In 1958, the Internal Revenue Service created 403(b) plans to encourage employees of certain organizations to begin saving for retirement. In 2001, the Economic Growth and Tax Relief Reconciliation Act increased the amount employers and participants could contribute and created a Roth option. Thanks to the Pension Protection Act of 2006, these changes will be permanent.
Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you're young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases.
As you age, the question of when to collect Social Security (SS) retirement benefits will likely come to mind. There is no one size fits all age; your unique circumstances and goals will dictate the appropriate time for you to take Social Security retirement benefits. Some SS strategies may boost your monthly benefit amount, helping you get the most from your SS benefits. Here are some strategies to consider:
Have you ever noticed the topic of investing rarely comes up in casual conversation among peers? In this age of emotional intelligence, vulnerability is encouraged when discussing personal feelings, but vulnerability about finances isn’t as normalized. Many parents were not educated on investing themselves and therefore have no knowledge to pass on to their children. In addition, many children do not receive proper education on investing and finances through their school curriculum.
With April’s federal tax filing and payment deadline on the horizon, Americans are dotting their i’s and crossing their t’s as they prepare for the countdown to Tax Day. But before you rush to get that return out the door, are you confident you have everything in order to make your tax filing go as smoothly as possible? Here are five last minute details to double check before Tax Day.
April brings more than possible rain showers. It also marks Financial Literacy Month in the U.S. Whether you’re interested in a quick refresher or seeking to learn something new, it may be worth the effort to brush up on some financial concepts that give you a broader knowledge base from which to make financial decisions. Here are several ways to invest in your financial education for this Financial Literacy Month.
