I recently wrote More Than the 10% Penalty – The Dangers of Early Retirement Account Withdrawals for FiLife, a joint venture between The Wall Street Journal and IAC. The dangers are real, starting with taxes, ending with lost growth and a bunch of other financial pain in between. Before you ask for that distribution check [...]
Continue reading about Five dangers of tapping your retirement money early
One of the best parts of the weekly personal finance carnivals, including this week’s carnival hosted by WiseBread, it the wide variety of personal finance topics covered. In addition, I always take the time to enjoy an article or two that I’ve been meaning to write myself but just haven’t gotten to. This week was [...]
Continue reading about What do extra loan payments, toilet paper, and Monopoly have in common?
In response to the market turmoil Congress recently passed a one-year waiver on RMDs.
You: What are RMDs?
Required minimum distributions.
You: That didn’t help.
Shortly after you reach 70 1/2, you must begin to take a proportion of your money out of your qualified retirement plans annually.
You: Or?
You pay a penalty.
You: What if I don’t want to take [...]
Continue reading about No RMD in 2009 – have you told your ancestory?
It’s Friday, so it’s time for this week’s reader-submitted Q & A. If you’d like to submit a question, click here for more information or simply email a question.
I will probably not be working in the States during 2009, but I have rented out my condo in Boston, so I will have rental income [...]
It’s Friday, so it’s time for this week’s reader-submitted Q & A. If you’d like to submit a question, click here for more information or simply email a question.
I want to open a Roth IRA, but how do I know how much maximum I can put into the account for 2008?
- Diana C., [...]
Year-end obsessive man is here again. Previously, I wrote of the importance of using your FSA funds before losing them, maximizing your match in December and taking tax advantage of any capital losses. Today, is tip # 4 and concerns IRAs.
Don’t wait until April 15, 2009 to make your 2008 IRA contribution.
Certainly, don’t wait until [...]
Continue reading about Year-End Financial Planning Tip #4: IRA Planning Now
Continuing on my year-end theme, I blogged yesterday about using your FSA funds before losing them. Previously, I discussed the importance of maximizing your match in December. Today’s tip, and one of the most commonly discussed, is those capital losses.
You: What are capital losses?
When the DC hockey team plays the Bruins.
You: What?
Forget it. Inside joke.
You: [...]
We could all benefit from year-round attention to our finances. Yet, in a typical year (2008 is not typical) most people only think about their finances from January 2 until the last Monday of a full week in January. In 2009, this is January 19.
You: Where did you get such a crazy statistic?
From this Time [...]
Continue reading about Year-End Financial Planning Tip #1: 401(k) Matching Contributions
As I flew across the country yesterday, I sat next to a woman who was heading to Tahiti. She explained to me that this was supposed to be a retirement trip, but with the market’s recent slide, she decided to work another six months. Still, she was going to take the trip because much of [...]
It’s Friday, so it’s time for this week’s reader-submitted Q & A. If you’d like to submit a question, click here for more information or simply email a question.
I just received a significant raise and now I can afford to save more. I already max out my 401(k) and a friend of mine said [...]
Continue reading about Friday Q & A: What should I do with my raise?
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