End-of-the-Year Money Moves Here are some things you might want to do before saying goodbye to 2013. What has changed for you in 2013? Did you start a new job – or leave a job behind? Did you retire? Did you start a family? If some notable changes occurred in your personal or professional life, then you will want to review your finances before this year ends and the next one begins. Even if your 2013 has been relatively uneventful, [...]
RMD Precautions & Options A reminder about mandatory withdrawals from IRAs & other retirement plans. Just what is an RMD? After you turn 70½, the IRS requires you to withdraw some of the money in most retirement savings accounts each year. These withdrawals are officially called Required Minimum Distributions (RMDs).1 You must take an RMD from a traditional IRAs after you turn 70½, even if you are still working. If you dont, a severe financial penalty awaits you may [...]
Protecting Yourself While Shopping Online What steps should you take? Whether you shop online routinely or infrequently, the risk of identity theft rises as you offer more and more information about yourself online. Dont use a debit card, and use only one credit card. If your debit card gets hacked, the thieves may be able to access your bank account. But if you use just one credit card for online shopping, youll just have one card to cancel if your [...]
IRA Contribution Reminder Here’s an important reminder: April 15 is the deadline for funding your IRA for 2012. (If you have a SEP IRA, you have until October 15 if you filed an extension on your personal tax return.) You may contribute up to $5,000 to a traditional IRA or a Roth IRA for the 2012 tax year. If you were 50 or older in 2012, your contribution limit is $6,000. (If you own multiple IRAs, your total IRA contributions [...]
BUILDING AN EMERGENCY FUND Creating a financial cushion for stressful times. How would you respond to sudden financial demands? We all define “emergencies” differently, but we are not immune to them. How can we plan to stay afloat financially when they occur? Most households are not financially prepared for an emergency – not even close. A recent study from the National Foundation for Credit Counseling found that 64% of Americans had less than $1,000 in funds earmarked for a [...]