In May, our two young adult boys came home from college for the summer. Yes, they walked in and dumped their car load of stuff on the dinning room floor and guess what? Fifteen seconds later, they are heading out to meet up with their buddies or ensconced in an online game.
Putting your pet down is one of the hardest things you can do
Currently 401(k) participants age 50 and older can contribute an additional $7,500 on top of their regular $22,500 salary deferral. Kudos to you if you are already maxing out your contributions. However, starting in 2024, catch up contributions for participants earning more than $145,000 will have to be made to a Roth, or on an after-tax basis.
One key thing to remember is, that you must have purchased these shares in a non-retirement account. Tax losses cannot be realized in a retirement account such as an IRA, 401k etc.
HSAs are an excellent option to pay for health care costs in retirement. While one can use 401(k) plans and individual retirement accounts for medical costs, HSAs offer more tax savings than both traditional or Roth retirement accounts:
One of the greatest benefits of being an empty nester is that you have more leisure time. And that can mean more time to travel and explore places that you didn’t have time for when the kids were around.