The market is in a nose dive. From increased tariffs to lower consumer confidence, the stock market is trending down. Concerns with inflation and laying off thousands of federal workers are also concerns that could impact the market and economy. How far and how much longer will longer will this dip go on for? Is this more than a dip? The Dow has dropped over 2000 points in a month’s timeframe. The general practice is to buy equities during a…
Lately, prices on many things have started to rise. You probably noticed that egg prices are rising, grocery bills are higher, and eating out is starting to hurt your pocket. Food prices are not what they used to be. Food is something you absolutely need to survive and can’t cut this out of your budget. Dealing with rising food costs is something we will have to adjust for. Here are a few ways that I’m adjusting. Cook more at home…
Roth conversion is when you convert your pre-tax retirement funds to after-tax retirement funds. It’s a tool to use in your retirement or early retirement calculations. Moving funds from a pre-tax retirement account to an after-tax retirement account which allows it to grow tax free and when you withdraw from an after-tax retirement account you won’t have to pay taxes because you’ve already paid taxes on it. That’s the beauty of a Roth retirement account. However, you need to be…
Lately, there’s been a lot going on in the news that can feel somewhat chaotic. From the changes in the government to return to office and to inflation ticking higher, how can we find comfort. There are worries of tariffs causing prices to rise. The cost of groceries are going up. Your money isn’t taking you as far as it used to. What can you do to help ease worries through these times of worries? Have a backup plan. A…
Retirement catch up contributions allow people age 50 or more to make additional contributions above the standard limit. In 2025, the standard limit is $23,500 you can contribute to your 401K. If you are 50 and older in 2025, you can contribute an additional $7,500. This is a total of $31,000. You can contribute any amount up to $7,500. Whether you are doing a traditional 401K pre-tax or a Roth 401K post-tax, the retirement contribution limits apply to both including…
By now you should be receiving emails, mail, and other communications about health benefits, retirement contributions, and other end of year decisions to make. It’s open season for health benefits so it’s a good time to review your coverage and make any changes you need. Not just health benefits, there are other things to consider that would affect the following year. These are some of my end of year to-do list before the year ends. Review health coverage Open season…
The holidays are coming up which is known for travel, food, shopping, and presents. While the holiday season is supposed to be a time of celebration it can also feel like a financial burden. Whether you are taking time off, traveling to different cities, buying presents for everyone in your family, or just shopping for yourself, many things come with a price tag. Below are examples how I tackle the holiday season financial ordeal. Traveling If you are traveling by…
Staying healthy is a long term goal for many of us, if not all of us. How often do you go to the doctors? How about specialists? How often do you have to pick up a prescription? The more doctor visits and prescriptions you take, the more it costs you. Whether you have a deductible to meet or having to pay co-pays for every visit, this can add up. I’ve had my share of medical expenses in the past. Even…
Today the Fed cut interest rates by a quarter point. They had already alluded to having another cut. What does lowering interest rates mean? Depending on your financial position, it could be a beneficial thing or not a beneficial thing. As the Fed cuts interest rates by a quarter point, here are examples how this will impact you. Lower mortgage interest rates If you’re in the market to buy a home and have to take out a mortgage, you’re in…
Pensions are a great benefit to receive after you retire. Not many organizations offer pensions anymore. It can get very costly. If you do get a job that offers one don’t take the benefits of a pension lightly. Pensions is a powerful tool to attract workers because it is rare and to keep employees at an organization until they retire for longer retention. If you join a company or organization that offers a pension at a young age you may…