- Plans start at $0.
- Free online business name search.
- Registered agent services are complimentary for the first year.
CTIL-001 plan - Certified Software Tester - Intermediate Level (CSTIL) Updated: 2024 | ||||||||||||||||||||
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Exam Code: CTIL-001 Certified Software Tester - Intermediate Level (CSTIL) plan January 2024 by Killexams.com team | ||||||||||||||||||||
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Question: 160 Case Study: 1 Scenario A computerized system is being created to monitor the life support system on board a submarine. It monitors air quality, water supplies and temperature. This system will be supplied and maintained by SubsInc. SubsInc uses the V-model for software development and conducts four levels of testing, from unit through to operational and site acceptance testing. Two key risks identified for the air quality system are: If the percentage of oxygen in the air falls too low, personnel may suffocate If the concentration of carbon dioxide in the air rises too high, the air may become toxic. To address these risks, the requirement specification for this system includes the following requirements: R1) Oxygen must be replaced as it is consumed. R2) Carbon dioxide must be removed from the air. These requirements must be reflected in the functional, technical and program specification documents. You are a newly recruited test manager. A risk register has been produced with the following additional risks identified. Which one is a product risk associated with the air quality management system? A. The system required to monitor oxygen levels may be more expensive than those required to monitor air temperatures. B. SubsInc may need to recruit extra developers and testers to deliver the project on time. C. Oxygen levels may reach dangerously low levels. D. Extreme temperatures may lead to heat exhaustion of personnel. Answer: C Question: 161 Which of the following would be an entry criterion into site acceptance testing for the air quality monitoring system? A. That the code written to fulfil the requirement to monitor carbon dioxide levels has been 100% path tested. B. That the functional specification accurately reflects requirements R1 and R2. C. That the system has been tested at levels of oxygen usage well beyond anticipated personnel levels. D. That the requirements for temperature control have been signed-off. Answer: D Question: 162 Which of the following is an accurate depiction of the hierarchy of test management documentation (where the highest comes first)? $13$10 A. Test policy-Test strategy-Project test plan-System test plan B. Test strategy-Test policy-Project test plan-System test plan C. Test policy-Project test plan-Test strategy-System test plan D. Project test plan-Test strategy-System test plan-Test policy Answer: A Question: 163 Which of the following test design techniques would be most suitable for testing that the oxygen is released at the required times? A. Decision Testing. B. Statement Testing. C. Data flow Testing. D. Boundary Value Analysis. Answer: D Question: 164 When creating the functional specification for the temperature control system, which of the following review types would be most recommended to resolve any issues? A. A walkthrough. B. A technical review. C. A management review. D. A code inspection. Answer: B Question: 165 Case Study: 2 Scenario Your organization is a large media services corporation (MSC). MSC uses Agile development, within a Scrum framework. Here, the iterations are referred to as Sprints. For each Sprint, a set of user-stories is defined, built, and tested. The user-stories are typically 12 lines long, indicating what the customer wants the system to do. MSC is in the process of updating its website to meet the recently introduced accessibility rules for websites. Accessibility means the availability of a system suitable to members of the public with, for example, visual or hearing difficulties. It has been decided to start with two requirements, as its first 2 Sprints: 1) Presentation of content with clear headings, short sentences, text versions always available. 2) Consistent navigation through the website. You are the test manager and there are four developers and two testers. You have all worked together previously, and $13$10 are very experienced in MSCs products. Although the accessibility rules are new to you and the team, you have all attended a workshop where they were explained. Which of the following are product risks and which are project risks? a) The navigation through some parts of the website may need to be different from others. b) Sprint 1 may not be completed on time, leading to a delay to the start of Sprint 2. c) Text versions of images may not always be possible. d) There may be a need to buy a capture-replay tool for regression testing. key member of the team may leave before the Sprints have been completed. A. a, b and c are product risks, d and e are project risks. B. a andc are products risks, b, d and e are project risks. C. b, c and e are product risks, a and d are project risks. D. a, d and e are product risks, b and c are project risks. Answer: B Question: 166 Which stage of the Fundamental Test Process will be most affected by the use of user-stories as defined above? A. Creating a schedule of activities as part of test planning. B. Creating test cases as part of test design. C. Creating the test environment as part of test execution. D. Assessing requirements coverage at the end of each Sprint. Answer: B Question: 167 Which of the following review types would be recommended at the start of each Sprint, for the reason given? A. An inspection, to find errors in the user-stories. B. A management review, to check that the user-stories will accurately reflect the rules for accessibility. C. A walkthrough of the set of user-stories, to ensure that the developers and testers understand what is to be built. D. A technical review of the test plan, to ensure that the developers are aware that they must produce good quality code. Answer: C $13$10 | ||||||||||||||||||||
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Our takeActive Filings has several of the features you’ll need to form an LLC at a comparatively low cost, but it lacks extra features offered by competitors.
