The best way to save for college for your children and grandchildren is a 529 College Savings plan. And, the recent Secure 2.0 legislation created some improvements on this great product. The tax advantages make 529 plans the clear winner for college planning and saving. Tax Benefits Money saved in a 529 College Savings Plan..
A new proposal by the Biden administration would dramatically cut federal student loan monthly payments in half, with monthly payments as low as ZERO for more borrowers, while completely wiping out the remaining balance for some borrowers after ten years of payments. Unlike the previous proposal which involved debt forgiveness, this is merely a generous..
Some bad news is coming in the mail. Be prepared to face up to it immediately. Open the envelopes – the credit card bills and the brokerage statements. The card balances likely total more than you expected. And the brokerage or mutual fund statements likely show less than you hoped. Here’s what to do about..
1. Get Organized –That’s the most important thing you can do to start the new year. You can’t go forward if you don’t know where you’re starting from! Lists are important, as are files – whether on paper or on your computer. A disorganized mind will destroy your financial future. To help you in this..
How much did you pay in investment costs and fees last year? If you’re like most investors, you don’t even have a ballpark idea. And those costs can add up – or better yet, subtract out – of your long term investment goals. This is a perfect time to uncover the hidden costs you paid..
The shopping rush is over, and holiday dinners digested. This is a perfect time to sit back and count your blessings. And share them! Expressing gratitude for your own blessings does not mean that you don’t have any problems -- whether financial, emotional, or family. Everyone does. But if you have the luxury of reading..
Congress gave American workers a last minute holiday gift – a set of new incentives to save more for retirement. Passed just before Congress adjourned, as part of the huge Omnibus spending bill, the Secure Act 2.0 increases limits on many retirement plans and creates a few new opportunities for workers to become more financially..
Everyone likes a little recognition – a sense of being known and appreciated. Perhaps that’s why I must admit I get a little rush when I’m shopping online, choose PayPal to pay, and I instantly get a message that says: “We recognize you on this device, Terry. You don’t have to sign in!” That always..
If you have several IRAs or leftover 401(k) plans from previous employers, this is a perfect time to consolidate them in one IRA rollover account. Not only will this simplify your financial recorded-keeping, but it will create an opportunity to access one of the best and safest investment opportunities for your money. So don’t let..
Social security decisions are among the most complex and impactful choices seniors must make. The most critical decision revolves around “when” to take your benefits: “early” (at age 62 when you get reduced benefits); at “full retirement age” (around 68 now); or delaying until the last possible moment (age 70,when you must start taking benefits)...
U.S. Treasury Bill interest rates are soaring far higher than the comparable bank CDs. As of Monday, January 23, the yield on a 26 week (6-month) Treasury bill was 4.8%! That's what you received if you participated in the weekly T-bill auction described below. It's easy (see links below) and SAFE! And you can start..
The steps you take in the month of December could save you tax dollars next April. Now is the time to take the steps that can reduce your tax bill for 2022, and lay the groundwork for a financially smart New Year. Taxes and Deductions: For 2022, the “standard deduction” jumps to $12,950 for a..
Every year around this time, I try to make helpful holiday gift suggestions for the younger people in your family. Toys, clothes, and digital games rate highest with young people. But the holiday season is a great time to spark new interest in money matters – or, at the very least, create a gift that..
Instead of focusing on the wild gyrations of the stock market, this is a perfect time to look inward and understand your personal reaction to the headlines. And the stock market certainly has been making headlines in recent weeks. Instead of the feared October bear market, there was a dramatic rally. But the real headlines..
We have now witnessed the collapse of the largest (so-far) 21st century "tulip bubble" as the FTX (crypto) Exchange collapsed -- taking down the value of the best known crypto-currencies, along with the equity of some very sophisticated players and the wealth dreams of small-time investors. When it was revealed that the FTX "exchange" was..
Americans may be excused for wondering where this recession talk is coming from. Economic growth (GDP) turned nicely positive in the third quarter. The stock market has rallied, regaining some, though not all of this year’s losses, on hopes the Fed will declare victory and ease up on interest rate hikes. Consumer confidence dipped a..
One of the most difficult choices retirees must make is where to live in retirement. By this stage of your life the family home might be too large and burdensome. Downsizing is one option. And these days more seniors are turning to Continuing Care Retirement Communities (CCRCs). But these communities offer a variety of costs..
Updated 11/2/22 As predicted, the new rate for I-bonds issued from Nov 1 through April 30,2023 is lower -- 6.89% During the last week of October, the Treasury sold as much in I-bonds (nearly $4 billion) as it did in the three previous years combined! Those who did purchase I-bonds at the previous 9.62% rate..
Here we go again. It’s the annual Medicare Open Enrollment period. Making a mistake could impact your healthcare and its cost for the rest of your life! You must do more than listen to enticing television commercials, and instead use the Medicare.gov website to search out your alternatives. Here are some of the choices you..
The stock market has gone through some dramatic volatility in recent weeks, huge declines followed by market rebounds. Swings of 500 points have become an everyday occurrence. And even a drop of 1300 points in one day has not led to panic. The panic will arrive in coming days when third quarter statements arrive from..