Every few years, something really “new” comes along, sneaking into our vocabularies and our way of interacting with money. Then suddenly, it reaches a tipping point and becomes ubiquitous. I like to keep an eye out for those life-changing opportunities, which mostly revolve around technology.
Change is inevitable, and it’s up to us to ...Read more
A new proposal by the Biden administration would dramatically cut monthly payments in half, with monthly payments as low as zero for many borrowers, while completely wiping out the remaining balance for some borrowers after 10 years of payments.
Unlike the administration's previous plan granting selective student-debt forgiveness, this is ...Read more
The best way to save for college for your children and grandchildren is a 529 college savings plan. And the recent SECURE 2.0 Act legislation created some improvements on this great product. The tax advantages make 529 plans the clear winner for college planning and saving.
Money saved in a 529 college savings plan can be invested to grow tax-...Read more
Some bad news is coming in the mail. Be prepared to face up to it immediately. Open the envelopes — the credit card bills and the brokerage statements. The card balances likely total more than you expected. And the brokerage or mutual fund statements likely show less than you hoped.
Here’s what to do about both of these issues. And some ...Read more
How much did you pay in investment costs and fees last year? If you’re like most investors, you don’t even have a ballpark idea. And those costs can add up — or, more to the point, subtract from your long term investment goals.
This is a perfect time to uncover the hidden costs you paid for your investments. That might take some digging. ...Read more
Congress gave American workers a last-minute holiday gift: a set of new incentives to save more for retirement. Passed just before Congress adjourned, as part of the huge omnibus spending bill, the SECURE Act 2.0 increases limits on many retirement plans and creates a few new opportunities for workers to become more financially secure.
Here are...Read more
The shopping rush is over, and holiday dinners digested. This is a perfect time to sit back and count your blessings. And share them!
Expressing gratitude for your own blessings does not mean that you don’t have any problems — whether financial, emotional or family. Everyone does. But if you have the luxury of reading this column in a ...Read more
If you have several IRAs or leftover 401(k) plans from previous employers, this is a perfect time to consolidate them in one IRA rollover account.
Not only will this simplify your financial record keeping, but it will also create an opportunity to use one of the best and safest investment opportunities for your money. So don’t let laziness or...Read more
Social Security decisions are among the most complex and fateful choices seniors must make.
The most critical decision revolves around when to take your benefit: as early as age 62, which will reduce your monthly benefit; at full retirement age (or FRA, around 68 now); or sometime between FRA and age 70, when you must start taking your benefit....Read more
Everyone likes a little recognition — a sense of being known and appreciated. Perhaps that’s why I must admit I get a little rush when I’m shopping online, choose PayPal to pay and instantly get a message that says: “We recognize you on this device, Terry. You don’t have to sign in!” That always makes me smile.
It’s as if I’ve ...Read more
The steps you take in the month of December could save you tax dollars next April. Now is the time to take the steps that can reduce your tax bill for 2022 and lay the groundwork for a financially smart New Year.
Taxes and deductions: For 2022, the standard deduction jumps to $12,950 for a single return, $25,900 for married couples filing ...Read more
Every year around this time, I try to make helpful holiday gift suggestions for the younger people in your family. Toys, clothes, and digital games rate highest with young people. But the holiday season is a great time to spark new interest in money matters — or, at the very least, create a gift that will last longer than just one season.
We have now witnessed the collapse of the largest (so far) 21st century "tulip bubble" as the FTX Crypto Exchange collapsed — taking down the value of the best known cryptocurrencies, along with the equity of some very sophisticated players and the wealth dreams of small-time investors.
When it was revealed that the FTX "exchange" was backed ...Read more