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Active Filings is an online business incorporation service that offers LLC formation packages ranging from $0 to $250, not including state fees. The name search service is free and each of its plans includes the filing of Articles of Organization or Incorporation, as well as registered agent services. After the first year, however, you’ll pay $99 to maintain their registered agent service, on top of your annual plan price. Active Filings can check most of the boxes you need, including a preliminary name check to make sure the state will approve the desired business name; preparation of the Articles of Formation and filing the same with the Secretary of State; drafting of the LLC’s Operating Agreement; and obtaining an EIN. According to LLC formation attorney Zac Copp these are the core formation steps required for a new LLC. And though Active Filings checks these boxes, it’s bare-bones compared to other LLC formation services. For example, you won’t have access to legal or tax experts, online chat, or a domain name, even with the highest-paid plan. Those services can prove invaluable to first-time business owners. Featured LLC service offersFree version available Yes Lowest published package price $199 Free version available Yes Lowest published package price $249 Free version available Yes Lowest published package price $199 Active Filings overview and factsActive Filings is a Florida-based company founded in 2001. Unlike some other incorporation services, they have filing available in Spanish and a dedicated Spanish-speaking staff. Their services are also available to international clients who wish to set up U.S.-based businesses, as well as residents of all 50 U.S. States and D.C. The company’s online reviews don’t offer insight into their quality of service, however, Active Filings has a “B-” rating with the Better Business Bureau (BBB), with only three complaints filed in the last three years. While Active Filings lacks some of the attractive features that other incorporation services offer, such as complimentary legal advice or domain names and websites, not every service offers registered agent services, which are required for some LLCs. Active Filings LLC plans and pricingUnlike some competitors, Active Filings’ offers packages start at $0. But even when the price starts at zero, you’ll still have to cover state fees, which can range from $50 to roughly $1,000. Active Filings’ free Starter plan provides several of the services you’ll need to form your LLC, including free name search and filing of your Articles of Incorporation. But you’ll have to buy a paid plan in order to get an EIN, and it’s also unclear which packages come with an Operating Agreement. In other words, be prepared to pay extra for the full range of services you need. If you’re thinking about springing for a more comprehensive plan than Active Filings’ free offering, make sure the features add value. Even if you don’t mind paying extra, it’s doubtful you’re looking for the embossing seal and leather corporate book that come exclusively with the top-tier package. StarterThe Starter plan covers several of your basic needs for LLC formation. With this $0 plan, Active Filings will file Articles of Organization or Incorporation on your behalf. In addition, it’ll provide you with a complimentary registered agent address (for the first year), file your annual report with your state and send you alerts to help you stay on top of compliance deadlines. The Starter plan is only free for the first year. After that, you’ll pay $99, which covers the cost of Active Filings’ registered agent services. According to Copp, these recurring fees are fairly customary across the industry. “The growing trend in the LLC formation industry is to get customers to sign up for recurring services (i.e., registered agent service),” he says. “There are benefits to using a professional registered agent, but make sure you understand whether or not this service is needed.” Customers can cancel their plan after year one to avoid the recurring fee. SprinterFor $100, plus state fees, you can get Active Filings’ intermediate plan. Like the Starter plan, a $99 annual fee kicks in the second year for registered agent services. You’ll also have to pay a $200 fee for your EIN/Federal Tax Number if you don’t have an SSN. The Sprinter Package can be a good choice for someone who wants the features of the Starter plan, but is also looking to protect the privacy of certain employees and members, since the plan extends registered agent service to these individuals. Plus, expedited filing is complimentary with this package, so the Sprinter is a good option for someone who’s already considering expedited, one-day processing, which otherwise costs $100. Speedy filing could be particularly valuable to someone who lives in a state with long processing timelines, like California, Illinois and Michigan (30 days) or Alabama (180 days), compared to most states other (14 days). Here’s a review of the features you get for upgrading from the free plan:
FinisherActive Filings’ most comprehensive plan is $250 a year, plus state fees. Like the other plans, a $99 annual fee kicks in in the second year and you’ll have to pay a $200 fee for your EIN/Federal Tax Number if you don’t have an SSN. However, the priciest plan from Active Filings doesn’t deliver much value. For $150 more than The Sprinter Package, you’ll get these additional offerings:
The Sprinter plan will be the better option for most businesses. Active Filings add-ons and optional featuresSome business formation companies offer a list of services you can add to your plan for an additional fee. For example, Northwest Registered Agent has a “Law on Call Service” that’s available in Utah for a monthly subscription fee of $9. Active Filings doesn’t appear to offer much in this area. While the website states that additional services can be purchased from within your open Active Filings’ account, details are not disclosed. On the other hand, all Active Filings’ packages include Registered agent services, which many companies charge for. Active Filings customer support and experienceActive Filings lacks some of the convenient support features you may be looking for, like live chat support or a mobile app. If you wish to get in touch with a representative, you’ll have to submit a message online or place a call. They can be reached at 1- 800-609-2521 during office hours of 9 am – 5 pm EST, Monday through Friday. Active Filings’ website says that the company attempts to respond to all contact within two hours, however, we submitted a message online and did not receive a response as of one day later. Featured LLC service offersFree version available Yes Lowest published package price $199 Free version available Yes Lowest published package price $249 Free version available Yes Lowest published package price $199 Active Filings vs. IncfileActive Filings and Incfile have some key differences. While both offer useful features for business formation, only Active Filings offers annual report filing for free. However, Incfile has features that you might find more valuable, like chat support and free tax consulting. Plus, Incfile has add-ons that your business may eventually want, including website domains, accounting services and business insurance. Active Filings vs. LegalZoomYou may find Active Filings more cost-efficient for your business when compared to LegalZoom, since Active Filings has a lower recurring fee for registered agent services and its annual report filing is complimentary. But LegalZoom isn’t a bad alternative. While neither company provides EINs with their free plans, LegalZoom’s free plan includes a Wix website, and customers can access chat support online. Is Active Filings right for your business?Active Filings can be a good choice for someone who wants the essential services required to start an LLC, especially if you’re looking for a low price. There’s no charge for some of the basic features you need, like name search and filing of Articles of Organization or Incorporation. By comparison, some other formation services treat these as add-ons. Where Active Filings may come up short is in the area of customer support. If you’re looking for professional advice or for convenient access to a live representative, you’ll want to look for another business formation service. We extensively research the key competitors within an industry to determine the best products and services for your business. Our experts identify the factors that matter most to business owners, including pricing, features and customer support, to ensure that our recommendations offer well-rounded products that will meet the needs of various small businesses. We collect extensive data to narrow our best list to reputable, easy-to-use products with stand-out features