Although the year is drawing to a close, you still have time to review your finances. Pausing to reflect on the financial progress you made in 2016 and identifying adjustments for 2017 can help you start the new year stronger than ever.
Losing your job can create unwanted financial stress, but there are smart financial moves you can make to sail through this change in your life.
As the 2017 key tax and retirement numbers are out, it is a good idea to start planning on how and when to take advantage of the breaks as well as to plan for the various thresholds and phaseouts.
Your teenager may not get rich mowing lawns or babysitting the neighborhood children, but contributing some of those weekend earnings to a Roth IRA can pave the road to a more secure financial future. Though Roth IRA contributions are not tax deductible, most teens pay little or no taxes anyway, and Roth IRAs will allow their money to grow tax-free for decades.
Employing a financial planner is not an inexpensive proposition, so the obvious question is, “Are they worth it?” Morningstar and Vanguard have each undertaken studies to quantify the impact good of a good advisor from an investment standpoint, but true fee-only financial planners can add significant value above and beyond the investments. Many folks want a trusted, objective advisor to help them achieve their goals.
Knowing where to begin with improving your financial situation and getting on track is the first step toward making your improved financial situation a reality. A good place to start is to see how your financial life aligns with the Five Fundamentals of Fiscal Fitness.
As a result of the Bi-Partisan Budget Act of 2015, two Social Security spousal claiming strategies, "file and suspend" and "restricted application”, are being eliminated. Regardless of your situation, these changes point to the importance of saving and planning ahead to ensure you'll have enough retirement income to meet your needs…
