401(k) Plans Archives | Hutchinson and Bloodgood LLP

401(k) Plans

The power of catch-up retirement account contributions after 50

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September 17, 2025

Are you age 50 or older? You’ve earned the right to supercharge your retirement savings with extra “catch-up” contributions to your tax-favored retirement account(s). And these contributions are more valuable than you may think. IRA contribution amounts For 2025, eligible taxpayers can make contributions to a traditional or Roth IRA of up to the lesser […]

#FinancialFreedom, #RetirementPlanning, #WealthBuilding

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401(k) Plans

Safe harbor 401(k)s offer businesses a simpler route to a retirement plan

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July 2, 2025

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When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative requirements. As a business owner, you no doubt already have a lot on your plate. Do you really want to deal with, say, IRS-mandated testing that could cause considerable hassles and expense? Well, you […]

#RetirementPlanning, #SafeHarbor401k, #SmallBusinessTips

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401(k) Plans, Software

Handle with care: Upgrading your company’s accounting software

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June 27, 2025

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What’s the most important type of software for your business? Your first thought may be whatever system you rely on most to produce or sell your company’s products or services. And that may well be true. However, more than likely, your accounting software comes in a close second. After all, this technological tool tracks every financial […]

#AccountingSoftware, #BusinessTechnology, #SoftwareUpgrade

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401(k) Plans

Maximize your 401(k) in 2025: Smart strategies for a secure retirement

person, holding a "401(k)," above two nests, labeled "Traditional," and "Roth," symbolizing, retirement savings,options.

December 31, 2024

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Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg. If you’re not already […]

#401kSavings, #FinancialGoals, #RetirementPlanning, #Roth401k

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401(k) Plans

3 Types of Retirement Plans for Growing Businesses

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November 21, 2024

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When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing […]

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401(k) Plans

The amount you and your employees can save for retirement is going up slightly in 2025

November 11, 2024

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How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent […]

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401(k) Plans

Building for the Future: IRAs for Teens and Young Adults

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January 9, 2024

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More than half of 16-to-24-year-olds are employed, according to the most recent statistics from the U.S. Bureau of Labor Statistics. A job can teach your young adult child or grandchild how to be financially responsible. But why not encourage them to take it to the next level by saving for retirement? Teens and young adults with […]

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401(k) Plans

11 Exceptions to the 10% penalty tax on early IRA withdrawals

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November 15, 2023

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If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10% […]

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401(k) Plans

Contributing to your employer’s 401(k) plan: How it works

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October 31, 2023

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If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about contributing to […]

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