It’s generally a good idea to review your employer-sponsored retirement plan at least once each year and when major life changes occur. If you haven’t given your plan a thorough review within the last 12 months, now may be a good time to do so. Have you experienced any life changes? Since your last retirement…
What You Should Do With Your 401(k) When You Switch Jobs or Retire
Your 401(k) can be a significant asset which you accumulated at work after one year or after a career. So what do you do with your 401(k) when you switch jobs or retire? Your Current 401(k) Plan The benefits of your 401(k) plan include the ability to defer paying income taxes until the money is…
Financial Basics for Millennials = Good Money Management
Millennials face financial challenges that are unique to their generation. One of the first steps in overcoming those challenges is to understand some basic financial concepts. If you’re a young adult in your 20s or 30s, you’ve been introduced to the realities of adulthood. While you’re excited by all the opportunities life has to offer,…
Our Progressive Tax System
APRIL IS NATIONAL FINANCIAL LITERACY MONTH If you live in the United States you live in a country with a progressive tax system. I call it a system because there is not just one progressive tax, there are many. Understanding how our system works is critical to your financial literacy. A progressive tax takes a…
Test Your Knowledge of Financial Basics: Financial Literacy Questions and Answers
APRIL IS NATIONAL FINANCIAL LITERACY MONTH How well do you understand personal finance? The following brief quiz can help you gauge your knowledge of a few basics. In the answer section, you’ll find details to help you learn more and increase your financial literacy. Here are some financial literacy questions. Financial Literacy Questions 1. How…
Volunteering to Prepare Tax Returns: The Happiness Effect
The more people volunteer, the happier they are. My Volunteering Experience I volunteered to prepare tax returns this tax season. After signing up, the first step last fall was to get trained by AARP members using an IRS certified course. The training took approximately 5 days over a 2 week period. There were about 20…
Aging in Place and the Medical Expense Deduction for Home Improvements
Aging in place has become more common in recent years. A person aging in place lives in the residence of their choice, for as long as they can, while they age. Aging in place usually requires making changes in the home and identifying support systems to allow seniors to live safely, independently and in familiar…
Essential Facts about the American Health Care Act
On March 6, House Republicans released their proposed health-care plan, The American Health Care Act (AHCA), as a replacement for the Affordable Care Act (ACA). The bill repeals the health insurance mandate for both individuals and large employers; caps Medicaid funding to states beginning in 2020; eliminates several ACA taxes including those applicable to high…
Paying for College: Cash or Credit
Paying for college is one of life’s big ticket items, along with buying a home and the cost of retirement. Needless to say, there are two significant decisions to be made regarding college. First, should you go; and second how should you pay for it? You Can’t Afford Not To Go Average cost at four…
Caring for Your Aging Parents
Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live…