Many advisors tout the benefits of a “tax-free income” in retirement for those individuals with a Roth IRA. More important than tax-free income in retirement is the goal of reducing your lifetime tax burden by shifting income from one year to another through a Roth conversion. With the December 31st deadline for 2017 Roth conversions[Learn more…]
Flexible Spending Accounts: A Useful Employee Benefit That Can Reduce Your Taxes
In my last newsletter article, I looked at how to save for medical expenses using a health savings account (HSA). In this companion article, I’ll focus on another type of savings account called a flexible spending account. These plans are designed to help employees save for certain qualified expenses using pre-tax dollars. Although you may[Learn more…]
Health Savings Accounts: A sensible way to save for health-related expenses
Health Savings Accounts (HSAs) were signed into law in 2003 by George W. Bush. HSAs are bank or brokerage accounts that allow you to save for qualified medical expenses. Many people do not fully understand how these accounts function or how they may be beneficial, even though they have been available for nearly[Learn more…]
Thoughts on Financing Your Wedding
Thoughts on Financing Your Wedding Summer time is here, and that means wedding season is upon us. Weddings are important life events and can also be large financial expenditures. I’ve been engaged to my fiancée for a year and a half, and our big day is coming up this Sunday, July 3. Here are some[Learn more…]