401K Break Down: What is a 401K & Why is it Important to My Financial Planning?
Find out how saving for retirement could affect your benefits: How Can People on Government Assistance Save for Retirement? Have you ever noticed how each industry seems to have its own language? Whether talking to your plumber, mechanic, or doctor, there are all kinds of terms each uses that may sound foreign to you. This…
Read MoreWhat are Series I savings bonds & should I buy them now when inflation is high?
The United States inflation rate has been higher than many of us have ever seen. I was a child when the inflation rate was this high. And while I remember having to be the person who physically got up to change the TV channel before remotes existed, I don’t actually remember the high inflation rates.…
Read MoreDo I need to file a tax return if my only income is Social Security?
Social Security Income (SSI) is considered taxable income. But there are a few exceptions that could mean more money in your wallet. Certified Financial Coach and Tax Professional Jerry Zeigler shares his expert knowledge and tips in this quick and simple SSI tax guide. 1) How much of my Social Security income is taxable? For…
Read MoreWhat Is a Roth IRA?
A Roth IRA (Individual Retirement Account) allows you to save up to a certain amount of money in a non-deductible, after-tax account. Contributions to the account are not tax-deductible, but funds grow tax-free. Any withdrawals made after age 59 ½ are tax-free. The annual contributions limit, set by the Federal government, is $6,000 for 2021…
Read MoreWhat is a Health Savings Account and Should I Open One?
If you have a High Deductible Health Plan for your health insurance, then you are eligible for a Health Savings Account (HSA). You can use HSA funds to pay for qualified medical expenses. These expenses can be incurred by you, your spouse, or any dependents listed on your tax return. There is no need to…
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…
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