The most significant financial goal many people have is saving for retirement. Unfortunately, with the disappearance of pensions and worries over the stability of Social Security, many people find themselves wholly responsible for their own retirement plan, and very few have the knowledge or tools to tackle this complex task. In this article, we’ll review […]
It’s best practice to have a combination of retirement plans for tax planning purposes. For example, qualified plans reduce your taxation now, but you will pay ordinary income tax on all withdrawals when you need to take money out of the account. On the other hand, a Roth IRA allows your money to grow tax-free […]
No matter where you are in your career, now is a great time to save for retirement. Whether you’re just starting out or approaching retirement, you have probably asked the question, “How much should I save for retirement?” Unfortunately, there’s no one true answer that fits everyone. Think of it as healthcare for your finances, […]
We are long past the days where the most common method of funding your retirement is through a pension plan. Many employers have now shifted to offering 401(k) plans. While millions of workers depend on 401(k)s to fund their retirement, few understand how they work. The following will provide you an overview of 401(k) plan […]
Inheriting an IRA or Roth from a spouse comes with its own set of rules and key deadlines. If you inherit an IRA or Roth from a spouse, you can combine that IRA or Roth with your own, or you can roll the IRA to an inherited IRA or disclaim the assets altogether. Roll into […]
Approaching your financial Planning like the owner of a successful NFL team January is NFL football playoff month. Being in Pittsburgh, I fully intended to spice this article up with mentions of names like Rooney, Roethlisberger, Brown, and Bell. But alas, as we enter Super Bowl week the Steeler’s are out, but my analogy below […]
Applying to colleges is often a stressful time for both students and parents. During this time, families are asked to complete the Free Application for Federal Student Aid (FAFSA), which can be a daunting task. The FAFSA helps calculate the Expected Family Contribution (EFC) that is used to determine financial aid eligibility. Many families are […]
Discussing finance is generally something most people like to avoid. Are we saving enough? Can we pay for the kids to go to college? When can we retire? All of these questions and countless others have emotions tied to them. Some investment theories suggest investors are rational and that they do not make financial decisions […]