Happy New Year! You didn’t make up another list of New Year’s Resolutions again this year, did you? According to Forbes 62% of Americans feel pressured to make New Year’s Resolutions. In 2024 The top 5 New Year’s Resolutions were: 1) 1) Improve Fitness – 48% 2) Improved Mental Health – 36% 3) Improved Finances – 32.8% 4) Lose Weight –… Continue Reading: 3 Reasons to Skip the Financial New Year’s Resolutions This Year
Here are Practical Reasons for Partial, Annual Roth IRA Conversions. We have already highlighted to you IRA versus Roth IRA. What You Need to Know. Now we want to discuss why some investors should consider partial, annual Roth IRA conversions. A Roth Conversion A Roth conversion is when funds are distributed from a Traditional Individual… Continue Reading: Practical Reasons for a Partial, Annual Roth IRA Conversions
4 Financial Lessons Learned From How to Pass in Middle School Many years ago, I attended my daughter’s open house for eighth grade. At the open house they move you from class to class quickly. This idea is to briefly replicate your child’s typical day and meet the teachers. The problem I encountered that evening… Continue Reading: 4 Financial Lessons Learned From How to Pass in Middle School
Practical Financial Moves for the Second Half of the Year. The first half of the year is in the books. Here are Practical Financial Moves for the Second Half of the Year. As you may recall, at the beginning of the year, we gave you 3 Reasons to Skip the Financial New Years Resolutions This… Continue Reading: Practical Financial Moves for the Second Half of the Year.
Depending on whether you counted your birthdays or used the mortality tables, many (including the author) are on “The Back Nine.” You have made the turn, grabbed a burger and a coke at the stand and are starting the last nine holes. Unlike real golf, with financial planning, there is no mulligan allowed. Your mission… Continue Reading: The Back Nine – Practical Financial Steps for Retirement
With April 15th right around the corner, well its Tax Day. Time to settle with Uncle Sam. If you have state income taxes, you will also have to settle with Cousin Sam. A Brief History of Income Taxes The first modern day income tax in the United States was in 1913 with the passage of… Continue Reading: “I Love Paying Taxes.” Said No One, Ever!
IRA To be eligible for an IRA, you will need to have earned income. This is from your wages as an employee. If you are self-employed, this would be from your self-employment income.In the past, there was an age restriction on who can contribute to an IRA. This is no longer the case. If you… Continue Reading: IRA vs. Roth IRA. What You Need to Know.
Here are 3 Great Reasons to Fund a Health Savings Account 1) Contributions are Tax Deductible To contribute to a Health Savings Account (HSA) you need to be eligible. To qualify you need to have a High Deductible Health Plan (HDHP). There are two requirements for this. Having a minimum deductible and a maximum out… Continue Reading: 3 Great Reasons to Fund a Health Savings Account
In my opinion, many investors will need to open a Roth IRA for their retirement. Here are 3 reasons why. 1) To Fund Your Retirement Sorry to state the obvious. If you do not realize this already: You are on your own with your retirement. Let that sink in. You (likely) will not be getting… Continue Reading: 3 Easy Reasons to Open a Roth IRA
Investors need to know the difference between tax-deferred and tax-free investing. Tax-Deferred Investing Investors can avail themselves to tax-deferred investing by contributing to their 401(k) plan at work or by funding their IRA. Contributions to these accounts are tax-deferred. The contributions are put in pre-tax. The funds grow tax deferred. When distributions are made from… Continue Reading: The Difference Between Tax-Deferred and Tax-Free Investing