Master Your Personal Finances. Build True Wealth. Live A Better Life.
Using a Traditional IRA or a Roth IRA as a savings plan for college expenses. Earlier in this series I discussed using 529 Savings Plans and Cloverdell Education Savings Account (ESA) to help pay for college. In this installment I’ll go over how you can use Individual Retirement Accounts (IRAs) to pay for qualified educational [...]
There are 3 critical discussions you need to have with your spouse or partner to ensure a financially sound and happy home life. Whether you’re newly married or been together for decades these 3 topics are essential and if you’ve haven’t already you should set aside some time to go over and discuss viewpoints on [...]
Everyone wants to gain financial independence of course. But very few people actually have it, or take the steps to achieve it. Luckily it is actually very simple once you get started. Financial independence should not be confused with being wealthy, it simply means that you are comfortable in your financial shoes so to speak. [...]
On August 14, 1935 President Franklin Roosevelt made Social Security law, so in honor of its 75th birthday we thought we would let you know a little bit more about this sweeping legislation. All employees are required to pay into the system and it is the largest income source for most Americans 65 and older. A government program this big is filled with many aspects that are not widely known. Here are 10 things you may not know about Social Security
1. Traditional IRA’s are never joint accounts. They are meant only for the individual. 2. There is no minimum age requirement to participate in traditional IRAs. Your children can have a Traditional IRA as long as they have earned income. 3. However, you must be under 70 ½ in order to make contributions to a [...]
When investing and planning for retirement, it is important to diversify into different asset classes in order to minimize financial risk. One such way of “spreading the risk” in your portfolio is to include nontraditional assets as part of your investment strategy. Many people don’t realize that other investment options exist for their IRA’s instead of just the traditional stocks, bonds, and mutual funds they are accustomed to. One such example is investing in precious metals in order to hedge against inflation.
Have you read the news lately about gold and silver reaching all time highs? With commodities going through the roof and long term interest rates rising drastically, perhaps you’re interested in protecting your hard earned dollars from that insidious tax known as inflation. Maybe you believe that investing in precious metals is the right investment [...]
401K, 403B, IRA & Roth IRA Maximum Contributions The IRS has determined the 2011 maximum allowable retirement account contributions and nothing much has really changed since 2010. A few of the numbers have budged a tiny little bit but since the Consumer Price Index shows very little official inflation then the adjustments have been kept [...]
Boston College’s Center for Retirement Research released a study that shows 51% of US households simply do not have enough savings in their retirement funds to exit the work force at 65. This is an increase from 2006’s study which showed that only 44% of households were in the same ugly financial position. The current financial crisis has hit those near retirement age doubly hard. Namely, their dismal 401Ks and the decreased value of their homes.
Are you a member of the Echo Boomer generation, those born between 1977-1999? There is a growing concern among members of the Echo Boomer generation regarding their future retirement. When planning for retirement, financial advisers typically discuss counting on three sources of income to fund retirement: Private funds such as savings and IRA’s, employer sponsored funds such as Pensions and 401(k)s, and government sponsored funds such as Social Security. While these sources of income provide for the retirement needs of the Baby Boomer generation, they will not support the needs of the Echo Boomers. First of all, most companies no longer offer pensions to their employees.
