Being an active participant in an employer plan can affect your ability to take a deduction when it comes to traditional IRA contributions.

I’ve said it before and I’ll say it again, but saving for retirement can seem like a daunting task for many Americans. Aside from the fact that the amount you will need for your nest egg seems to get bigger and bigger, there’s also the many current expenses people face that can make future expenses a non-existent thought. For example,…

The IRS recently put out some instructions regarding the 10-year payout rule, which some industry experts have interpreted as an attempt to clarify things. So things should be straightforward now, correct? Wrong! In fact, the recent attempted “clarification” by the IRS only seems to make things more confusing. When the SECURE Act was signed into law in 2019, it replaced…

When it came to finances 2020 was not a normal year for American savers. Many people lost jobs or were out of work for long periods of time. Even those that managed to keep working may have seen hours cut or anticipated–and many times vital–bonuses never come to fruition. While 2021 is looking better than 2020 from a financial standpoint,…

Most, if not all, financial advisors and wealth managers think it’s a good idea to have some sort of emergency fund set aside. Such funds can range from a savings account that you stash away money in every so often to investment accounts to a plan to sell off certain assets you may have to help keep you afloat during…