at a reasonable price point. And we look at user reviews to ensure that business owners like you are satisfied with our top picks’ services. Our methodology is thorough, so you can confidently follow our blueprint to the Best LLC Services. Frequently asked questions (FAQs) Active filings provides a cost-effective package with the main services you need to form an LLC. The $0 plan includes filing of your Articles of Organization or Incorporation, name search and free registered agent services for the first year. Active Filings takes care of your annual report filing, regardless of whether you have a paid package, and they help you stay on top of deadlines by sending you complimentary alerts. Active Filings’ provides a disclaimer in fine print stating that there is a $99 fee for the annual filing service after year one. You can cancel your plan with Active Filings to avoid the fee. Purchases with Active Filings are final and non-refundable after 90 days. Active Filings provides business formation services, including registered agent services, for LLCs, corporations and nonprofit corporations. Their formation services and customer support are available in both English and Spanish. What Is a Solo 401(k)?The 401(k) plan has gained popularity among small business owners ever since 2001 when some changes to federal tax law made it a better and more flexible choice for their needs compared with some other retirement savings options. These 401(k) plans are known as solo 401(k) or self-employed 401(k) plans. Key Takeaways
How the Solo 401(k) WorksSolo 401(k)s are a retirement savings option for small businesses whose only eligible participants in the plan are the business owners (and their spouses if they are also employed by the business). It can be a smart way for someone who is a sole proprietor or an independent contractor to set aside a decent-sized nest egg for retirement. Not content with the federal acronym, various financial institutions have their own names for the solo 401(k) plan. The independent 401(k) is one of the most generic. Other examples include:
If you are not sure which name your financial service provider uses, ask about the 401(k) plan for small business owners. The IRS provides a handy primer on such plans. Who Is Eligible for Solo 401(k) Plans?A common misconception about the solo 401(k) is that it can be used only by sole proprietors. In fact, the solo 401(k) plan may be used by any small businesses, including corporations, limited liability companies (LLCs), and partnerships. The only limitation is that the only eligible plan participants are the business owners and their spouses, provided they are employed by the business. A person who works for one company (in which they have no ownership) and participates in its 401(k) can also establish a solo 401(k) for a small business they run on the side, funding it with earnings from that venture. However, the aggregate annual contributions to both plans cannot collectively exceed the Internal Revenue Service (IRS)-established maximums. How to Set Up a Solo 401(k) PlanFor small business owners who meet certain requirements, most financial institutions that offer retirement plan products have developed truncated versions of the regular 401(k) plan for use by business owners who want to adopt the solo 401(k). As a result, less complex documentation is needed to establish the plan. Fees may also be relatively low. Make sure to receive the proper documentation from your financial services provider. As noted above, the solo 401(k) plan may be adopted only by businesses in which the only employees eligible to participate in the plan are the business owners and eligible spouses. For eligibility purposes, a spouse is considered an owner of the business, so if a spouse is employed by the business, you are still eligible to adopt the solo 401(k). If your business has non-owner employees who are eligible to participate in the plan, your business may not adopt the solo 401(k) plan. Therefore, if you have non-owner employees, they must not meet the eligibility requirements you select for the plan, which must remain within the following limitations. You may exclude nonresident aliens from a solo 401(k) who receive no U.S. income and those who receive benefits under a collective-bargaining agreement. Solo 401(k) Eligibility RequirementsSetting the wrong eligibility requirements could result in you being excluded from the plan or non-owner employees being eligible to participate in the plan. For example, say you elect zero years of service as a requirement to participate, but you have five seasonal employees who work fewer than 1,000 hours each year. These employees would be eligible to participate in the plan because they meet the age and service requirements. Consequently, their eligibility would disqualify your business from being suitable to adopt the solo 401(k) plan. Instead, you could adopt a regular 401(k) plan. Some solo 401(k) products, by definition, require further exclusions. Before you decide to establish a solo 401(k) plan, be sure to check with your financial services provider regarding its provisions. Contribution RequirementsFor 401(k) employee elective-deferral contributions you may require an employee to perform one year of service before becoming eligible to make elective-deferral contributions. For profit-sharing contributions, you may require an employee to perform up to two years of service in order to be eligible to receive profit-sharing contributions. However, most solo 401(k) plans will limit this requirement to one year. For plan purposes, an employee is considered to have performed one year of service if they work at least 1,000 hours during the year. While you may generally choose to require fewer than 1,000 hours under a regular qualified plan, most solo 401(k) plans include a hard-coded limit of 1,000 hours. Solo 401(k) Contribution LimitsThere are two components to the solo 401(k) plan: employee elective-deferral contributions and profit-sharing contributions. Employee Contribution LimitsYou may make a salary-deferral contribution of up to 100% of your compensation but no more than the annual limit for the year. For 2023, the limit is $22,500 (increasing to $23,000 for 2024), plus $7,500 for people age 50 or over for both years. Employer Contribution LimitsThe business may contribute up to 25% of your compensation (calculations are required in the case of the self-employed) but no more than $66,000 for 2023 ($69,000 for 2024). An employee aged 50 or above can still contribute an additional $7,500 for 2023 and 2024. Other 401(k) PlansIn comparison with other popular retirement plans, the solo 401(k) plan has high contribution limits as outlined above, which is the key component that attracts owners of small businesses. Some other retirement plans also limit the contributions by employers or set lower limits on salary-deferred contributions. The following is a summary of contribution comparisons for the employer plans generally used by small businesses.
Contributions ExampleAs mentioned earlier, you may make employee elective-deferral contributions of up to 100% of your compensation but no more than the elective-deferral limit for the year. Profit-sharing contributions are limited to 25% of your compensation (or 20% of your modified net profit if your business is a sole proprietorship or partnership). The total solo 401(k) contribution is the employee elective-deferral contribution plus the profit-sharing contribution—up to $66,000 for 2023 and 69,000 for 2024. If your business is a corporation, the profit-sharing contribution is based on the W-2 wages you receive. If you receive $70,000 in W-2 wages, for instance, your profit-sharing contribution could be up to $17,500 ($70,000 x 25%). When added to a salary-deferral contribution of $19,000, the total would be $36,500. If your business is a sole proprietorship or partnership, the calculation gets a little more involved. In this case, your profit-sharing contribution is based on your modified net profit and is limited to 20%. The IRS provides a step-by-step formula for determining your modified net profit in IRS Publication 560. Other Benefits of a Solo 401(k)There are a number of other benefits that come with the Solo 401(k). LoansAs with other qualified plans, you may be able to borrow from the solo 401(k) up to (1) the greater of $10,000 or 50% of the balance or (2) $50,000, whichever is less. Check the plan document to determine if any other limitations apply. 