Archive - August 26, 2010

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6 Benefits of the Health Savings Account
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5 Tips For Getting the Trip You Want Without Breaking the Bank
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How The State You Live In Can Affect Your 401k

6 Benefits of the Health Savings Account

Why do people open up Health Savings Accounts in tandem with high-deductible insurance plans? Well, here are some of the compelling reasons why younger, healthier employees decide to have HSAs.

#1: Tax-deductible contributions. These accounts are funded with pre-tax income. Your annual contribution limit to an HSA depends on your age and the type of insurance plan you have in conjunction with the account. For 2010, the limit is set at $3,050 (individual plan) and $6,150 (family plan). If you are older than 55, those limits are nudged $1,000 higher.(source)
#2: Tax-free growth. The money in an HSA …

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5 Tips For Getting the Trip You Want Without Breaking the Bank

Well, maybe not exactly a dime, but you’d be surprised how a little determination, and a little legwork, can lead to world travel.

My wife and I love to travel. In my years as a financial planner I’ve never ran across someone that did NOT want to travel in retirement. My first point to that is, why wait? My second point is, learn to travel on a dime.

The beauty of traveling frugally is that you can easily make it more, or less extravagant, depending on your taste. But I’ve also never had anyone say “I would not stay

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How The State You Live In Can Affect Your 401k

We’ve covered a lot of ground with regard to how various tax laws impact your retirement plans: pensions, IRAs, 403(b) and 401(k) plans.  But we’ve primarily focused on the US income tax laws (the IRS) affect your plans – and there are many nuances that you need to take into account with regard to state tax laws.

State Tax

The big deal with state tax laws and retirement plans is that some states have special tax deals for money inside of retirement plans.  If you happen to live in (or are planning to move to) such a state, it makes …

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