Health Savings Accounts (HSA) have gained popularity as a way to compensate for higher deductibles and out-of-pocket expenses related to Medical Insurance. Think of an HSA as a medical savings account. Your contributions are tax deductible, grow tax deferred, and come out tax-free when used for eligible medical expenses.
There are a number of dates to be aware of on the way to retirement. Deadlines are triggered by various ages, from age 50, when you can start making catch-up contributions to retirement plans, through age 72 when Required Minimum Distributions begin. Download our PDF with 14 retirement-related milesto
Making IRA contributions is more complicated than it used to be; there are traditional, non-deductible and Roth IRAs, and each has different income thresholds for eligibility along with rules about whether you or your spouse have retirement plans at work. However, if you don’t qualify to make a contribution directly, with a couple of extra steps, you can make what is called a &ldquo
A common question I hear is “when can I stop working?” Not that the client necessarily wants to stop working, they just want to know that they can stop. That would be my definition of financial independence; knowing that your investments or other income is enough to support your lifestyle, independent of your work.
While you are working, you add money to your investments to build a nest egg. In retirement, it’s time to start taking that money back out. The income goal in retirement is to mimic the paycheck you were receiving while you worked. This new “paycheck” often comes from several sources, including Social Security and/or pension payments, and perhaps rental incom