5500 Filing May Not Be RequiredBecause the plan covers only the business owner, you may not be required to file Form 5500 series return unless your balance exceeds $250,000. No Nondiscrimination TestingGenerally, certain nondiscrimination testing must be performed for 401(k) plans. These tests ensure that the business owners and higher-paid employees do not receive an inequitably high amount of contribution when compared with lower-paid employees. Such tests can be very complex and may require the services of an experienced plan administrator, which can be costly. Because the solo 401(k) plan covers only the business owner, there is no one against whom you can discriminate, so these tests are not required. Deducting ContributionsSimilar to other employer plans, the solo 401(k) allows you to deduct plan contributions of up to 25% of eligible compensation. For plan purposes, compensation is limited to $330,000 in 2023 and $345,000 in 2024. Earnings over that amount are disregarded for plan purposes. Can I Have a 401(k) for My LLC?Yes, any business is able to set up a 401(k). If you are self-employed, you can create a solo 401(k) as a limited liability company (LLC)—assuming you meet all the other eligibility requirements. What Is the Minimum Number of Employees Needed for a 401(k)?A business of any size can offer a 401(k) plan. A solo 401(k) is for business owners with no employees. How Much Can a Small Business Owner Contribute to a 401(k)?The maximum contribution for a small business owner to a 401(k) for 2023 is $66,000 ($73,500 if you’re 50 or older)—which includes contributions as the employee and employer. For 2024, the contribution limit is $69,000, and $76,500 if you are 50 or older. The Bottom LineIf you own more than one business, you must check with your tax professional to determine whether you are eligible to adopt the solo 401(k). Ownership in another business that covers employees other than the business owner could result in your being ineligible for this type of plan. Key points
Retirement is the end goal for most workers, but you can’t quit your job unless you have a source of income. While Social Security will pay for some expenses, the government says these benefits will cover only about 40% of your pre-retirement income. In the past, many companies offered pensions that provided lifetime income to loyal employees. Now, pensions have all but disappeared, and most workers need to rely on their savings to fill gaps in their budgets. Fortunately, several retirement plans are available, many of which offer attractive tax incentives or generous employer matches. What’s more, most workers don’t have to settle for one plan and can open multiple accounts, depending on their employment situations. Best retirement plans of 2024American workers have no shortage of options when it comes to selecting the best retirement plan. “You’re talking about an embarrassment of riches,” says Andrew Meadows, senior vice president of HR, brand and culture for Ubiquity Retirement + Savings, a 401(k) provider. Plans exist for employees, self-employed individuals and small-business owners. Options within each category allow people to receive immediate tax deductions or set aside money for tax-free withdrawals in the future. The best retirement plans also offer various investment options with low fees. Employer-sponsored retirement plansEmployer-sponsored retirement plans are some of the best-known options, and if you are an employee — meaning you receive a W-2 at tax time — you likely have access to one of them. These accounts can be a convenient way to save for retirement since payroll deductions fund them. Plus, many employers match a portion of employee contributions. “You want to be sure you put enough in to qualify for whatever your employer is matching,” says Stuart Chamberlin, founder and owner of advisory firm Chamberlin Financial in Boca Raton, Florida. Traditional 401(k) Traditional 401(k)s are the most common retirement plans private companies offer employees. Employee contributions to a traditional 401(k) are tax-deductible. You can access the money without penalty once you reach age 59½, and withdrawals are taxed as regular income. You must start taking required minimum distributions at age 73, meaning you cannot avoid taxes forever. You can contribute up to $23,000 to a 401(k) plan in 2024. Savers age 50 or older can contribute an additional $7,500. Roth 401(k) A Roth 401(k) works like a traditional 401(k), except the tax benefits are different. Because Roth accounts are funded with after-tax dollars, employee contributions are not tax-deductible. The benefit is that the money grows tax-free and can be withdrawn tax-free in retirement. If you make a withdrawal before age 59½ and before you have held the account for five years, some of it may be subject to income tax and a penalty. Roth 401(k) contribution limits are the same as traditional 401(k) contribution limits. Our PartnersFind your match Connect with fee-only advisors who fit your priorities Build your wealth Review your vetted advisor matches and set up a free consultation Create a personalized financial plan Get matched to expert-built portfolios, and receive ongoing advice and annual check-ins to ensure your plan is on track. INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE 403(b) A 403(b), also known as a tax-sheltered annuity, works like a 401(k) and may be offered in traditional and Roth versions. Typically, 403(b) plans are available to employees of public schools and certain tax-exempt organizations. One unique provision of 403(b) plans is that workers with at least 15 years of service can make additional catch-up contributions, which may be worth up to $3,000. 457(b) Employees of state and local governments and certain tax-exempt nongovernmental entities may be able to contribute to 457(b) plans. These accounts work like 401(k)s and can be found in traditional and Roth varieties. Like 403(b)s, 457(b)s have a unique catch-up feature. Workers may be able to contribute up to twice the annual employee limit during the last three years before their normal retirement age. Thrift savings plan The thrift savings plan is a retirement plan for federal government employees and uniformed members of the armed forces. It is comparable to a 401(k) account, with similar provisions and contribution limits. Employer-sponsored retirement plans Individual retirement plansIndividual retirement arrangements, or IRAs, “have the lowest barrier to entry,” Meadows says. You generally can open an IRA as long as you have earned income, even if you have a 401(k) plan or another workplace retirement account. But note that income limits may apply to deducting traditional IRA contributions and contributing to Roth IRAs. Traditional IRA Like a traditional 401(k), a traditional IRA offers an immediate tax deduction on contributions. Withdrawals after age 59½ are subject to regular income tax. Early withdrawals are subject to income tax and a 10% penalty. Required minimum distributions must begin at age 73. You can contribute up to $7,000 to IRAs in 2024. Savers age 50 or older may make an additional $1,000 in catch-up contributions. Your contributions may not be tax-deductible if you or your spouse is covered by a retirement plan at work and you exceed certain income limits. For 2024, the ability to deduct contributions begins to phase out at modified adjusted gross incomes above $77,000 for single filers and $123,000 for married couples filing jointly. Roth IRA Roth IRAs don’t offer tax deductions on contributions, but withdrawals in retirement are generally tax-free. Further, because you’ve already paid taxes on your Roth IRA contributions, you can withdraw them anytime tax- and penalty-free. Early withdrawals of your earnings may be subject to income tax and a 10% penalty. Roth IRAs share the same contribution limits as traditional IRAs, but high earners are excluded from funding these plans. For 2024, the ability to contribute to a Roth IRA begins to phase out at MAGIs of $146,000 for single filers and $230,000 for married couples filing jointly. At incomes of $161,000 and $240,000, respectively, the opportunity to contribute to a Roth IRA is eliminated. Spousal IRA A spousal IRA refers to the ability of a working spouse to open an IRA on behalf of a nonworking spouse. In this way, stay-at-home parents or other spouses without earned income can have their own IRAs with which to save for retirement. Spousal IRAs can be traditional or Roth accounts and are subject to the same contribution and income limits as other IRAs. To open a spousal IRA, a couple must file their tax return jointly. Rollover IRA A rollover IRA is a way to move money from one retirement account to another. For example, if you leave a job, you can roll over money from your 401(k) to an IRA rather than leave it in place. You can opt for a direct rollover or an indirect rollover. With a direct rollover, the funds are transferred from the 401(k) administrator to the IRA administrator. With an indirect rollover, you receive a distribution from the 401(k) and then deposit the funds into the IRA. If you fail to deposit the full amount into the IRA within 60 days, it may be subject to both income taxes and a 