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The Roth 401(k): 8 Things You Need To Know
The Roth 401(k) is a retirement plan option that is becoming increasingly popular. Yet many people are asking themselves, "should I used a Roth 401(k)?" The answer is: it depends. Let's start with the basics. A Roth 401(k) is similar to the Roth IRA in that it allows you to save after-tax money in a retirement account. Also like the Roth IRA, the money grows tax-free and can be withdrawn tax-free in retirement. This can be an awesome opportunity to allow your retirement money to grow tax-free and then be withdrawn tax-free after age 59 ½. 1. Should I save money in a Roth(k)? There are four big draws for…
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Can An HSA or FSA Save You Money?
Recently a friend asked me if she should participate in her employer’s Healthcare Savings Account (HSA) or Flexible Spending Account (FSA). Signing up for employee benefits can be very confusing. Especially if you are trying to figure out your 401k, HSA, HDHP, FSA and DSA. What the heck does all of that mean? In this post we will explore the Healthcare Savings Account (HSA) and the Flexible Spending Account (FSA). These are two of the most common employer-provided savings accounts for healthcare costs. We will talk about how they can save you money, their unique features, and the risks of each type of account. By the end of this post…
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Set Yourself Up For Success In 2017
New Year’s Resolutions can seem futile - who hasn’t taken up some form of exercise only to completely drop it by Presidents Day? There tend to be a couple of things missing when we set goals that lead to failure: a lack of specificity and a reliance on willpower. Let’s take advantage of this time of year to reflect and plan. Whether you like to call it “life planning” or “goal setting” or something else, this exercise can prove to be an invaluable way of focusing your energy on what you want to get out of life.Separate The Noise From What Actually MattersFamily life is busy and it’s easy to…
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Should You Save For Retirement Or College?
The struggle is real. I talk to parents all the time who ask me flat out - should I save for retirement or save for college? Many parents who had some or all of their college education paid for feel intense pressure to provide the same opportunity to their children. However, the incredible rise in college costs makes that goal feel impossible. The case for saving for college I see new medical professionals with enormous debt loads starting their careers and their families at the same time. To them, saving for their kid’s college is vitally important because they don’t want their children to experience the same stress they feel…
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Yes Virginia, You Do Need An Emergency Fund
What is the financial advice that people need to hear from their advisers but aren’t? Here it is: you need an emergency savings fund. And that emergency fund probably needs to be bigger than you think. I admit, it’s not as exciting as the latest IPO stock tip but way more impactful to your goal of building wealth or creating financial independence. In this post we will talk about the what, why and how of emergency funds complete with a simple 3 step plan to get started on your own emergency fund.Now you may be thinking, I’m great at my job and my boss loves me. Or, I have an…
