Tag: budgeting

Business Marketing

Budgeting for Saving and Investing: Building Wealth for the Future

Retiring at ages 66–67 will glean a full Social Security benefit, depending on when you were born and age 70 is the latest age to start receiving Social Security benefits. It’s a question that depends on your personal needs and circumstances. The National Bureau of Economic Research found that “retirement improves both health and life satisfaction” but the age at which you retire impacts the quality of your retirement. Ensure all documents are properly notarized and stored somewhere safe.

For the self-employed and small business owners, the SEP IRA  contribution limit was raised to $61,000 in 2022, up from $58,000 in … Read More

Business Marketing

Budgeting Strategies for Effective Money Management

Also, they can invest small amounts regularly to reach their target amount. Start by paying off the bad debts (highest interest rates) as quickly as possible. Focus as much as you can on knocking out high-interest debts quickly and allow your lower-interest debts to be paid off at minimum payments. Avoid obtaining future bad debt by refusing to go into debt for consumer goods. High-interest debts with low value (like credit cards), do not give you a beneficial asset but will cost you in fees and interest. Instead, look for good debt (like real estate investments or educational investments) that … Read More

Business Marketing

Budgeting for Retirement: Securing Your Financial Future

At the average retirement age of 65, most Americans will live 18 to 20 years longer because of healthier diets and fewer deaths from diseases. This, of course, means retirement planning should take careful consideration for this last quarter of your life. Waiting also gives you a few extra years to shore up your tax-advantaged investment accounts. Investors who are at least 50 years of age can make an annual catch-up contribution to their 401(k) or IRA. For 2023, those 50 or older can contribute $7,500 to a traditional IRA or Roth IRA, up from $7,000 in 2022. If you … Read More

Business Marketing

Budgeting for Groceries and Food: Maximizing Value and Minimizing Waste

Most retirement plans offered through work, think a 401(k) and 403(b), are qualified plans. Individual retirement accounts (IRAs), pension plans, and Keogh plans are also examples. Connect with a financial advisor to get all your questions answered. ETFs are like traditional mutual funds in that they hold a basket of securities, like stocks or bonds, and they’re like index funds in that many track a benchmark. They’re different, though, in that they trade on a stock exchange, which means they’re priced in real-time and can be bought and sold at any point during the day.

Take Inventory of Your Assets

… Read More
Business Marketing

Budgeting for Gifts and Celebrations: Enjoying Special Occasions on a Budget

One such account is an IRA, which anyone with earned income (i.e., a paycheck) can open. The annual limits for traditional and Roth IRAs are 8% higher in 2023, rising to $6,500 from $6,000. Note that catch-up contributions for investors who are age 50 or older remain unchanged at $1,000. It’s important to remember people aren’t always realistic about when retirement happens.

Take courses, read, or research investment principles and current markets to know where your money can make the best dividends for you. Inflation costs over the course of 20 years can mean that your nest egg is zapped … Read More

Business Marketing

Budgeting 101: Essential Principles for Financial Success

One of the benefits of the traditional IRA, as it’s called, is that contributions are, generally, tax-deductible. So, for example, if you contribute $6,000, your taxable income will decrease by the same amount. This is a tool you can set up between your checking account and your retirement account so you don’t forget to save. Set it up so that on the same day every month — maybe it’s the day you get paid — funds you’re earmarking for the future go from your bank account into your investments.

Step 5: Determine when to start Social Security

Retirement planning

Distributions must be … Read More

Business Marketing

Budgeting for Weddings: Planning a Memorable Celebration within Your Means

Do you have enough homeowner’s insurance to cover a major calamity? Is your health insurance or long-term care insurance adequate? If your coverage is lacking, now is the time to increase it.

Cryptocurrency

Retirement planning

Mutual funds are commonly actively managed, meaning a team of experts selects and trades securities to try and provide positive returns. Index funds are mutual funds that aim to duplicate the performance of major market indices are increasingly popular because of the low costs but solid returns they provide. 2 The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement … Read More

Business Marketing

Budgeting Apps and Tools: Harnessing Technology for Better Financial Management

Americans are eligible to enroll in Medicare at age 65—there can even be penalties for failing to enroll on time. Make a plan to sign up in the months leading up to your 65th birthday, giving coverage time to kick in. If you do feel overwhelmed, then that could be a sign that your risk tolerance is out of whack.

Getting Started

Retirement planning

After you’ve created your plan, remember to review it at least every five years or whenever you experience a life-changing event. If you need help building or vetting your plan, you can find a financial advisor to help. Before you … Read More