Carry Learning Center

rollover 401k to solo 401k
Solo 401k +1 401k
November 24, 2023
How To Rollover An Old 401k Plan To A Solo 401k

Rollovers of a 401k are typically done when an employee departs from an employer. If you’re eligible for a solo 401k, rolling over a 401k into a solo 401k could give you some immediate benefits and tax-advantages that your old company 401k never offered. You get total control over what you invest in, a Roth account, […]

average 401k match
November 11, 2023
What Is The Average 401k Employer Match For 2023?

OVERVIEW If your company provides a 401k plan, there’s a high chance that they also offer employer matching. A study by the Plan Sponsor Council of America showed that 98% of companies that offer a 401k also provide employer matching for their employees. In employer matched 401k plans, employers will contribute to an employee’s 401k, up […]

companies with highest 401k match
November 11, 2023
35 Companies With The Highest 401k Employer Match In 2023

The top companies in the world offer generous 401k employer matches in order to attract top talent and to encourage their employees to participate in their 401k plan. ‍What is 401k employer matching? An employer match is an additional contribution made by an employer towards an employee’s 401k plan. Many employees consider it as free […]

Retirement +1 401k
October 24, 2023
What is the Rule of 55 and How Does It Work For My 401k? 

Normally, when you take an early distribution from your 401k plan, before the eligible withdrawal age of 59½, you’re required to pay a 10% penalty plus income taxes on your withdrawal. For example, if you’re under the age of 59½ and take a distribution of $20,000, you’ll be required to pay $2,000 as an early […]

rmd table
Retirement +2 401k IRA
October 24, 2023
IRA And 401k RMD Table For 2023

To calculate your 2022 and 2023 required minimum distributions for your IRA or 401k, use the RMD table below and follow the steps. How to calculate your RMD Example Let’s say that in 2023, you turned 75 years old. And on December 31, 2021, your 401k account balance was $200,000. Based on the RMD chart […]

401k +1 Solo 401k
October 11, 2023
Can I Have Both a Solo 401k and a Regular 401k?

One of the most common questions around solo 401k eligibility is: Can I contribute to a solo 401k if I also receive a 401k plan at my day job? As long as you meet the eligibility requirements of a solo 401k, you’re allowed to contribute to both plans if you receive a 401k at your […]

Solo 401k +2 401k Retirement
September 25, 2023
Is a 401k or Solo 401k a Profit Sharing Plan?

Also known as a deferred profit-sharing plan (DPSP), a profit-sharing plan is a retirement plan that gives employees a share in the profits of the company on a quarterly or annual basis. Contributions to a profit-sharing plan are tied to a company’s profits, rather than an employee’s contribution. Employees receive a percentage of the company […]

401k eligibility
August 09, 2023
401k Age Requirements & Other Eligibility Rules

OVERVIEW Companies aren’t legally obligated to offer a 401k plan to their employees. However, companies that do offer a 401k plan are legally obligated to fairly offer them to any employee who is at least 21 years of age and has provided at least one year of service at the company. A frequently asked question […]

401k +2 IRA Solo 401k
August 04, 2023
Can I Contribute to an IRA if I Have a 401k or Solo 401k Plan?

You’re allowed to contribute to both an employer-sponsored retirement (like a 401k or solo 401k plan) and an IRA (both Roth and traditional) in the same tax year. However, there are some instances where your IRA contributions can get restricted or lose the ability to receive a tax deduction. Are you eligible for a solo […]

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