10% penalty. There is no limit on how much you can roll over. Note that rolling over into an account with a different tax treatment — from a traditional to a Roth, for instance — counts as a conversion and has tax implications. Individual retirement plans Retirement plans for small-business owners and the self-employedOne drawback of IRAs compared to employer-sponsored retirement plans is the low annual contribution limit. But if you are self-employed or a small-business owner, you have other options with higher limits. Becoming eligible for these plans may be easier than you think. “If you have a side hustle and self-employment income, you absolutely have the ability to start your own retirement plan,” says Nathan Boxx, director of retirement plan services for financial advisory firm Fort Pitt Capital Group in Pittsburgh. Whether you work for yourself or have a team of employees, the following accounts could be good options. SEP IRA Any self-employed individual or employer can open a SEP IRA, and workers can contribute the lesser of 25% of their annual compensation or $69,000 per year. That puts a SEP IRA in line with a 401(k) plan in terms of contributions. But you can’t make catch-up contributions to a SEP account. There is no Roth SEP IRA option, so your contributions will be tax-deductible. Withdrawals in retirement will be subject to regular income tax, and you’ll also need to start taking RMDs at age 73. If you like the idea of having some tax-free money available in retirement, there is no reason you can’t also open a Roth IRA. The IRS allows self-employed workers and business owners to contribute to both. SIMPLE IRA The SIMPLE IRA is what Boxx calls the “quick and dirty” option for small-business retirement plans. It is available to businesses with fewer than 100 workers and has few filing requirements. “The trade-off is lack of flexibility,” Boxx says. You may not have the same plan or investment options that other accounts offer. SIMPLE IRAs also have lower contribution limits than 401(k)s. In 2024, a worker can contribute up to $16,000 to a SIMPLE IRA. Savers age 50 or older can make $3,500 in catch-up contributions. All contributions are tax-deductible, and withdrawals in retirement are taxed as regular income. RMDs must be taken starting at age 73. Payroll deduction IRA Payroll deduction IRAs can be traditional or Roth and have the same contribution limits as those accounts. The main difference is they are funded through payroll deductions. These accounts can be an attractive option for small-business owners who would like to help their workers save for retirement but don’t want the expense that comes with creating a 401(k) plan. Solo 401(k) Also known as one-participant 401(k)s, solo 401(k)s allow business owners with no employees or self-employed individuals to open an employer-sponsored plan for themselves and their spouses. The reporting rules make these accounts more complex than some of the other options. On the other hand, they have significantly higher contribution limits. As an employee, you can make elective deferrals of up to $23,000 in 2024. Savers age 50 or older can contribute an additional $7,500. In addition, as an employer, you can make a profit-sharing contribution of up to 25% of your compensation from the business. Combined, the maximum solo 401(k) contribution is $69,000 in 2024. Solo 401(k)s may be opened as traditional or Roth accounts. Retirement plans for small-business owners and the self-employed Why is having a retirement plan important?Most people understand the value of having money set aside for retirement, but it may not be obvious why you should use a retirement plan. After all, you could invest the money in a regular brokerage account, put it in certificates of deposit or leave it in your savings account. A retirement plan makes more sense for several reasons:
“Retirement money is sheltered from creditors up to a certain threshold,” Boxx says. That is one example of the type of protection your money gets when deposited in a retirement plan. How to start investing in your retirementThe earlier you begin saving, the more likely you are to be financially secure in retirement. It isn’t hard to open a retirement account either. If you work somewhere that offers employer-sponsored retirement accounts, contact your human resources office to start making contributions. Most plans let you choose from several investment options, and many now have target-date funds, which make it simple to invest based on your expected retirement date. IRAs and other plans can be opened online or in person at many banks and brokerage firms. For instance, Ubiquity Retirement + Savings offers solo 401(k) plans, while Chase, Charles Schwab and Fidelity all have IRAs. How to choose the best retirement plan for youIf you have an employer-sponsored plan with a match, start there. You want to contribute enough to that plan to get the full match. After that, you can consider other options. Here are some questions to ask yourself:
Before you jump into any account, be sure to read the fine print. “What fees are you paying?” Meadows asks. Those fees include the expense ratios for specific investments and the costs to administer the plan. An accountant or financial advisor can help you weigh your options and select the best retirement plan for your needs. Frequently asked questions (FAQs) That depends on your unique circumstances. While Fidelity Investments suggests you save 10 times your income by age 67, you may need more or less to retire comfortably. When determining how much money you’ll need, consider the following:
Each account has its pros and cons. IRAs typically offer more investment options, but they may come with more fees. With a 401(k) account, you can contribute significantly more, and your plan administrator is a fiduciary, meaning they are required to work in your best interest. Talk to a trusted financial advisor to decide which is right for you. Yes. “The IRS always gets theirs at the end,” Chamberlin says. The difference is when you pay those taxes. Roth accounts are taxed upfront since you fund them with after-tax dollars. With a traditional account, the money isn’t taxed until you make withdrawals in retirement. If you die with money in a traditional account, your heirs will pay the taxes on the remaining amount. A pet wellness plan is only worth it if you’ll be making claims and maximizing your reimbursements. Look at the annual cost of a wellness plan, your potential annual savings and your out-of-pocket costs. Finding a good pet insurance wellness plan is secondary to finding a good pet insurance accident and illness policy. The base accident and illness plan covers major veterinary expenses, such as a torn ligament, broken bones, cancer and diabetes. It’s more important to find the best pet insurance policy and then decide if adding a wellness plan is worth it. You can find a good price on pet insurance by comparing pet insurance quotes from multiple companies. Once you find a pet insurance plan you like, compare the company’s wellness plan prices with your expected routine care costs for the year. You’ll want to look at:
Some wellness plans offer relatively low potential savings amounts. For example, the basic wellness plan from Figo costs about $111 per year for dogs and the maximum savings amount per policy term (after accounting for the premium) is only $11, and that doesn’t factor in your out-of-pocket costs when a certain expense exceeds the reimbursement limit. For example, Figo’s basic plan covers only up to $40 per year for teeth cleaning when the average cost of teeth cleaning ranges from $170 to $350. Roadside assistance is offered by some car insurance companies as an add-on coverage. Note that you usually must also have comprehensive and collision coverage. Roadside service plans are also sold by motor clubs and companies specializing in emergency roadside help. And some credit card benefits include roadside assistance. Roadside assistance plans are not standard—towing limits, price, covered calls per year and other variables vary by plan, company and even state. To identify the best roadside assistance plan for your needs, consider the following features when shopping around. Towing limits and roadside assistance plansMost roadside assistance plans specify the distance they will tow from where your car breaks down, for example 5, 10 or 20 miles. If having a greater area of applicable tow coverage is priority, you’ll want to be sure the service you choose has an acceptable tow mileage limit that suits your needs. Roadside assistance service calls per plan yearWhen researching roadside assistance plans, be sure to check the number of calls or tows you can have per plan year. Some roadside help plans limit the number of rescues to three or four a year. Onsite repairs for minor mechanical issuesSome roadside assistance