All articles tagged with #financial planning
The article offers practical advice for improving financial health at any age, emphasizing the importance of professional financial advice, reducing insurance and debt costs, smart investing, and protecting family with insurance, along with tips for saving on everyday expenses and diversifying investments to safeguard wealth.
Spending an hour in January to review and set up automated payments, savings, and investment plans can significantly improve your financial health throughout the year, with small steps like reviewing credit card statements and starting small savings making a big difference.
The article provides a comprehensive month-by-month guide for financial tasks in 2026, including reviewing investments, adjusting contributions, organizing documents, estate planning, and year-end portfolio review, aimed at helping individuals optimize their financial health and plan for the future.
Soft saving is a mindful approach where individuals prioritize current enjoyment over aggressive retirement savings, which can serve as an entry point to consistent saving but may pose challenges for long-term financial goals if not balanced properly. Experts suggest maintaining some level of investing for the future while allowing room for present-day pleasures, emphasizing automation and gradual increases in savings over time.
The article identifies six distinct money personalities—Giver, Trailblazer, Skeptic, High Roller, Penny Pincher, and Avoider—and offers tailored financial advice for each to help individuals improve their financial well-being in 2026 by understanding their tendencies and making intentional changes.
In 2026, significant financial changes include increased retirement contribution limits, new rules for high earners' Roth catch-up contributions, expected interest rate drops, and a new tax deduction for seniors over 65, all emphasizing the importance of strategic financial planning and awareness of evolving policies.
The article emphasizes the importance of couples staying actively involved in their finances in 2026, highlighting that shared financial responsibility strengthens relationships and provides security, especially during unforeseen circumstances. It offers practical advice on reviewing finances, establishing regular money discussions, and seeking outside help if needed to foster teamwork and trust around money matters.
The article explains how using a personal loan for debt consolidation can provide predictability and potentially lower interest costs compared to credit cards, emphasizing the importance of understanding your debt, checking loan rates, comparing options, and establishing good repayment habits to improve financial stability.
The article offers practical advice on how to prepare financially for a potential recession, emphasizing the importance of knowing your minimum budget, building an emergency fund, managing expenses, and staying flexible with income sources, especially in the context of Colorado's economic challenges.
Investing in dividend growth stocks and ETFs, especially those with a strong track record of increasing dividends like Dividend Kings and the Vanguard Dividend Appreciation ETF, can significantly boost your wealth over time through the power of compounding and sustainable income, making it a proven strategy to become a dividend millionaire.
A retiree who mistakenly paid taxes on a small 401(k) distribution and later deposited it into a traditional IRA cannot convert it to a Roth IRA without paying taxes again, but can withdraw the excess contribution and earnings before the tax deadline to avoid penalties. The article emphasizes the importance of consulting a tax professional and setting up financial guardrails as one approaches retirement.
The article offers six practical steps for Americans to recover from holiday debt, including assessing the damage, pausing discretionary spending, returning unwanted items, choosing a repayment strategy like the snowball or avalanche method, considering debt relief programs, and working with financial professionals to manage and reduce debt effectively.
The traditional 4% withdrawal rule for retirement is outdated due to changes in economic conditions and market environments. Financial expert William Bengen suggests increasing the safe withdrawal rate to around 4.7%, based on recent diversified asset class returns, allowing retirees to potentially spend more while maintaining financial security.
Delaying charitable donations until 2026 can provide significant tax benefits, allowing single filers to save up to $1,000 and married couples up to $2,000 on their taxes, due to a new provision in the tax law that applies to those who take the standard deduction.
The article discusses how tax trackers influence the holiday plans of wealthy Americans, highlighting the impact of tax strategies on their travel and spending decisions during the holiday season.