Fee-Only Financial Planning Advice

How Gen X Can Start Off 2021 On Good Financial Footing

Jan 05 2021

As the song of 2020 fades out, (cue the rapturous applause) a new melody is just beginning. Dust off your tuner and warm up those pipes because 2021 is officially here. How can Gen X start the new year in tune?

Today, we’re going to look at the top ways the generation that wears many hats can prioritize their financial wellbeing in the new year.

1. Keep debt in check

Gen X notoriously carries the most generational debt, outpacing both Boomers and Millennials. Experian found that on average a Gen X individual carries over $134,000 in debt, nearly $41,000 above …

Will You Have to Pay Taxes on Stimulus Money?

Jan 05 2021

If you are someone who has received or will receive a stimulus check from the federal government, you may be concerned that you will need to pay taxes on those funds in the future. Kiplinger.com addresses that and a few other related tax issues in “Is Your Stimulus Check Taxable?”

Although we are taxed on income, there are no taxes on the stimulus checks because “As it turns out, your stimulus check isn’t “income” after all, according to the law. Instead, it’s simply an advance payment of a tax credit. And tax credits aren’t taxable income.” This is …

How to Become Financially Fit in 2021

Jan 01 2021

by Christina Slavonik, CFP(R) Oh, yes! It’s that time of year again! It’s time to list out resolutions or goals that we would like to accomplish this year. There may be some “rollovers” from 2020! One important resolution to add to your list is to be financially fit. It’s not something that happens overnight, but […]… Read More

IRA and Retirement Plan Limits for 2021

Dec 31 2020

As the year comes to and end, it is good to know the limits for 2021 contributions to IRA’s and employer retirement plans. Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased.

IRA contribution limits

The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2021 is $6,000 (or 100% of your earned income, if less), unchanged from 2020. The maximum catch-up contribution for those age 50 or older remains $1,000. You can contribute to both a traditional …

The Value of Giving Gifts

Dec 22 2020

Each year PNC Bank releases a Christmas Price Index that tabulates how much it would cost to give the gifts mentioned in the lyrics of the song “The 12 Days of Christmas.” Each year’s list looks at the prices with costs adjusted for the current economy and this year’s list did factor in the pandemic.

MSN.com adds, “PNC also calculates how much it would cost if you bought each of the items every time they’re repeated in the song.

That would put you back $105,561.80!!!”

For a number of items, the cost has not changed this last year. The …

Unbiased financial advice from fee-only financial planners

1. Keep debt in check

IRA contribution limits