Inflation in 2021 was an expected response to the halted 2020 economy. There was a 5.4 percent increase in prices in June of this year, which is the highest inflation rate we’ve seen since 2008. That rate was also 5.4 percent in September, which was higher than anticipated. We knew the rise in inflation was […]
Should You Open a Roth 401(k)?
When open enrollment rolls around again at your company, it’s the ideal time to review your benefits and make any necessary changes. Health insurance is a major focus of open enrollment season, but don’t forget that you can check up on other benefits, too – including retirement accounts. At some companies, employees can opt into […]
Changes to 2021 Account Limits
As we enter the last quarter of the year, there is still time to contribute to certain accounts before 2022. Because some of the maximum account limits changed from last year, and some haven’t, here’s a quick review of those limits and when you need to contribute: 2021 Account Limits: HSA For your health savings […]
What are Qualified Charitable Distributions?
For many people, their 72nd birthday is also when the required minimum distributions (RMDs) kick in for their individual retirement account (IRA.) If your RMDs are high, that means you run the risk of being taxed at a higher bracket, because those RMDs are counted as income. There are a variety of options to bring […]
Financial Habits to Teach Your Children
As a parent, you’ve probably seen your children pick up on your habits – good and bad. Even very young children can observe and take on some of your habits, and that includes your financial ones. The way you handle, talk about and spend money can create a lasting impact on your children, so it’s […]
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