With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should be considered as part of your year-end tax planning.
New Years is only weeks away. It’s time to clean up your finances to make sure you’re not leaving money on the table, and to make sure you’re set for tax season.
Take note of these nine tip to get your financial house in order before time runs out on December 31st.
1. Got a Health Savings Account? Empty it.
Few terms in personal finance are as important, or used as frequently, as "risk." Nevertheless, few terms are as imprecisely defined. Generally, when financial advisors or the media talk about investment risk, their focus is on the historical price volatility of the asset or investment under discussion.
What you probably already know about risk
How much life insurance do you need?
Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you're young, you may not have a great need for life insurance.
Talking to your family about life insurance is uncomfortable. Discussing what happens when your or a loved one dies can trigger feelings of fear or even panic. That’s why so many discussions about what happens after you or a love one dies can end in an argument.
Why is Life Insurance so Important?
Are you leaving your job and considering whether to take a distribution from your 401(k), 403(b), or governmental 457(b) plan? If so, make sure you've considered all your options.
In general, you have the following four options when you're eligible to receive a distribution from your employer retirement savings plan.1
There are over 44 million student loan borrowers in the U.S. with a combined $1.3 trillion in student debt. If you or someone in your family is thinking about the best way to make collage more affordable, then read on.
Scholarships and Financial Aid
Investing with an eye toward promoting social, political, or environmental concerns (or at least not supporting activities you feel are harmful) doesn't mean you have to forgo pursuing a return on your money. Socially responsible investing may allow you to further both your own economic interests and a greater good, in whatever way you define that term.
Why It Matters:
Why it matters:
- You may not know working while collecting Social Security (at some ages) comes with a cost.
- But you may later recoup some of what you gave up.
- Or that working after full retirement age (FRA) does not incur a penalty.
You may be eager to claim Social Security benefits as soon as you are eligible at age 62.