their obstacles. Remember that the IRS intends these plans to be a way for U.S. employees to save their money for one day when they are ready to retire. And in exchange, savers get a break on paying the taxes … [Read more...]

10 Steps to Retire Early – What You Should Be Doing Right Now!

After reading enough personal finance blogs, this whole financial independence thing starts to sound pretty good!  But what exactly are the steps to retire early? How does someone acquire enough money to never have to work again (if they choose)? What was the path that got them there? And more importantly, what are the habits and routines in our daily lives that we can adopt that will help make … [Read more...]

The 10 Best Practical Ways to Budget Your Money and Save More

The foundation of any solid financial freedom plan is in knowing the best ways to budget your money and save effectively.  It’s absolutely fundamental to preserving your wealth. Have you ever wondered why so many lottery winners end up going broke a short while after winning?  Fortune reports that nearly a third declares bankruptcy within 5 years. You’d think that all those millions of dollars … [Read more...]

The 401(k) Age 55 Rule for Early Retirement Income

Most people in the U.S. know that when it comes to retirement planning, if you don’t wait to withdraw your funds until age 59-1/2, then there will be a pesky 10% penalty to pay. However, there is one little known rule when it comes to 401(k) plans. It’s called the 401(k) Age 55 Rule, and it basically allows you to start making penalty-free withdraws as soon as the year you turn age 55. Here’s … [Read more...]

How Does Social Security Factor Into Your Retirement Safe Withdrawal Rate?

Have you ever wondered what kind of impact Social Security makes on the retirement safe withdrawal rate you choose? When it comes to retirement planning, lots of people know that there exists some withdrawal rate that is considered “safe”. The most popular of these rates is of course the 4 Percent Rule. This was popularized in the 1990’s by Bill Bengen and The Trinity Study. … [Read more...]

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