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March 25, 2010April is National Financial Literacy Month!You can follow any responses to this entry through the
 RSS 2.0 feed.What’s your biggest money hurdle? Do you get bogged down by financial acronyms? Are you confused by all the fine print on your statements? What about just expanding your financial knowledge, in general? Well, in case you haven’t heard, April officially starts National Financial Literacy Month! So why not take some time and learn something new about your personal finances. There are a number of great financial literacy resources out there to assist you and most of them are FREE. (more…) March 17, 2010Are You Playing Catch-up with Your Retirement Savings?You can follow any responses to this entry through the
RSS 2.0 feed.For those readers age 50 and over, you have a great savings tool available to you — the catch-up contribution provision for supplemental retirement savings plans. Simply stated, the catch-up provision allows individuals age 50 and above (or turning age 50 in the calendar year) to contribute, or deposit, more savings annually into their IRA, 401(k), 403(b), SARSEP, governmental 457(b), SIMPLE IRA, or SIMPLE 401(k) plan. (more…) March 10, 2010Answering More Money Talk QuestionsYou can follow any responses to this entry through the
RSS 2.0 feed.Last week, I received two great questions from Money Talk readers. The first asked if NEA member union dues are tax deductible, and if so, how much. Referring to IRS Tax Form Schedule A, union dues may be deductible for tax purposes as part of your miscellaneous itemized deductions (see line 21: Unreimbursed Employee Expenses). To itemize, though, your miscellaneous expenses must exceed 2% of your adjusted gross income. (more…) March 6, 2010It would be great if life came with guarantees and dress rehearsalsYou can follow any responses to this entry through the
RSS 2.0 feed.Funny thing about life is that it doesn’t come with an instruction manual and you don’t get a dress rehearsal before you have to give the performance of your life. We constantly hear that practice makes perfect, but when it comes to life we only get one take so we have to do our best with our one chance. Following the diagnosis of a chronic or life-threatening illness it’s easy to want another take in the living documentary of your life. You’ve probably gone over every scenario throughout your life looking for the one moment when your body decided to have a mind of its own leaving you living a life without a script. You don’t get a staff room full of writers who will write your lines, provide stunt doubles, or make sure that the light is hitting you at the most flattering angle. When you’re dealing with a health challenge the footage is raw because it’s real. It’s the truth and the truth isn’t always pretty. Health challenges and the role of the patient is the toughest part you’ll ever have to play. What provides strength is all your previous life experience. Every success, achievement, and accomplishment can be used as a foundation for the next scene you have to play; that of a person moving toward health and healing. This isn’t the time for you to assume a character; it’s the point in your life when you have to be the most authentic. You’re required to be in your body, honor your emotions, and utilize every ounce of spiritual peace you can muster. It would be great if life came with guarantees and dress rehearsals, but living life with only one take requires you to be in the moment. When you’re distracted time vanishes before your eyes. Living in the place of “what if” is the dream, not the reality. You can work toward making your dreams a reality by complying with your healthcare regimen and creating a dialogue between mind, body and spirit. Living life in one take is freeing because you don’t ever have to over think it; you just live it! March 4, 2010Good News! Tax Credit for Younger or Lower Income SaversYou can follow any responses to this entry through the
RSS 2.0 feed.Previously, we chatted about the power of tax deductions and credits. Today, I have another tax credit to share with you: the Retirement Savings Contributions Credit, or what is also referred to as the Low Income Savers Credit. Don’t let the boring name fool you, this one packs a sweet little punch for dedicated savers who are just starting out in their career or aren’t yet pulling in a bigger salary. If you contribute to a qualified retirement savings plan and your AGI or adjusted gross income is lower than the allowable limits, you may be eligible for a tax credit worth up to $1,000 ($2,000 if filing jointly)! (more…) |
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