In a written letter, Benjamin Franklin quipped, “In this world nothing can be said to be certain, except death and taxes.” Surprise! Tax time has rolled around again.
First of all, the government gives us a small window of time from January 1 through April 15 during which we can actually make contributions in the current calendar year for last year. So if you forgot to make your 2014 full contribution, it’s not too late to get it in. Actually, you could even contribute after April 15 if you file an extension on your taxes, but that’s getting into it more deeply than I’d like to at this point.
When saving for retirement, clients often ask about the difference between a 401(k) plan and a Roth IRA. Here is a quick outline about the potential drawbacks and benefits of each:
I’ve been known to make resolutions regarding my health, exercise and financial goals. Despite my best intentions, the business of life, temptations of past eating habits, or the after-Christmas sales at the stores have derailed my plan for success. I’ve come to realize that I’m not the only one with a problem, and it’s made me realize the two major culprits contributing to our collective downfall.
It’s that time again: Thanksgiving is just around the corner with Christmas right on its heels. Like hardworking squirrels storing away nuts for the future, I find handling Christmas expenditures is best if planned for in advance and not looked at as an unexpected expense; after all, it comes every year.
My daughters and I recently played the board game Life® and faced the proverbial question: college or no college? My children are in fifth and third grades this year, and I was startled to realize that this generation heads off to college in eight short years! As a financial advisor, I wondered, how many parents have started planning for these future costs?
As Americans, we live in the most forward-thinking, rewarding country in the world. The smell of fireworks still lingers from our celebration of Independence Day as we reflect upon the sacrifices made to ensure our way of life. Our forefathers envisioned a land of prosperity, where hard work was rewarded and everyone was free to pursue happiness.
