A Required Minimum Distribution is just like it sounds. Basically, the IRS has never collected any tax revenue from your IRA accounts…and they’re tired of waiting! They will force you to start drawing down your IRA when you hit 70 ½. Read More
One common mistake people make when creating a retirement budget is to cut all the fun out of life. A “Top Ramen” budget invariably fails because it has no room for entertainment; so instead, learn to moderate. The first step is to track your expenses over a period of time (four weeks at the minimum) using an app or computer program, or the old-fashioned pen and paper. Read More
My guess is neither you nor your parents have all of the documents in place that you need to help you with some pretty important life and financial decisions that may arise in the future. Don’t fall into the trap of thinking you will take care of things when you have the time; make sure you take action on these items in the next week. What are the 8 things you need to have in place? Read More
So you need a break from work and it’s time to get away. You get excited and pull up an internet search only to see large dollars associated with airfare, hotel, and all of the fun stuff that you want to do. And if you have a large family you might as well start figuring out who will loan you the money to take your next vacation. (For the record, never borrow money to take a vacation!) Read More
I am going to let you in on a little-known secret: if you have been making six figures for a while, you may think that you don’t qualify for adding new contributions to a Roth IRA. Following five simple steps may allow you to invest $20,000 to $36,000 per year into a Roth IRA no matter how much you make.
First, what is a Roth IRA? In very basic terms this is a vehicle that may allow after-tax contributions today with the potential of withdrawing money at a later date without having to pay any income tax on the gain or earnings. Read More