Mary's Money Minute Newsletters
What to Do If Your Term Life Insurance Policy Is About to Expire: One advantage of term life insurance is that it is generally the most cost-effective way to achieve the maximum life insurance protection you can afford. Many people first purchase term life insurance to protect their family's financial interests after a significant life event, such as getting married or the birth of a child.
Take Charge of Your Student Debt Repayment Plan: Outstanding student loan debt in the United States has tripled over the last decade, surpassing both auto and credit card debt to take second place behind housing debt as the most common type of household debt.1 Today, more than 44 million Americans collectively owe more than $1.4 trillion in student debt.2 Here are some strategies to pay it off..
What are the new rules for the 401(k) hardship withdrawals?: The Bipartisan Budget Act passed in early 2018 relaxed some of the rules governing hardship withdrawals from 401(k)s and similar plans. Not all plans offer hardship withdrawals, but the ones that do will be required to comply for plan years beginning in 2019.
Have You Made Any of These Financial Mistakes?: As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes?
Tax Benefits of Homeownership After Tax Reform: Buying a home can be a major expenditure. Fortunately, federal tax benefits are still available, even after recent tax reform legislation, to help make homeownership more
affordable. There may also be tax benefits under state law.
Building Confidence in Your Strategy for Retirement: Each year, the Employee Benefit Research Institute (EBRI) conducts its Retirement Confidence Survey to assess both worker and retiree confidence in financial aspects of retirement. In 2018, as in years past, retirees expressed a higher level of confidence than today's workers (perhaps because "retirement" is less of an abstract concept to those actually living it). However, worker confidence seems to be on the rise, while retiree confidence is on the decline. A deeper dive into the research reveals lessons and tips that can help you build your own retirement planning confidence.
Quiz: Financial Facts That Might Surprise You: If you have a penchant for financial trivia, put your knowledge to the test by taking this short quiz. Perhaps some of the answers to these questions will surprise you.
Going Public: An IPO's Market Debut May Not Live Up to the Hype: An initial public offering (IPO) is the first public sale of stock by a private company. Companies tend to schedule IPOs when investors are feeling good about their financial prospects and are more inclined to take on the risk associated with a new venture.
What is the difference between a tax deduction and a tax credit: Tax deductions and credits are terms often used together when talking about taxes. While you probably know that they can lower your tax liability, you might
wonder about the difference between the two.
Mid-Year Planning: Tax Changes to Factor In: The Tax Cuts and Jobs Act, passed in December of last year, fundamentally changes the federal tax landscape for both individuals and businesses. Many of the provisions in the legislation are permanent, others (including most of the tax cuts that apply to individuals) expire at the end of 2025. Here are some of the significant changes you should factor in to any mid-year tax planning.
Investing to Save Time Boosts Happiness Returns: The more money you make, the more valuable you perceive your time to be — and the more time-strapped you may feel, according to University of British Columbia psychology professor Elizabeth Dunn.1 So wouldn't it stand to reason that if you use some of your hard-earned money to buy yourself more time — for example, by paying someone to clean your house or mow your lawn — you might achieve a greater level of happiness?
Marriage and Money: Taking a Team Approach to Retirement: Now that it's fairly common for families to have two wage earners, many husbands and wives are accumulating assets in separate employer-sponsored retirement accounts. In 2018, the maximum employee contribution to a 401(k) or 403(b) plan is $18,500 ($24,500 for those age 50 and older), and employers often match contributions up to a set percentage of salary.
Divident Investing: Small Payments can Boost Returns. Find out how even small dividend payments can boost your returns.
Quiz: Can You Answer These Social Security Benefit Questions?: Most people will receive Social Security benefits at some point in their lifetimes, but how much do you know about this important source of income?
How has tax reform affected the generation-skipping transfer tax?: Recent tax reform legislation doubled the federal generation-skipping transfer tax exemption.
Government Report Details Household Finances: Every three years, the Federal Reserve sponsors the Survey of Consumer Finances (SCF), which collects information on the financial state of U.S. households. The survey is one of the nation's primary sources of information on the financial condition of different types of households.
The Standard Deduction and Itemized Deductions After Tax Reform: The Tax Cut and Jobs Act substantially increased the standard deduction amounts for 2018 to 2025. It also eliminated or restricted many itemized deductions for those years. You can generally choose to take the standard
deduction or to itemize deductions. As a result of the changes, far fewer taxpayers will be able to reduce their taxes by itemizing deductions.
