Here’s Your Year-End Financial Checklist
Photo: fizkes (Shutterstock)The end of the year is always a time for reflection, and your personal finances are no exception. Even in a year marked by record-high inflation, there’s a good chance your finances aren’t as bad as you might think. But as 2022 winds down, it’s the perfect time to conduct a year-end review.…
How a Custodial Brokerage Account Can Help You Invest for Your...
It pays to start investing early. Even if your kid isn’t yet old enough to count, let alone make savvy financial decisions, you can give them a head start by investing for them now. Many online brokers offer custodial accounts designed to allow a parent to make investments in their child’s name. When your kid…
You Can Now Roll Over Unused 529 Funds to Your Kid’s...
Photo: mangpor2004 (Shutterstock)Investing in 529 college savings plans have always been a risk. What if your kid doesn’t need all the money you saved? If their tuition is cheaper than expected, or they decide not to go to college at all, what happens to all the money tied up in your education-specific savings account? Under current…
You Can ‘Unretire,’ but It Might Cost You
Retirement is one of those life stages that seems inevitable. From an early age, it’s pounded into us: You have to save for retirement, and you have to plan for retirement, which pretty much implies that you have to retire. And after a few decades spent working in order to pay the bills, retirement certainly…
The Only Time You Should Stop Contributing to Your 401(k)
From student loans, to medical bills, to simply putting food on the table, so much of managing your finances can feel like it comes down to getting by day-to-day. Retirement, meanwhile, feels like a distant dream. How can you even think about maxing out your 401(k) or Roth IRA when you can barely afford rent?However,…
These Numbers Will Convince Your Teen to Start Saving for Retirement
Photo: BearFotos (Shutterstock)It’s never too late to start saving for retirement, but anyone who starts early sure does get a huge advantage. The reason for this is compound interest, which we’ll run the numbers on below. If you’ve been waiting to invest in your retirement until you check off other financial goals (cough cough, students…
What to Do If You Have More Than $5,000 in Your...
When it comes to deciding how much cash you should keep in your checking account, the right amount depends on your financial situation. That being said, there’s a good chance that one you hit $5,000 in checking (that is, $5,000 in liquid assets), your money could be put to better use elsewhere. Here’s why you…
How to Open a Health Savings Account Without an Employer
A health savings account (HSA) is a smart way to store away extra cash, tax free, to pay for approved medical expenses. Essentially, it’s a personal savings account that can be used only for medical expenses. While the option to open an HSA is typically offered by your employer, you still have options even if…
Don’t Make These Mistakes With Your Roth IRA
The Roth IRA is a powerful retirement savings tool. For young people especially, it’s the best way to take full advantage of compound interest while minimizing your tax exposure. The money you contribute grows tax-free, and most people can withdraw funds in retirement tax-free, too. However, make some wrong moves along the way and you…
You Can Save More Money in Your Retirement Accounts in 2024
Good news for savers: The IRS announced yesterday that next year’s contribution limits for 401(k)s and other tax-advantaged retirement plans are being increased to account for inflation. Since it’s always a good idea to max out your retirement contributions, let’s take a look at what these new limits are for the 2024 tax year.What’s changing…
