Money 101
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Retirement
A Roth IRA (Individual Retirement Account) allows you to save up to a certain amount of money in a non-deductible, after-tax account. Contributions to the account are not tax-deductible, but funds grow tax-free. Any withdrawals made after age 59 ½ are tax-free. The annual contributions limit, set by the Federal government, is $6,000 for 2021…
If you have a High Deductible Health Plan for your health insurance, then you are eligible for a Health Savings Account (HSA). You can use HSA funds to pay for qualified medical expenses. These expenses can be incurred by you, your spouse, or any dependents listed on your tax return. There is no need to…
That is a hard question, which I can only answer with a lot more questions! Question 1: Timeline The first question you need to ask yourself is: when do you want to retire? This will help you figure out how much time you have to get where you want to be. Question 2: Expenses Second,…
When life happens and there’s a big bill attached, we often scramble to figure out how to pay it. Ideally, an unexpected expense should be covered by your emergency savings account. If you don’t have enough savings, consider asking for ...
Submitted by anonymous. That’s a great question, as many Americans’ only source of income is Social Security. Social Security income is taxed for federal and state income tax purposes. If your earned income exceeds IRS 2019 filing guidelines,...
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