Individual workers can contribute up to $20,500 to their 401(k) retirement accounts in 2022, up from $19,500 in 2021 and 2020, the IRS announced this month. The higher contribution limit also applies to other retirement accounts, including 403(b) plans, most 457 plans and the federal Thrift Savings Plan. The change is part of the tax […]
Category: Personal Finance
Being Tax Savvy Doesn’t Stop at Retirement
Retirement may mean taking your foot off the gas and coasting on your retirement plans, but it’s important to know that financial planning doesn’t stop once you settle into retirement. Understanding taxes and tax brackets becomes even more important as tax withholdings and payments can cut into crucial savings, both now and looking forward. Doug […]
2 big reasons to save for retirement in an HSA
When you think of retirement savings accounts, chances are good the first ones that come to mind are 401(k)s and IRAs. And while these retirement plans have their place in saving for your later years, there’s another type of account you also need to consider. It’s called a Health Savings Account (HSA). HSAs are a […]
How to Restructure Your Assets to Qualify for Medicaid
There’s a common misperception that Medicaid is only for poor and low-income seniors. But actually, with a little proper and thoughtful estate planning, all but the very wealthiest people can often qualify for program benefits. In 1965, Congress established the Medicare program to enhance insurance coverage and ensure greater financial solvency for seniors — regardless […]
Retirement can be scary: Are you financially ready for that loss of income?
During our recent Halloween holiday, I pondered that it can be very anxiety-provoking to enter retirement. Up until then, you have had a steady income. You probably were able to live your lifestyle while you paid off your mortgage and even saved some money. If the stock market had a drop in prices, you might […]
Should you pay off your mortgage before retirement?
The decision whether to pay off your mortgage before retirement requires balancing competing goals. There is no right answer; the best decision might be a combination of what the numbers tell you and the answer that feels right emotionally. Studies have found most people benefit from paying off their mortgage before retirement, but everyone’s situation […]
Record number of homeowners saving money by switching their mortgages
Mortgage switching has hit an all-time high as homeowners seek to cut thousands of euro from their annual payments. They are seeking to benefit from enhanced competition in the home-loans market. New figures show the number of approvals for mortgage switchers increased by over 36pc annually to the end of September. This represents the highest […]
Should You Turn Your Side Hustle Into Your Full-Time Job?
Side hustles have become increasingly popular, and many people who take on a second job end up enjoying key aspects of it such as the flexibility it provides or the opportunity to have control over how much you earn. If you’re working a side gig that you like, you may be considering going full time […]
4 Side Hustles for Morning People
You may be interested in working a side hustle so you can scrounge up extra money for travel. Or, you may need the money to pay off debt or build your savings. If you’re a morning person who’s up earlier than most, you may be able to give yourself an edge. There are certain job […]
5 Side Hustles You Can Do on the Weekend
Getting a side hustle could help your finances improve in many ways. Earning money on the side could help you grow your savings account balance, pay down debt, or better manage your ongoing bills. If you have a hectic schedule during the week, then squeezing in a side gig after hours may prove challenging. If […]
How much you’ll lose by withdrawing money from retirement accounts early
FOR those considering withdrawing money prematurely from your retirement accounts– know that it can cost you thousands over time in penalties. The most common type of accounts are 401ks and individual retirement accounts (IRA). A big difference between the two is typically a 401k offers an employer match, while an IRA account allows you to […]
Ohio just became the largest state to require personal finance education in schools
Ohio Gov. Mike DeWine has signed a bill mandating all high-schoolers in the state take a half-credit, standalone personal finance course before they graduate. With the signing of the measure on Oct. 28 by its Republican governor, Ohio is now the 10th state in the U.S. that requires personal finance education at the high school […]