Category Archives: Retirement Planning (은퇴준비)

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How to Start Retirement Planning

How to Start Retirement Planning
This is a column that was published on The Korean-American Journal (September 2015), a news paper located in St. Louis, MO. Some contents may be specific to Korean immigrants in the US.   How to Start Retirement Planning As problems regarding retirement planning were emphasized in the last column (Aug. 2015), let’s now find out…
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Practice Retirement

Practice Retirement
Retirement is a big turning point in life. Some people enjoy the free time that they longed for, while others find themselves depressed without “purpose." Regardless of how you view this change, practicing would help you ease into a whole new life. We strongly suggest practicing for a life after retirement at least three years…
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Trad. IRA vs. Roth IRA

Trad. IRA vs. Roth IRA
There are two types of IRA accounts that any individual with an income can open although contribution limits and deductibility may vary depending on one's situation. Like other qualified retirement plans, all funds inside of these accounts grow tax-deferred. See the chart below for comparisons. This is for information only and may not apply to…
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401(k) & 403(b)

401(k) & 403(b)
401(k) and 403(b) are both employer-sponsored retirement plans, and the different names come from IRS section codes. They work in a similar way, but the main difference is that 401(k)s are set by companies, while 403(b)s are by non-profit organizations such as schools, religious organizations, and hospitals. In both plans, individual accounts are set and…
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Owner-Only K

Owner-Only K
Owner-only K, also called by many different names, is a retirement plan very similar to 401(k). However, like the name implies, it is for business owners only. With tax deductibility and tax deferral growth, it's an excellent tool for small business owners  who want to save the maximum amount for their retirement. The following shows a…
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