A health savings account, or HSA, can save people considerable amounts of tax money via tax deductions and tax exemptions, but one should note the shortcomings and adjustments that occur due to the offset caused by inflation. Failing to comply with a given year's explicit limitations and restrictions, then tax savings … [Read more...]

The concept of social security that was created decades ago was to have a source of income after your body is unable to physically work. In his new blog post, Bud Boland summarizes three special benefits that can be utilized through the social security program. He explains how taking benefits early works with regards … [Read more...]

In order to best enjoy one's own retirement, one should focus on preventing financial errors as one grows older, because later errors tend to have greater negative impacts than earlier ones. Some things to keep in mind are to ensure that one is not overpaying in terms of fees, trying out investment behaviors that are … [Read more...]

Unlike an earlier point in one's adult life, in later points it becomes increasingly important as to how to properly reap the rewards of your early investments and enjoy a reasonable retirement. In order to not take out too much money too fast, one needs to calculate their projected expenses and take into account the … [Read more...]

Interest rates have a significant influence on household finances. When rates increase, borrowers suffer and savers benefit. The Fed then began raising rates in recent years, only to turn around and cut rates twice in 2019 out of fears of a global recession. These fears persist, leading one to expect a flat or downward … [Read more...]

When going into retirement, some are financially irresponsible. There are a few ways to avoid going broke after stopping work. The first piece of advice is not to retire too early because you'll want a high pension. Second, starting social security too early is another mistake. Third, never make the assumption that you … [Read more...]

Financial planning for retirement can be difficult to understand, but it's even more difficult for couples who aren't on the same page. It's important for each spouse to compromise, and agree upon their financial future, but first, they must understand the basics of retirement planning. After they are each educated on … [Read more...]

Social Security can be claimed any time between ages 62 and 70, yet there are benefits to waiting to claim it. People who do not claim Social Security until age 70 receive 24% higher benefits than those who claimed at their full retirement age (66 or 67), and 76% higher benefits than those who claimed at 62. Still, it … [Read more...]

Shanil Issa created a strategy after graduating from college that allowed him to save over $100,000 and become debt-free in 4 years. His first strategy was to truly evaluate needs vs. wants so that he wasn't spending money on anything unnecessary. Another way to evaluate spending is to calculate the number of hours you … [Read more...]

Since 1974 the United States has used the IRA to save for retirement. IRA's are tax deductible and grow tax-free, which make them a vehicle for savings that is very appealing. IRA's are pretty much all self-directed but you will not see that on the IRS's website. A self-directed IRA provides you with diversification … [Read more...]