Matt Ryan Webber

1 month ago | businessandamerica.com | Matt Ryan Webber

One key advantage of a 401(k) plan is that employers often provide a matching contribution. Employer matches represent a guaranteed return on your retirement investment, and it almost always makes sense to maximize them. If your employer doesn’t offer any match, you may be wondering if you should still participate. The short answer, in most cases, is that it does still make sense to contribute to a 401(k) because it can offer significant tax advantages.

1 month ago | businessandamerica.com | Matt Ryan Webber

The Internal Revenue Service (IRS) sets limits for employer-sponsored 401(k) plans, such as the maximum annual employee contribution limit and the maximum employer contribution limit. Some of these limits apply to 401(k) contributions of employees who earn high salaries. Here, we’ll explain more about the 401(k) limits for highly compensated employees (HCEs), including how they work. The Internal Revenue Service (IRS) has several income limits that apply to 401(k) plans.

1 month ago | businessandamerica.com | Matt Ryan Webber

Seniors and retirees who haven’t worked for many years may face the challenge of limited income from savings and investments. Although they own their home outright, they find themselves house-rich but cash-poor. As a result, they might experience financial struggles when they have inadequate cash to meet their financial needs. A reverse mortgage can help those with limited cash flow by allowing homeowners to borrow against the value of their homes.

1 month ago | businessandamerica.com | Matt Ryan Webber

Both ABLE accounts and supplemental needs trust (SNT), also known as supplemental needs trusts, allow the accumulation of resources for the benefit of an individual with a disability without jeopardizing key federally funded benefits, like Supplemental Security Income and Medicaid. Though both financial tools serve a similar purpose, there are key differences in how they function and their rules regarding contributions, usage of funds, and management.

1 month ago | businessandamerica.com | Matt Ryan Webber

Philip N. Jefferson is an American economist who, in May 2023, was named vice chair of the Federal Reserve Board (FRB). This is the board’s second-highest position and makes Jefferson a powerful voice in determining U.S. economic policy. Jefferson is only the fourth Black man to serve on the FRB and the second to be vice chair. Jefferson was born and raised in Washington, D.C., and decided to work in economics at an early age.