Stuck at home with not enough to do? Work your way through these year-end money and tax savings ideas.
Consider a Roth or a Roth Conversion: For decades, the idea behind retirement planning was simple: save money by deferring taxation today, because years later, when you retire, your tax bracket will be lower. The idea has now been turned on ...Read more
In most years, writing a year-end column is a snap, but 2020 is not most years. As a result, I will be writing a few columns with action items to consider.
Think about 2021 taxes NOW: The IRS is not likely to extend tax deadlines again in 2021 and therefore, start figuring out where you stand right now. If you received an economic stimulus ...Read more
On November 8, U.S. news outlets called the 2020 election, but investors had already voted with their money. After the worst week since March, stocks soared election week and recouped all of the previous week’s losses—and then some. The S&P 500 soared 7.3% the best presidential election week since the 1932 election.
Wall Street interpreted ...Read more
As I write this, the election results are not known, so let’s concentrate on something you can control: open enrollment season for health coverage! I hear you groaning, but this is your not-so-gentle nudge to pay attention, because there is serious money on the line. For the 157 million Americans who receive their health insurance benefits ...Read more
Prior to the government’s release of its first estimate of economic growth (GDP) for the third quarter, the consensus was that it was going to be a doozie—and for a change, a good one, which would be a welcome relief from the first half of the year. The COVID-19 shut down caused second quarter output to plunge at a 31.4% annualized pace (9% ...Read more
Well before Halloween, the virtual holiday season has begun. Amid controversy (including the House Judiciary Committee’s Antitrust Subcommittee more than 400 page report) surrounding its dominance, Amazon kicked off the festivities with Prime Day on October 13 and 14, a three-month delay from the usual July event). Amazon has become such a ...Read more
In October 2016, I wrote a column about the upcoming election. In that missive, I warned that in advance of the vote, “you should not make changes to your portfolio in an effort to outfox the tried and true investment strategy of identifying your personal goals and objectives; creating and sticking to a diversified asset allocation plan, using...Read more
As the shocking news emerged that the president and first lady tested positive for the coronavirus, some investors may have wondered if this was the “October Surprise” they feared. Presuming that the President recovers, investors are also absorbing the last employment report before the election. The September jobs report showed that the ...Read more
As the health and economic pandemic continue to swirl, another college financing season is about to begin. While the process is always onerous, this year, many families will need to send extra documentation highlighting any changes to their financial condition as a result of the pandemic (or any other reason). It’s important to remember that ...Read more
A surprising star has emerged from the pandemic-induced recession: the housing market. After freezing up in March and April, realtors, buyers and sellers began adapting to a new reality: we are spending a lot more time in our dwellings, and some of us are not happy with where we currently live. Add to that fact, that there are not enough houses ...Read more
In a Q&A column this summer, I wrote about the nation’s ballooning debt and deficit. Many of you followed up and wanted a deeper dive about federal borrowing, so here goes.
To calculate the deficit, take the nation’s revenue (the amount of money that the government takes in), and subtract the amount of money that the government spends. For ...Read more
“How can the stock market go up, while the economy is still struggling to recover amid the pandemic?” The answer is that the stock market is not the economy and vice versa.
Let’s start with the economy. As expected, the second quarter of 2020 was the most debilitating for the US economy since the government began keeping records in 1947 �...Read more
It’s been six months since the financial fallout from COVID-19 infected the U.S. economy. During this time, I have heard from thousands of you, some who are still struggling with a financial crisis. Many others are okay, but need guidance on how to navigate various money issues. Here are my six financial lessons (so far) from the pandemic.