There is a popular set of memes used all over the internet in which someone is seen saying “Why not both?” There is no indication of the question being asked but the idea behind it is that if you aren’t forced to pick one of two choices, you can choose both and this might be to your advantage.
A CNBC.com article about “the key differences between 401(k) and Roth IRA retirement plans” offers oft-repeated advice as well as one piece of advice you don’t often see in these comparisons: if possible, you should have a Roth IRA and …Read More
I often recommend talking to the Social Security Administration (SSA), either at your local office or on their hotline, to review your particular situation. But this advice comes with a caveat… you need to know as much as you can about your options, and what you are entitled to do, so that you are well-armed when you speak with the SSA.
This is because the SSA representatives’ default advice is often to recommend the option that provides you the largest benefit today. The reason for this may be because it is in the SSA’s best interest for you to …Read More
The IRS offers tips on “What taxpayers can do now to get ready to file taxes in 2022” because it is never too early to get your tax records together for the upcoming tax season. The IRS is the most official source for updates on tax laws. However, a Fee-Only Financial Advisor can offer advice based on their review of your individual financial situation.
And CNBC.com points out that even with a few weeks left in the year, you can still adjust your withholding and add more to your retirement savings account. Changes you make as the year …Read More
In “The mistake I made while paying off $15,000 in credit card debt — and how to avoid it,” one consumer outlines how what he thought would be a triumphant moment, turned out to be less so because of what he didn’t know about the was credit works.
The writer explains that in 2021, he paid off $15,000 in credit card debt after nearly a year of working at it. He writes that although he was warned by his mother not to get carried away with credit, he did. What his mother may not have been able to …Read More