Money 101
Community
About
Help
Welcome to SaverLife
Retirement
Social Security Income (SSI) is considered taxable income. But these payments aren’t always taxable. There are a few exceptions, so let’s take a close look. 1) Is my social security taxable? For purposes of this discussion, we are talking about social security payments that get reported to you and the IRS on a tax form…
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…
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 ...
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 d...
Recommended Posts
How much should I put in my 401(k)?October 21, 2019 Read more
Steps to Get Retirement Ready at Every AgeOctober 19, 2017 Read more