Personal Finance – Page 2

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Personal Finance / Retirement

What Is A Pension Plan?

August 4, 2023August 19, 2023 - Leave a Comment

A pension plan is a type of retirement plan that provides a guaranteed income to employees after they retire. It is usually sponsored by an employer, who makes contributions to a fund on behalf of the employees during their working years. The employees may also make voluntary contributions to the plan.

Personal Finance / Retirement

What You Need To Know About SEP IRA

August 3, 2023August 19, 2023 - Leave a Comment

A SEP IRA stands for Simplified Employee Pension Individual Retirement Account. It is a type of retirement plan that allows you to contribute a percentage of your income to a tax-advantaged account. It works much like a traditional IRA, where the money grows tax-deferred until retirement, when withdrawals are taxed as ordinary income.

Investing / Personal Finance / Retirement

What You Need to Know About IRAs

August 1, 2023August 19, 2023 - 1 Comment

IRAs can be a great way to save for retirement. They offer a variety of tax benefits and flexibility, and they can help your money grow over time. If you’re not sure if an IRA is right for you, talk to a financial advisor. They can help you assess your individual needs and goals and recommend the best retirement savings plan for you.

Personal Finance

What Is A Rat Race? Why You Need To Get Out Of It

July 31, 2023August 19, 2023 - Leave a Comment

Do you feel like you are stuck in a never-ending cycle of working hard, paying bills, and having no time or money to enjoy life? If so, you might be trapped in the rat race. The rat race is a term that describes the futile pursuit of financial success and social status that many people engage in. It evokes an image of rats running endlessly on a wheel, working hard every day but never getting anywhere.

Personal Finance / Retirement

What You Need To Know About 401K

July 30, 2023August 19, 2023 - Leave a Comment

A 401K is a valuable tool that can help you save and invest for your retirement. It offers tax advantages, employer match, investment options, and portability. However, it also has contribution limits, withdrawal rules, and fees. To make the most of your 401K, you should enroll in it, contribute as much as you can, invest wisely, and monitor and review your account regularly.

Personal Finance

Will I Be Taxed On Student Loan Forgiveness?

July 26, 2023August 19, 2023 - Leave a Comment

The tax implications of student loan forgiveness can be complex. It’s important to talk to a tax advisor to understand the specific rules that apply to you. However, there are some general rules that you should keep in mind. For example, federal student loan forgiveness that is received under the PSLF program is not taxable. Additionally, the American Rescue Plan Act of 2021 temporarily exempted federal student loan forgiveness from taxation.

Personal Finance / Retirement

Retirement: What Is The 4% Rule?

July 25, 2023August 19, 2023 - Leave a Comment

The 4% rule is a good starting point for planning your retirement withdrawals. However, it’s important to remember that it’s just a guideline. Your individual circumstances may require you to adjust the rule. So, it’s important to talk to a financial advisor to get personalized advice on how much you can safely withdraw from your retirement savings.

Personal Finance

Taxes on Student Loan Forgiveness: What You Need to Know

July 23, 2023August 19, 2023 - Leave a Comment

Student loan forgiveness can be a great relief for borrowers who are struggling to repay their debt. However, it can also come with a hidden cost: taxes. Depending on the type and timing of your student loan forgiveness, you may have to pay federal or state income taxes on the amount of debt that is canceled. Here are some things you need to know about taxes on student loan forgiveness.

Personal Finance

Why You Need Multiple Income Streams

July 19, 2023August 19, 2023 - Leave a Comment

Having multiple income streams is not a luxury but a necessity in today’s uncertain and competitive world. By creating multiple sources of income, you can increase your income potential, reduce your income risk, diversify your income sources, enjoy more flexibility and freedom, and pursue your passions and interests. You don’t need to be rich or famous to have multiple income streams. You just need to be smart, resourceful, and proactive. Start today and see the difference it can make for your financial future.