Financial Planning
What Are the New HRA Options That Will Be Available to Employers in 2020?
Health reimbursement arrangements (HRAs) are employer-sponsored accounts that help employees pay for health-care expenses on a tax-advantaged basis. An employer establishes HRA accounts on behalf of employees and allocates a certain amount of money to them each year. Funds accumulate tax-free and are used to reimburse employees for qualified medical expenses such as health insurance […]
What Can I Do with Old or Unwanted Gift Cards?
If you’re holding on to old or unwanted gift cards, consider the many ways you can help ensure they don’t go to waste.
Sell them. Search online for sites that allow you to exchange or sell your gift cards. You may wind up having to pay a small fee to complete the transaction, but at least […]
FIRE: Four Things You Need to Know about This Hot Retirement Movement
Many workers look forward to the day they can finally retire, and for some, an early retirement would be a dream come true. Others are turning this dream into a reality by retiring in their 30s or 40s. But how are they able to do it?
A hot retirement trend called Financial Independence, Retire Early (FIRE) […]
What to Do after the Death of a Loved One
Losing a loved one can be a difficult experience. Despite the emotional trauma involved, you may also be responsible for handling a variety of financial, legal, and administrative tasks. You may find yourself unsure of where to begin and what to do.
However, do not be hasty when settling your loved one’s estate. Important decisions need […]
What Are Continuing Care Retirement Communities?
Continuing care retirement communities (CCRCs) are living arrangements that combine independent living, assisted living, and nursing home care on a single campus. CCRCs offer residents a continuum of care throughout their lives.
Typically, you enter a CCRC as a resident of an independent housing unit, which may be a condominium, apartment, or single-family home. When you […]
Balancing 401(k) and HSA Contributions
If you have the opportunity to contribute to both a 401(k) and a health savings account (HSA), you may wonder how best to take advantage of them. Determining how much to contribute to each type of plan will require some careful thought and strategic planning.
Understand the tax benefits
A traditional, non-Roth 401(k) allows you to save […]
Five Times in Your Life When You Might Need Help with Your Finances
As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education.
When you navigate […]
Qualified Charitable Distributions: Using Your IRA to Give from the Heart
The Tax Cuts and Jobs Act roughly doubled the standard deduction ($12,200 for single filers and $24,400 for married taxpayers filing jointly in 2019) and indexed it for inflation through 2025. As a result, far fewer taxpayers will itemize deductions on their tax returns, and some people may be disappointed that they no longer benefit […]
How Can I Teach My High School Student the Importance of Financial Literacy?
Even though your child is just in high school, he or she may still have to deal with certain financial challenges. Whether this involves saving for an important purchase like a car or learning how to use a credit card responsibly, it’s important for your high schooler to have a basic understanding of financial literacy […]
When Should I File the FAFSA?
The FAFSA, which stands for Free Application for Federal Student Aid, is the federal government’s financial aid application. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA before distributing their own need-based aid and, in some cases, merit-based aid.
For the 2020-2021 school year, the FAFSA […]
