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To increase the likelihood that tax-preferred savings actually will be used for retirement, Congress included a 10% penalty tax on IRA and 401(k) distributions before the account owner reaches age 59½.

Money makes the world go ’round, and being irresponsible with your finances can leave your world in ruins. But if you avoid these costly blunders, that doesn’t have to be your situation.

For many people, the days just before payday are the hardest. With no savings and only a few bucks in the checking account, waiting for payday to come can feel like an eternity.

One of the features that make 401(k) plans so attractive is that your money is not completely out of reach should an emergency need arise.

Building up your savings takes years of hard work. And at some point, you’ll want to make sure your hard-earned money is passed on safely to your children and grandchildren.