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How Much Should I Save Each Month?
How much to save is such an important question and it can vary quite a bit depending on your age and goals. Nonetheless, there are some rules of thumb that many professionals recommend. This month we’ll take a look at some of them. A widely accepted strategy is the 50/30/20 rule. It simply states that […]
Roth 401(k) Plans
You probably know there are two commonly used types of retirement plans: Individual Retirement Plans (IRAs) and 401(k)s/403(b)s offered by employers. Further, they come with different tax treatment choices, Traditional and Roth. In short, the Traditional option is funded with pre-tax dollars and withdrawals (contributions and growth) are taxed as ordinary income. The Roth option […]
2024 Tax Law Changes
As you make your plans for the coming year, it’s important to take note of the changes in contribution limits and other tax changes in 2024. The information that follows was gathered from the IRS and other relevant government agencies. Social Security Social Security payments will increase 3.2% in 2024. 401(k) I view 401(k) plans […]
Federal Deposit Insurance Corporation
Silicon Valley Bank (SVB) and Signature Bank are the two U.S. banks that failed in the last few weeks. Were the depositors at risk? Normally, if deposits were $250,000 or less per depositor, per insured bank, an independent government agency called the Federal Deposit Insurance Corporation ensures that depositors will promptly get all of their […]
2023 Tax Law Changes
First of all, Happy New Year! As you make your plans for the coming year, it’s important to take note of the changes in contribution limits and other tax changes in 2023. Social Security Inflation creates a number of financial problems, but high inflation does signal a healthy increase in Social Security payments. Rates will […]
Saving vs. Investing
Many of the things we’d like out of life require the accumulation of wealth over time. Our first home, a new car, college for the kids, money to use should we lose our job and planning for retirement are common examples. There are two high-level approaches to collecting enough wealth to meet such needs. These […]
Saving 101
If you’re just starting out in life or maybe never established a regular saving habit, this article is for you! Many of our goals in life can only be achieved by saving for them. They’re simply too expensive to come up with the required funds on the fly. The Keys to Saving The #1 key […]
Retirement Accounts & Taxes
You probably already know that there are several common ways to save for retirement. These include 401(k) and IRA accounts. What you might not be as familiar with, is how these various retirement vehicles are taxed. There are four concepts in the taxation of retirement accounts. First, some accounts allow you to invest money without […]
2019 End-of-Year Financial Planning
Is it really time to think about the end of the year? Well, there are only three months left and there’s the question of whether you really want to try to jam financial planning in with Thanksgiving and Christmas. So, maybe it’s a good time to think about end-of-year financial planning. Here are a few […]
Rainy Day & Emergency Funds
Could your car need repairs? Might your water heater go out? Is it possible you might lose your job during a corporate reorganization? Sure they can. Wouldn’t you like to reduce your stress and avoid going into debt by being ready for the unexpected? Fortunately, there are two financial planning tools to help you deal […]