The benefits of Health Savings Accounts for people who are eligible are tremendous. You get to make pre-tax contributions; you get to withdraw money tax-free to pay for qualified health expenses. You may even have an employer who makes contributions to your HSA. And in retirement, if you have money left in the account, there are even more qualified expenses, [...]
Retirement. We dream about it. We plan for it. We do everything possible to prepare for it. Just know there are some financial mistakes waiting to sabotage your retirement unless you’re aware of them. Mistake # 1 - Not considering the impact of taxes on your retirement income Every withdrawal you make from IRAs and 401(k)s will be taxed [...]
Every tax season, the same question arises from Americans receiving Social Security. “Do I have to pay taxes on my Social Security benefit?” The next question is a logical progression. “How much?” It’s based on an IRS formula for combined income. Combined income = Adjusted Gross Income (AGI) + nontaxable interest + ½ of Social Security benefits. Once [...]
According to the Tax Policy Center, nearly 65 million taxpayers own individual retirement accounts, which include traditional IRAs, Roth IRAs, Simplified Employee Pensions (SEP IRAs) and Savings Incentive Match Plans for Employees (SIMPLE IRAs). The IRS sets a limit on how much you can contribute each year. Go over the limit, and you face a 6% excess contribution penalty. Fortunately, [...]
You’d think retirees would get some consideration from the IRS. I mean, they’ve worked their entire adult life, paid their taxes (well, most of them), and paid them no matter what administration was in office or what stupid rules an administration put on the books. Now they’re retired. But it doesn’t mean they’re exempt from IRS audits. Reasons retirees [...]
Sam sat at the table holding his chin in his hand. “My kids are going to inherit my estate. Do I give it to them now or let them inherit it after I’m gone?” That’s an estate planning question that’s been pondered ad infinitum. There is no black-and-white answer. Your decision will be based on your particular circumstance. But [...]
Debt has become an American way of life. We owe a lot of money. The Federal Reserve of New York says that at the end of 2025, we collectively owed $18.8 trillion. Break that down and one of the largest classes of consumer debt in the U.S. is student loan debt. 43 million Americans have student debt Total student debt [...]
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