Four Points to Consider When Setting a Retirement Income Goal: No matter what your age or stage of life, targeting a goal for monthly retirement income can seem like a daunting task. Following are four considerations to help you get started.
Due Date Approaches for 2017 Federal Income Tax Returns: Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of last year's tax return and gathering W-2s, 1099s, and deduction records.
Four Tips for Downsizing in Retirement: Going through years of accumulated possessions and memories is probably not how you envisioned spending part of your retirement. It may sound like a daunting and emotionally draining task, but downsizing could be a savvy financial move, especially if you haven't reached your retirement savings goals.
College Saving: How Does a 529 Plan Compare to a Roth IRA?: 529 plans were created 22 years ago, in 1996, to give people a tax-advantaged way to save for college. Roth IRAs were created a year later, in 1997, to give people a tax-advantaged way to save for retirement. But a funny thing
happened along the way — some parents adapted the Roth IRA as a college savings tool.
What's Your Money Script: Money is power. A fool and his money are soon parted. A penny saved is a penny earned. Money is the root of all evil. Do any of these expressions ring true for you?
What is Cyber Insurance and Should Your Business Have it?: What is cyber insurance? What does it cover? Who needs it? Plan ahead before a cyber attack occurs.
Why is it important to factor inflation into retirement planning? Inflation is one of the key factors you will need to consider when planning for retirement. Not only will the cost of living rise while you're accumulating assets for retirement, but it will continue to rise during retirement, which could last 25 years or longer.
How much Risk Can You Take?: Many market shocks are short-lived once investors conclude the event is unlikely to cause lasting economic damage. Still,major market downturns such as the 2000 dot-com bust and the 2008-09 credit crisis are powerful reminders that we cannot control or predict exactly how, where, or when precarious situations will arise.
Key Retirement and Tax Numbers for 2018: Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans, thresholds for deductions and credits, and standard deduction and personal exemption amounts. Here are a few of the key adjustments for 2018.
Don't Delay: The Potential Benefits of Starting to Save Now : For long-term investment goals such as retirement, time can be one of your biggest advantages. That's because time allows your investment dollars to do some of the hard work for you through a mathematical principle known as compounding.
What can I do to crack down on robocalls? You may not mind if a legitimate robocall provides a helpful announcement from your child's school or an appointment reminder from a doctor's office. But sadly, criminals often use robocalls to collect consumers' personal information and/or conduct various scams.
Questions to ask before buying that thing you've always wanted: Even if you're generally comfortable with your finances, you may occasionally worry about how much you're spending, especially if you consistently have
trouble saving for shorter long-term goals. Here are a few questions to ask that might help you decide whether a purchase is really worth it.
Baby Boomer RMD's: In 2016, the first wave of baby boomers turned 70½, and many more reach that milestone in 2017 and 2018. What's so special about 70½? That's the age when you must begin taking required minimum distributions (RMDs) from tax-deferred retirement accounts, including traditional IRAs, SIMPLE IRAs, SEP IRAs, SARSEPs, and 401(k), 403(b), and 457(b) plans.
I still have money left in my FSA that I have to use by December 31st. How should I spend it?: Health flexible spending accounts (FSAs) are a great way for individuals to pay qualified medical and dental expenses using pre-tax dollars. If you find that you still have money left over in your FSA as the end of the year approaches, there are a number of ways to spend down your account balance.
What You Can Do with a Will: A will is often the cornerstone of an estate plan. Here are five things you can do with a will.
Does Your Business Need a Buy-Sell Agreement? When you're mired deep in the day-to-day challenges of the management of your business, it's often hard to step out of the trees and take a good hard look at the forest. But at various points in the business cycle, it's important to do just that..
Ten Year-End Tax Tips for 2017: Here are 10 things to consider as you weigh potential tax moves between now and the end of the year.
Company Stock and Your Portfolio: Keep Your Eye on Concentration Risk: The opportunity to acquire company stock — inside or outside a workplace retirement plan — can be a lucrative employee benefit. But having too much of your retirement plan assets or net worth concentrated in your employer's stock could become a problem if the company or sector hits hard times and the stock price plummets.
Managing Debt While Saving for Retirement: It's a catch-22: You feel that you should focus on paying down debt, but you also want to save for retirement. It may be comforting to know you're not alone.
Is the Social Security Administration still mailing Social Security Statements?: For several years, the Social Security Administration (SSA) mailed these statements every five years to people starting at age 25, but due to budgetary concerns, the SSA has stopped mailing Social Security Statements to individuals under age 60.