Posts by Chuck Carrier

Retirement Saving at Each Age

August 26, 2021

While it’s true that each person is unique and every financial plan should be customized according to their situation, it is generally accepted that people should start saving for retirement early in their lives so they can take advantage of compounding returns. Here is some general information and things to consider about saving for retirement for each age group. Gen Z Roth IRA accounts. As soon as children or grandchildren have earned income, either you or they can open and contribute to a Roth IRA (Individual Retirement Account) in their name. Roth IRA contributions can’t exceed the child’s earned income
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7 Budgeting Tips For July

July 23, 2021

Budgeting can help you achieve your goals faster. Once you realize that budgeting can help you achieve the goals you’ve set out for yourself, you may find the process inspiring. Think of your budget as a spending plan Think of your budget as your “how-to” plan for spending your money rather than what you “can’t” spend. The upside is that by budgeting for short- and long-term expenditures, you can spend money without feeling guilty about it, because you’ve actually planned to spend it! With a budget, you will simply be allocating all your expenditures with a means to an end,
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5 Ways to Give Your Finances a $pring Cleaning

May 25, 2021

Spring is here! Time to get your finances in shipshape condition. Here are five ideas to get you started. Check your credit reports. While you’re reviewing your expenses and debts in order to see how you are faring in terms of staying within your personal budget, make sure that there aren’t any expenses or debts on your credit report that aren’t yours. It’s free to check your credit reports once a year to ensure no one has used your name or identity to make unauthorized purchases. Here is what to do: https://www.consumer.ftc.gov/articles/0155-free-credit-reports Consider banking / credit card changes.
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RMDs Are Back for 2021

April 27, 2021

RMDs, or Required Minimum Distributions, are withdrawals that are required by the IRS each year out of your traditional retirement accounts like 401(k)s and IRAs starting at age 72. The money that you have to take out annually by December 31st at midnight is taxed based on your income tax rate for that tax year. Some retirees forget about RMDs when planning for retirement, and don’t realize how big the tax bite may be for them. This year, because of the pandemic, the CARES Act suspended the RMD for the 2020 tax year in an effort to help
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Interest rates, bond prices and inflation are related. Here’s how.

March 23, 2021

The Federal Reserve “Part of the mission given to the Federal Reserve by Congress is to keep [consumer] prices stable–that is, to keep prices from rising or falling too quickly. The Federal Reserve sees a rate of inflation of 2 percent per year–as measured by a particular price index, called the price index for personal consumption expenditures–as the right amount of inflation. “The Federal Reserve seeks to control inflation by influencing interest rates. When inflation is too high, the Federal Reserve typically raises interest rates to slow the economy and bring inflation down. When inflation is too low, the Federal
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7 Tips to Resolve Financial Issues Between Couples

February 24, 2021

No matter how long you have been together, financial issues can wreak havoc on a committed relationship. According to Investopedia, some of the top money issues between partners include money/personality style clashes, debt, personal spending, children, and extended family differences. When couples don’t agree about spending and saving habits, it can lead to stress, arguments and resentment. Here are seven ways you can address financial issues positively, preferably before they arise. Understand Your Money Styles Think of some extreme examples of money styles in your circle. Like your friend, the foodie, who won’t touch a bottle of wine that costs
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5 Highlights of the New Stimulus Package

January 25, 2021

What the latest round of funding may mean for you. The $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump on December 28th as the COVID-19 pandemic continues to impact employers and employees. The new package resembles March’s $2.2 trillion CARES Act, but will only be $920 billion, with roughly half of that—$429 billion—being paid for with unspent CARES funds. Here’s a quick recap of five key highlights: Stimulus Checks The new law authorized a second round of $600 checks for people with income that meets the criteria. The
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Your Annual Financial To-Do List

December 22, 2020

Things you can do for your future as the year unfolds. What financial, business, or life priorities do you need to address for the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. You have plenty of choices. Here are a few ideas to consider: Can you contribute more to your retirement plans this year? In 2021, the contribution limit for a Roth or traditional individual retirement account (IRA) is expected to remain at $6,000 ($7,000 for
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2021 Limits for IRAs, 401(k)s and More

November 19, 2020

Numbers to know for the new year. On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. 401(k)s. The salary deferral amount for 401(k)s remains the same at $19,500, while the catch-up amount of $6,500 also remains unchanged. However, the overall limit for these plans will increase from $57,000 to $58,000 in 2021. This limit applies if your employer allows after-tax contributions to your 401(k). It’s an overall cap, including your $19,500 (pretax or Roth in any combination)
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10 Reasons You Need a Financial Plan

October 22, 2020

October is Financial Planning Month which serves as a useful, annual checkpoint to make sure you are on track to meet your financial goals. A written, up-to-date financial plan encompasses not only investments, but risk management solutions, tax reduction strategies and estate planning. 10 Reasons You Need a Financial Plan To have one comprehensive document to address your finances. Financial planning provides one summary location for everything related to your family’s financial life. From your budget, to your savings, to your investments, to your retirement, a financial plan helps you consider your finances in a holistic manner, and gives you
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