Earlier this fall the Bipartisan Budget Act of 2015 was passed. This was important to folks looking to maximize Social Security benefits because two of the primary strategies for maximization were eliminated with the passage of this legislation. You may be wondering if there are any strategies left to help maximize benefits – and as it turns out, there are still a few things you can do. Four of these strategies apply to anyone, while the last two only apply to married couples. (Note: if you were born in 1953 or before, you have more options available to you as …Read More
Tis the season to give…not only gifts to loved ones but donations to charity. Over the holidays, we heard at least one discussion about whether or not one should give when an organization calls you on the phone. Finance expert Jean Chatzky provided some insight about maximizing your charitable contributions in a Today.com quiz aimed at readers for Giving Tuesday (the Tuesday after Thanksgiving, Black Friday, and Cyber Monday).
Taking Donations Off Your Taxes: All donations are not tax deductible. You have to donate to a registered 501(c)3. You also have to itemize your taxes and depending on how …Read More
You have this 401k account that you’ve been contributing to over the years, and now you’ve found yourself in need of a bit of extra cash. Maybe you need to cover the cost of a new furnace, or possibly you have some extra medical bills that need attention, and you don’t have the extra cash to cover. Whatever the reason, a loan from your 401k might be just the ticket.
A 401k (or other employer-based plan like a 403b, 457, etc.) is unique from an IRA in that you are allowed to borrow against the account. An IRA can never …Read More