Our Weekly Blog

You see, habits, both good and bad, over time, can have impact. Spending $15 a day on coffee, lunch, etc. each workday or putting $15 each workday day in savings can do two very different things (Interestingly, they both cost the same). If one spends $15 a day five days a week that equates to about $3,900 a year. If I told you to save $3,900 a year that might seem daunting but when we do those small steps, it's the compound effect in action. What could you do with an extra $3,900 a year? (Or even better, an extra $3,900 a year growing over the next 10 years.)1

Today things are very different for young people. They are taking their time to finish college and settle into their first “real” job. Gap years, world travel and other diversions are just normal for many now. Marriage and having children is happening much later in life, too. These all seem to be delays in accepting the responsibilities of adulthood. For any parent of twenty-something’s today, this can be a very frustrating time.

First, if you inherit an IRA (or Roth IRA) from a spouse there are special rules. Only a spouse is allowed to take an inherited IRA and roll it into their own IRA. Their RMD date can be the same as if it was their account initially.

If you are self-employed or a business owner, you have several retirement plan options to consider, including an Individual (or Solo) 401(k) plan. This flexible plan can allow you to contribute both as an employee and employer, which can increase your potential retirement savings.

Unless you are independently wealthy, most people need insurance.1 Life insurance is of particular importance if you are young and have just had your first child. At this stage you become responsible for the care and upbringing of another person, including paying for college. Without large sums in the bank or invested, there is a great need to provide for your children and spouse / partner if you die prematurely.

If you bought a stock, stock or bond mutual fund or ETF (Exchange Traded Fund), and 12 months or more has passed and the value of this investment has decreased, you can sell up to $3,000 of losses and deduct that from your ordinary income. The other option is to offset a gain with a loss.