Financial Planning is a broad topic that spans your entire financial life.
These articles cover your early finances, saving for retirement, saving for life events, Social Security, and finally estate planning.
Additionally, check out related articles in these sections: banking, investing, real estate, and risk management
It can be hard to keep track of all the various financial tasks you need to do during a given year. Today I thought I would share a list so you can map it out on whatever calendar application you like to use. Here are some of the key financial tasks that should be done … Read more
Net worth is the total value of all your assets minus all your debts. It is the one number that represents a singular measure of your financial success. And what net worth you need to have to be considered wealthy? To many people, wealthy means having an abundance of material possessions. For me, I would … Read more
You are probably aware of the importance of saving for retirement through a tax-advantaged retirement account. One of the best ways to grow your wealth efficiently is to do so with a Roth IRA which grows tax free — you put after-tax dollars into an investment account, and when it comes time to withdraw the … Read more
When you leave your job, whether you quit or you get laid off, there are many things you need to do, including deciding what to do with your 401(k). You have the choice of leaving the 401(k) funds in your current plan, cashing out of the plan, or rolling the funds over into another qualified … Read more
In How Much Money Do You Need to Retire?, I shared a way to estimate how much money you need to save for retirement. But what happens if you are not able to save enough for your retirement? After giving it some thought, here are some ideas on how to retire with less money. 1. … Read more
When you leave your job, you have four options for the money in your 401(k) plan. You can cash out the money, keep it in your current plan, or move it to another qualified retirement account (i.e., your new employer’s 401(k) plan, a Traditional IRA, or a Roth IRA). The action of moving money out … Read more
The contribution limit for IRAs increased by $500 for 2019 to $6,000. The maximum you may contribute to all of your Traditional and Roth IRAs combined is the lesser of $6,000, or the amount of your taxable compensation for 2019 (and $5,500 for 2018). If you are 50 years of age or older before the … Read more
An emergency fund will help you prepare for life’s unpleasant financial surprises. Depending on the size of your emergency fund, you can supplement your income if something happens to the ability of someone in your household to work. Additionally, an emergency fund can help you pay for car repairs, or help you take care of … Read more
When it comes to saving for retirement, it’s important to understand your options. Figuring out which type of account to use is a big deal. For some workers, understanding the difference between a 401(k) and a 403(b) is important. Photo by PT Money. What is a 403(b), and How Does it Differ from a 401(k)? … Read more
As a self-employed person, I don’t have access to a typical 401(k) Plan. However, with some research, I was able to replace my old 401(k) with something even better…a SEP IRA! A SEP IRA, or Simplified Employee Pension Plan, is one of the many retirement plans for self-employed individuals and small-business owners save for their … Read more