I’m a big fan of always having a plan B, and having more than one stream of income. You can only control you own actions, and try to have a plan on how you might cope with unexpected events. That’s why we diversify our portfolios, have an emergency fund, and try to think of some […]
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While a lot has been said about the Coronavirus stimulus checks and the temporary increase to the amount of unemployment benefits one could receive, the changes to regulations for FSAs (flexible spending accounts) and HSAs (health savings accounts) accounts have not been given as much attention. In “Health Savings Accounts Get Even Better,” Kiplinger.com informs readers […]
©Bring Clarity to Your Finances™. The CARES Act Offers More Savings with HSAs and FSAs is a post from Bring Clarity to Your Finances™
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Disclosure: This article is sponsored by Navy Mutual. Have you ever considered long term care coverage? If not, you should. An overwhelmingly large percentage of the population will need some form of long term care as they age. As many as 69% of the people turning 65 this year will need some level of long term […]
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A recent PLR denied a waiver of the 60-day rollover window for a taxpayer who was using an IRA withdrawal as a short-term loan.
The post IRA Rollover Waiver Denied When Funds Used as a Loan appeared first on Getting Your Financial Ducks In A Row.
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For the longest time in wealth management the recommended amount of money to have in an emergency fund has been three to six months of non-discretionary expenses (mortgage, rent, utilities, groceries). Typically, three months was the recommendation for a single individual or married couple with dual incomes. Six months was generally for married couples with one income earner. Every so often, something comes along challenging conventional wisdom, and that can be a good thing. In this case, it’s a pandemic that’s changing how we think – about many things. The pandemic has wreaked havoc on many lives. People have been laid off, lost jobs, are working less hours, losing income. Those with emergency funds have seen them dry up, and those that didn’t have them to begin with were worse off. For the future, it may be wise to consider a longer (more money) emergency fund. For example, we can […]
The post Is It Time to Rethink the Emergency Fund? appeared first on Getting Your Financial Ducks In A Row.
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