plans provide help if you break down and need a mechanic to do some minor repairs, something that won’t last more than an hour or so. Extension of coverage for roadside assistanceIf you want to be sure coverage extends to your family, or to you if you’re a passenger, review the details of roadside plans you’re considering. Not all roadside assistance plans cover you as a passenger or your household members. Note that some companies do offer upgrades that include family plans and higher coverage limits. WinchingSometimes your car gets stuck in mud, snow, ice or in a ditch. In that case, you need a winch to pull your vehicle out and back onto the road. Look for a roadside assistance plan that includes winching if you’re worried about this type of service call. Lost key servicesSome roadside assistance plans will pay to send a locksmith to help if your keys are lost or stolen, though you will typically have to pay to replace the key. Keep in mind that this isn’t always included in roadside help plans—some will only assist you if you locked your keys inside your car. Roadside assistance and trip interruption benefitsIf an emergency listed in your plan means you need to unexpectedly stay in a hotel overnight while your car is being fixed, trip interruption benefits can help pay for meals, transportation and accommodations. Trip interruption benefits are usually found in more comprehensive roadside assistance plans and typically require you to be a specified distance away from home, for instance 100 miles. Price of roadside assistanceWhat you pay for roadside help services depends on the company you buy your plan from and how much coverage you get, among other factors. If paying the cheapest price is most important to you, you might want to start with your current auto insurance company. Keep in mind that if you buy roadside assistance from your car insurance company, frequent emergency claims may cause your car insurance rate to increase. If you use the help service for the occasional emergency your rates won’t be affected. If the roadside assistance benefits from your car insurance company don’t include everything you want—for example coverage for other drivers in your household or a higher towing mileage limit—you may pay a bit more but be happier with a plan from an auto club. Auto clubs may also provide benefits beyond roadside service, which may include affiliate discounts, help with trip planning or trip interruption compensation. Some roadside assistance companies offer several tiers of coverage, so while the budget plan may be cheapest, the premiere plan may include more of the benefits you want. For example, AAA, AARP, Allstate, Better World, Good Sam, Nationwide and Travelers all offer more than one roadside help plan. Strategic Plan Narrative We are pleased to present this plan, and proud of the work that went into it. We believe in the Green Party and the essential role that we can play in moving a progressive political agenda. We know that what we seek to do isn’t easy. But throughout history we have seen organized people beat organized money. The creation of this plan is the beginning, not the end, of our thinking strategically about how to build our party. We’ve laid out a mission and vision statement, an analysis of our situation, goals and objectives, and an action plan to tackle. The rest is up to you. We hope every reader of this plan will offer, not only ideas to make it better or more complete, but your personal commitment to work to make it a reality. We must also commit to re-visiting the plan on a regular basis, to make any necessary adjustments. We can’t predict the future. We do know that if you fail to plan, you plan to fail. Support Documents Objectives & Action Plan Proposals Passed by the NC A qualified retirement plan is an investment plan offered by an employer that qualifies for tax breaks under the Internal Revenue Service (IRS) and ERISA guidelines. Because an individual retirement account (IRA) is not offered by employers, a traditional or Roth IRA is not considered a qualified plan, although they feature many of the same tax benefits for retirement savers. Two exceptions that may be offered by an employer are SEP IRAs and SIMPLE IRAs. Companies may also offer non-qualified plans to employees that might include deferred compensation plans and executive bonus plans. Because these are not ERISA-compliant, they do not enjoy the tax benefits of qualified plans. Key Takeaways
Traditional IRAsTraditional IRAs are savings plans that allow you the benefit of tax-advantaged growth as investors are commonly allowed a tax write-off, though limited or not permitted, depending on your income and whether you have a qualified retirement plan at work. Taxes must be paid on distributions, which you are required to start taking at age 73, even if you haven't retired yet. These are called required minimum distributions (RMDs) and the amount is determined by an IRS formula involving your age and your account balance. Beginning in 2033, with the passage of the SECURE Act 2.0, the RMD age increases to 75. If you withdraw any funds before you turn 59½, you will be subject to a 10% early withdrawal penalty in addition to the usual requirement of paying income tax on the amount you take. The SECURE Act 2.0 of 2022 expands access to retirement savings beginning in 2024. Participants can access up to $1,000 annually from retirement savings for emergency personal or family expenses without paying the 10% early withdrawal penalties. There are also limits to how much you can contribute to an IRA each year. In 2024, this limit is increased to $7,000 or $8,000 if you are 50 and older and qualify for the additional catch-up contribution. IRA plan providers allow holders to designate beneficiaries, and some plan holders allow beneficiaries for multiple generations. Because traditional IRAs allow individuals to invest on a tax-deferred basis, they are suitable for people who are in a high tax bracket but anticipate being in a lower one at retirement. Roth IRAsRoth IRAs require that investors pay tax first on contributions and do not allow for a tax write-off. However, the advantage comes when you retire and no tax is assessed on distributions. You are not taxed on any of the money that your income earns over the years it sits in your Roth account. What's more, if you need to take money out of the account, you are not taxed if you take out just the contributions you originally made. 401(k) plans have significantly higher contribution limits than IRAs. Roth IRAs do not have RMDs or a requirement that you start taking distributions. If you can afford to hold the funds, they can continue to grow tax-free and can be passed to your heirs. The heirs will be required to take distributions, however. As Roth IRAs allow individuals to invest on a tax-free basis, they are suitable for individuals who are in a low tax bracket but anticipate being in a higher one at retirement. There are income limitations on who is permitted to contribute to a Roth IRA. Those with higher incomes can only open one by rolling over traditional IRA or 401(k) money, a process called opening a backdoor Roth IRA. If you do this, you will have to pay taxes on deductible contributions and all earnings. One exception: Those who have a Roth 401(k) can roll it over into a Roth IRA without the tax requirement. Qualified Retirement PlansSome employers offer defined-contribution or defined-benefit-qualified retirement plans. Defined-contribution plans, such as 401(k)s, have largely replaced defined-benefit plans or pensions as the preferred model. Employers receive incentives from the U.S. government to create these plans under ERISA rules. Beginning in 2025, the SECURE Act 2.0 requires employers to automatically enroll eligible employees in new 401(k) or 403(b) plans with a participation amount of at least 3% but no more than 10%. The contribution increases to the rate of 1% per year, up to a minimum of 10% and a maximum of 15%. What Are the Contribution Limits for an IRA?The annual contribution limit for both a traditional IRA and a Roth IRA in 2024 is $7,000 (or $8,000 for those 50 or older). What Are the Contribution Limits for a 401(k) Plan?For 2024, $23,000. If you are 50 or older, you can make a catch-up contribution of $7,500. Beginning after Dec. 31, 2024, the SECURE Act 2.0 substantially increases catch-up limits for 401(k) plan participants aged 60 to 63 to the greater of $10,000 or 150% of the “standard” catch-up amount for that year. What Is the Difference Between a Qualified and Non-Qualified Retirement Plan?Qualified retirement plans are offered by employers to their employees and offer tax breaks. Non-qualified retirement plans also offer tax breaks but are not offered to all employees, and do not adhere to the Employee Retirement Income Security Act (ERISA) while qualified retirement plans