Yes, it just might be the key. Your job is the foundation for general financial security, including retirement. In addition to providing you with a steady salary and valuable employee benefits, it typically brings with it the ability to save in a tax-advantaged employer-sponsored retirement plan like a 401(k), and if you're lucky, a pension. It also allows you to start qualifying for Social Security retirement benefits. Women and men may start out on relatively equal financial … [Read more...]
How can I get a tax break for child care?
More than 60% of children under age six in the United States have two parents in the workforce. 1Many of these working parents must spend a burdensome share of their earnings on child care, especially if they don't have relatives who are willing and able to help out. The following tax benefits may help you offset some of the costs paid for a nanny, babysitter, day care, preschool, or day camp, but only if the services are used so you can work. Child-care tax credit Families with one … [Read more...]
Quiz: How Much Have You Thought About Health and Health-Care Costs in Retirement?
“According to the 2018 Senior Report from America's Health Rankings, social isolation is associated with increased mortality, poor health status, and greater use of health-care resources. The risk of social isolation for seniors is highest in Mississippi and Louisiana and lowest in Utah and New Hampshire.” When planning for retirement, it's important to consider a wide variety of factors. One of the most important is health and its associated costs. Thinking about your future health and the … [Read more...]
Four Reasons Your Parents Might Be in Financial Trouble
"When retirees were asked about their overall expenses and spending in retirement, 37% said they were higher than expected, 52% said they were about what they expected, and just 8% said they were lower than expected." Source: 2018 Retirement Confidence Survey, Employee Benefit Research Institute As your parents age, they will probably need more help from you. But it may be difficult to provide the help they need, especially if they're experiencing financial trouble. Money can be a … [Read more...]
Women: Are you planning for retirement with one hand tied behind your back?
Women can face unique challenges when planning for retirement. Let's take a look at three of them. First, women frequently step out of the workforce in their 20s, 30s, or 40s to care for children — a time when their job might just be kicking into high (or higher) gear. It's a noble cause, of course. But consider this: A long break from the workforce can result in several financial losses beyond the immediate loss of a salary. In the near term, it can mean an interruption in saving for … [Read more...]
Due Date Approaches for 2018 Federal Income Tax Returns
Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of your 2017 tax return and gathering W-2s, 1099s, and deduction records. You'll need these records whether you're preparing your own return or paying someone else to prepare your tax return for you. Don't procrastinate The filing deadline for most individuals is Monday, April 15, 2019. Residents of Maine and Massachusetts have until … [Read more...]
2019 Credit Card Fee Study: What’s Normal and What’s Not?
Comparing credit card fees can help you save money. By U.S. News Staff |Jan. 29, 2019, at 11:00 a.m. https://creditcards.usnews.com/articles/fee-survey Credit card fees are nearly unavoidable – every card has some. A better understanding of these fees, however, can help you select the right credit card for your needs and save money. The 2019 U.S. News Consumer Credit Card Fee Study analyzed the fees of hundreds of credit cards active in the U.S. News card database, … [Read more...]
Famous People Who Failed to Plan Properly
It's almost impossible to overstate the importance of taking the time to plan your estate. Nevertheless, it's surprising how many American adults haven't done so. You might think that those who are rich and famous would be way ahead of the curve when it comes to planning their estates properly, considering the resources and lawyers presumably available to them. Yet there are plenty of celebrities and people of note who died with inadequate (or nonexistent) estate plans. Most recently The … [Read more...]
Hidden Gem: HSAs in Retirement
When saving for retirement, you're probably aware of the benefits of using tax-preferred accounts such as 401(k)s and IRAs. But you may not be aware of another type of tax-preferred account that may prove very useful, not only during your working years but also in retirement: the health savings account (HSA). HSA in a nutshell An HSA is a tax-advantaged account that's paired with a high-deductible health plan (HDHP). You can't establish or contribute to an HSA unless you are enrolled in an … [Read more...]
Key Retirement and Tax Numbers for 2019
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2019. Employer retirement plans Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $19,000 in compensation in 2019 (up from $18,500 in 2018); employees age 50 … [Read more...]
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