Do I need to file a tax return if my only income is Social Security?
Submitted by anonymous. That’s a great question, as many Americans’ only source of income is Social Security. Social Security income is taxed for federal and state income tax purposes. If your earned income exceeds IRS 2019 filing guidelines, you are required to file a tax return with the IRS and in most states. Do I…
Read More4 Questions to Figure Out How Much Money You Need to Retire
That is a hard question, which I can only answer with a lot more questions! Question 1: Timeline The first question you need to ask yourself is: when do you want to retire? This will help you figure out how much time you have to get where you want to be. Question 2: Expenses Second,…
Read MoreWhat’s the difference between withdrawing from a 401k and taking out a 401k loan?
When life happens and there’s a big bill attached, we often scramble to figure out how to pay it. Ideally, an unexpected expense should be covered by your emergency savings account. If you don’t have enough savings, consider asking for a payment plan or delaying the bill until you get a tax return or bonus.…
Read MoreHow much should I put in my 401(k)?
If you’re fortunate enough to have an employer who offers a 401(k), you should seriously consider participating. A 401(k) allows you to lower your tax bill and potentially build wealth through the stock market. Here’s how to figure out how much you should contribute. The power of the employer match You should contribute at least…
Read MoreHow can people on government assistance save for retirement?
“Where are the best places for people on state assistance to start saving for retirement? I’m looking for something with low starting balances and low monthly transfers to the account. Do you recommend any financial companies, savings accounts, government-issue bonds, stock market?? I am so confused!” Submitted by Jessica L. I want to acknowledge your…
Read MoreHow will filing for bankruptcy affect my retirement?
What is your perspective about filing for bankruptcy in regards to saving for retirement? Submitted by Chris C. When it comes to any financial decision, everything affects everything. Kudos for thinking about the impact of bankruptcy on retirement planning. The decision to file bankruptcy is a big one, as it will impact your financial life…
Read MoreSteps to Get Retirement Ready at Every Age
You’re never too old or too young to prepare for retirement. Sure, starting early is best (you can do more with less), but if you’re just getting started, focus on what you CAN do rather than what you missed out on. Here’s the deal. If you’re in your 20s: Get ready! Start NOW and save regularly.…
Read MoreFour Myths about Personal Finance
There are a lot of financial myths out there that simply aren’t true! Making good financial decisions starts with having the correct information you need to make those decisions. I’m going to go through four common myths about personal finance to get to the bottom of those misconceptions. 1. “Paying rent is throwing away money.”…
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