do. The Bottom LineA qualified retirement plan is a retirement plan that is only offered by an employer and qualifies for tax breaks. By its definition, an IRA is not a qualified retirement plan as it is not offered by employers, unlike 401(k)s, which are, making them qualified retirement plans. IRAs, however, do share many of the same features and benefits as qualified retirement plans that individuals can use to save for retirement, either together with qualified retirement plans or on their own. Best cell phone plans at a glance It's always a good idea to see if you have one of the best cell phone plans, but never more so than at the beginning of the year. By comparing your current plan to others, you can figure out if you're paying too much for phone service or getting short-changed on the perks that come with your wireless package. When we look at cell phone plans, we certainly consider price. But we're also looking at the extras that wireless providers include in their plans — things like hotspot data, streaming service subscriptions and traveller benefits. It's also worth considering network performance, particularly for plans offered by low-cost carriers who piggy-back on the cellular towers operated by other wireless services. All those factors help us find the best cell phone plans based on total value delivered. Our picks for the top plans represent hours of research into what's currently available — not just from the biggest wireless providers but from less well-known entities, too. That way, we can compare what one carrier offers with deals from other providers to make sure we're highlighting the top choices. Our guide to the best cell phone plans covers a wide range of options from an assortment of the best phone carriers. Below, we shine a spotlight on low-cost plans as well as picks for families and prepaid options, too. We can also help you find the best plans with unlimited data. And if you're looking just at price, we've tracked down the best cheap cell phone plans, too, in a separate guide. The quick listBest overall 1. Mint Mobile The best cell phone plan overall With plans starting at $15 per month, Mint is a great way to save money on your cell phone bill. The low rates cover your first three months of service, then you pay for a year of service ahead of time to keep that rate locked in. Best cheap unlimited data 2. Visible Best cheap unlimited plan Visible has just two plans, both of them with unlimited data. The cheaper of the two lets you enjoy coverage on Verizon's network for just $25 per month, which is less than what you'd pay at Mint. Best prepaid plan 3. Verizon Best prepaid plan Our favorite prepaid plan costs just $35 per month when you enroll for automatic payments at Verizon. You'll get 15GB of data, which can also be used as hotspot data. And your coverage includes 5G on Verizon's nationwide network. Best unlimited plan 4. T-Mobile Best unlimited plan T-Mobile has the best unlimited plan among the major carriers, with its Go5G plan. For $75 a month, you get unlimited talk, text and data with 15GB of hotspot data, plus other perks including six free months of Apple TV Plus. Bulk data 5. AT&T Best bulk data plan You can't beat AT&T when for a huge bucket of data when you prepay for your plan in advance. The carrier offers 16GB of high speed data every month for $25 when you pay for a year of service. That's $300 upfront, but it works out as a big monthly discount on data. Best for travel 6. Google Fi Best for travelers Google Fi's $65 per month Unlimited Plus is about what you'd pay for unlimited data is what you'd pay with many phone carriers. But the plan pays off when you go overseas and can use your unlimited text and data at no additional cost. Best family plan 7. T-Mobile Best family plan The Go5G plan is also a good option for families who need unlimited data. Four lines cost $200 per month, though various discounts can drop the price further. T-Mobile covers the cost of a Netflix subscription with this plan, and taxes and fees are included. Flexible family plans 8. Verizon Most flexible family plan Verizon's Unlimited Plus plan starts at $80 per month with discounts as you add more lines. You can also mix and match with the cheaper Unlimited Welcome plan. Perks like streaming services are available as add-ons that you can drop at any time. Low-cost plan 9. Tello Lowest cost plans Tello is great for bargain hunters who just want the lowest-cost plan available. Prices range from $9 per month for 1GB of data all the way to a $25 unlimited plan with multiple stops in between. Tello uses T-Mobile's network. Alterantive plan 10. Cricket Wireless Best alternative plan For less than $40 a month, you can get 10GB of data from Cricket, which relies on AT&T's network. You'll need to enroll in autopay for a $5 discount off the regular $40 rate, but there no data speed caps like there used to be. Best family prepaid plan 11. Metro by T-Mobile Best family prepaid plan T-Mobile-owned Metro is one of the few prepaid carriers to offer additional discounts as you add more lines. Our favorite plan is the basic unlimited offering that starts at $40 for a single line, and levels out to $100 per month for four lines of data. The best cell phone plan overallMint Mobile is a great option to turn to if you want to keep your monthly cell phone bill low. In addition to the 5GB plan we recommend, Visible also offers 15GB, 20GB and unlimited data tiers. The most you'll pay for any plan is $30 per month for unlimited data. After your three months of service are up, you need to commit to a full year of service to keep the low monthly rate. That means paying up front, which in the case of the 5GB plan is $180. If you can swing that initial cost, Mint provides a great way to lock in a low rate. A current promotion at Mint is one of the best the carrier offers — all plans cost $15/month for the first three months. That means you can get three months of unlimited data for $45 total. After the three months, regular rates return, so you'll have to pay for the full year of service to get Mint's best rate. The best cheap unlimited data planVisible offers just two plans, both of which have unlimited data. For $25 a month, you get coverage on Verizon's nationwide network — Verizon owns Visible — and the ability to make unlimited calls and texts to Canada and Mexico You can use your phone as a mobile hotspot. The biggest downside is that your network can be slowed at any time if Verizon's network gets congested. The $45 monthly plan at Visible guarantees you 50GB of high-speed data (i.e., no data throttling), and you can connect to Verizon's faster 5G Ultra Wideband network where available. You can also enjoy calling and texting to more countries. If you sign up for Visible using code 'VISIBLE24' before January 31, you can get lower rate on either plan for the next 24 months. The Visible plan costs just $20/month after a $5 discount, while the Visible Plus rate dropds $10 to $35/month. The best prepaid cell phone planYou'll find three prepaid options at Verizon — one that gives you 15GB of data each month, and the other two promising unlimited data. The more expensive of Verizon's prepaid unlimited plans has the most perks, with access to Verizon's fastest 5G coverage. (Verizon's other prepaid plans can connect to the slower nationwide 5G.) You also get more hotspot data and 180 minutes of talk time with a country of your choosing. Whichever prepaid plan you get at Verizon, be sure to enroll in autopay as it lowers your rate significantly. We recommend the 15GB plan, which normally costs $45/month, but drops to $35 with autopay enrollment. The best unlimited data plan overallT-Mobile offers half-a-dozen unlimited data plans, ranging from $60/month (Essentials) all the way to $100 (Go5G Next) for one line of data. The higher the price, the more perks the plan features, so you'll want to determine just what you need out of a cell phone plan (other than unlimited data) to find one that fits your needs. Most customers will find themselves choosing between the Magenta/Magenta Max and Go5G/Go5G Plus/Go5G Next plans. Magenta and Go5G let you use 100GB of data before your speeds are slowed, with Go5G customers getting more hotspot data. Magenta Max and Go5G Plus add streaming and travel perks, plus more hotspot data. Go5G Next is the most expensive plan, but its streaming service package includes free Apple TV Plus, Netflix, MLB.TV and Hulu subscriptions. All T-Mobile plans, save for Essentials, include taxes and fees in their price. The best bulk data planAT&T's main prepaid plans provide 5GB of data for $30/month or unlimited data at $50. (That unlimited price reflects a $15 discount for enrolling in autopay.) We'd steer you toward AT&T's bulk plan, though, as it offers 16GB of data for a low $25 monthly rate. (Technically, AT&T calls this an unlimited plan, but