Financial literacy grows over the course of one’s life. Learning these concepts earlier rather than later makes us better equipped to meet our life’s goals. Most Americans are not given the opportunity to learn important financial concepts. Both the education system and the parenting process have neglected to develop the appropriate financial skills needed to…
Spend, Spend, Spend: Is Our Government a Bad Influence?
Why Do People Spend More Money Than They Earn? Some believe Americans have a YOLO problem. The term, which is short for “you only live once”, has become quite popular. It is so popular that #YOLO is a searchable keyword on Facebook and Twitter. Many Americans believe in retail therapy. Shopping allows people to visualize…
Are Your 2018 Income Taxes Going Up or Down?
The tax filing deadline for our 2017 income tax returns has come and gone. Are your 2018 income taxes going up or down? To help you answer that question, let’s dive into some tax changes in Tax Cuts and Jobs Act of 2017 (TCJA). First, here are my observations from the 2018 individual income tax filing season. Learnings…
Tax Reform: Changes for Individuals
Tax Cuts and Jobs Act, is a $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. Many of the provisions in the new legislation are permanent. Other provisions, including most of the tax cuts that apply to individuals, will expire in eight years. Some of the major changes included in the legislation…
Tax Cuts and Jobs Act: Impact on Individuals
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. While many of the provisions in the new legislation are permanent, others (including most of the tax cuts that apply to individuals) will expire in eight…
IRA and Retirement Plan Limits for 2018
IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2018 is $5,500 (or 100% of your earned income, if less), unchanged from 2017. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a…
Getting Money Out of Your 401(k) or 403(b) Plan
The video link below describes 4 ways of getting money out of your 401(k) or 403(b) Plan. If this is of interest, you may want to read Have You Checked Your Retirement Plan Lately, What You Should Do With Your 401(K) When You Switch Jobs or Retire or Required Minimum Distributions. Getting Money Out of Your…
Have You Checked Your Retirement Plan Lately?
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,…