data is slowed to 1.5Mbps after you hit the 16GB mark.) To get that low rate, you need to pay for a year in advance. But of you can swing the $300 upfront cost, AT&T's prepaid 16GB plan is a great way to lock in a low rate for a full year. The best cell phone plan for travelGoogle has its own wireless carrier, and while Pixel phones are optimized for the network — so are select models from Samsung and Motorola — anyone can use Google Fi. You have a choice of three plans. The Flexible plans charges $20 for unlimited talk and text plus $10 for every gigabyte of data you use. There are two unlimited plans — one for $50 per month and the other for $65. The $65 Unlimited Plus plan includes travel benefits that let you use your data for no cost when overseas. Other Unlimited Plus perks include a year of YouTube Premium along with 100GB of Google One cloud storage The best family plan overallThose six unlimited plans available for individuals T-Mobile can also double as family plans. As a bonus, T-Mobile discounts additional lines as you add them, lowering your overall cost per line with each person. Even better, a frequent promotion at T-Mobile has the carrier waiving the cost of a third line of data, so families of four can get that fourth line for free. The most flexible plan for familiesLike T-Mobile, Verizon adds escalating discounts as you add more lines. Unlike T-Mobile, you can mix and match Verizon's various unlimited plans, so mom and dad can enjoy the more feature-rich Unlimited Plus option, while assigning cheaper Unlimited Welcome plans to the kids. The $180 price assumes four lines of Unlimited Plus, as it's Verizon's better option if you want faster 5G. As with individual unlimited plans at Verizon, you can add on perks for $10/month, and cancel them at any time. The best low-cost optionIf you want to spend the least amount on data every month, consider Tello, an MVNO that uses T-Mobile's network to provide its coverage. Tello offers six different data plans, which are all priced competitively when compared to other services. We're highlighting the 1GB plan, which costs $9 a month. But if you need more data, you can also try the 2GB ($10), 5GB ($14), 10GB ($19), 15GB ($24) and unlimited data ($25) options. Those prices assume unlimited talk and text — you can further reduce your monthly bill by reducing the number of talk minutes you need. The best alternative cell phone planAT&T-owned Cricket Wireless has stopped capping data speeds on its service, so if you haven't considered Cricket in a while, it's worth a second look. It's an especially attractive option if you prefer AT&T's network, but want a cheaper plan than what AT&T might offer. Cricket gives you four different options, ranging in price from $30 a month for 5GB of data to a $60 unlimited data plan that includes hotspot data and a subscription to the ad-supported version of the Max streaming service. We'd steer you toward the $40 monthly plan and its 10GB of data because that's a relative value within more monthly budgets. The best prepaid plan for familiesPrepaid plans typically don't add discounts on additional lines, but Metro by T-Mobile stands out as an exception. All three of Metro's unlimited data options will lower the cost-per-line as you add four lines. Pricing on unlimited data ranges from $40 to $60 per month for a single line of data, with the three different tiers offering different perks, such as hotspot data and online storage. The $40 plan is probably the most attractive to families, as Metro charges $100 total for four lines. How we pick the best cell phone plansPicking the best cell phone plans requires extensive research on exactly what each carrier offers. That means we're checking the plans available at each of the three major carriers as you would expect, but we also extend our search to lesser know MVNOs, who often offer lower-priced plans. Once we've gathered all the data on available smartphone plans, we single out the lowest cost options. But because the best cell phone plan isn't a one-size-fits-all choice, we look at the best options from the most popular carriers, as well as compelling values from discount carriers, giving you a wide variety of options to choose the best plan for you. (More on making that decision in a moment.) Because phone carriers are often changing up their plans, we make it a habit to periodically review what's available. As a result, these rankings get updated at least once a month so that our picks reflect any changes to pricing or perks. How to choose the best cell phone plan for youPrice is a big consideration when looking for the best cell phone plans, especially if you’re getting more than one line for other members of your family. Most carriers offer escalating discounts as you add lines, so you’ll want to compare the total cost of your plan based on the number of lines that require service. Cell phone plans are about more than just the amount on your bill each month, though. You also need to consider who offers the best coverage in your area and whether they support the phone you’ll want to use. Our guide to the best phone carriers can answer some of those questions, but you’ll also want to ask friends, neighbors and co-workers about how a specific carrier’s coverage is at your home and office, if you’re looking to switch wireless providers. Speaking of switching carriers, the major carriers are all willing to pick up some of the cost to get you to switch. These promotions can vary over time, so we'd suggest keeping an eye on any new carrier deals when you're mulling a switch, as you could find extra ways to save money. Wireless carriers have spent the past several years building out their 5G coverage, and if you’ve got the right 5G phone, you can benefit from faster speeds if a carrier offers 5G service in your area. T-Mobile includes 5G coverage with all its plans, and that coverage extends to carriers like Metro By-T-Mobile, Mint Mobile and others that use T-Mobile's towers for coverage. AT&T now includes 5G with all its plans, including prepaid options. Verizon does, too, though only some plans include access to that carrier's faster 5G Ultra Wideband network. What kind of cell phone plan do I need?As you would expect, there is no simple answer to this and the question is more about what is the best plan for you. This will obviously depend on a wide variety of factors. For those on a budget and looking for some flexibility, a prepaid cell phone plan will be an excellent way to go. These are often the cheapest options and the lack of contracts is going to be a massive bonus, especially if you like to change up carriers frequently. If you frequently stream Netflix on the go, like to play games on your phone or just generally drain your data at impressive speeds, an unlimited plan is an excellent way to go — especially as 5G becomes more common. For more on picking a plan, check out our guide on how much data you need in your cell phone plan. Family cell phone plans are an excellent way to save money, especially as many carriers offer discounts as you add more lines to your plan. It will be no surprise that this is the way to go for the average family. Some carriers, such as Verizon and AT&T, let you mix and match plans, so parents can get an unlimited line with greater perks, while giving kids a cheaper line of data to save money overall. If you are simply after the lowest price possible, carriers including Mint Mobile and Tello can offer you really low costs if you don't mind settling for smaller data caps. Realistically, cell phone plans tend to fall into one of these categories: cheap, prepaid, family, unlimited, kids or seniors. If you work out which one you fit into best you can narrow your search drastically. MVNOs vs other carriersMVNOs are a slightly strange concept but they do offer an excellent way to get a cell phone plan on a budget. So what are they and how do they differ from the main carriers. Firstly, it's important to note the main carriers. These are: AT&T, Verizon and T-Mobile, which absorbed Sprint in 2020. You can also include US Cellular in that group, though its coverage remains regional compared to the Big Three carriers. These brands use their own technology and run their own regional cellular networks. MVNOs (Mobile Virtual Network Operators) on the other hand are brands that don't own and operate their own technology and instead 'piggyback' off of the services of one of the above brands. This allows them to be far cheaper than the main carriers but does mean they are the first to be restricted during peak usage periods and don't get access to as many additional benefits. MVNOs used to have limited 5G coverage, though that seems to be changing, as carriers build out their coverage. \We explain more about this in our MVNO guide, but the main players are:
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