Any time major tax changes are put on the table, I get that feeling like a kid on Christmas Day: giddy, excited, even a little wondrous. What will I find when I unwrap the package? What possible new tax strategies will arise?
I’ve seen them in every company I’ve worked: engineers in their 50s, ready to retire by every possible measurement, but with a kid (or two) in college. They’ve worked for decades in Silicon Valley, and they are, now, officially, old-timers.
Have you ever wanted to travel the world for a year? Well, if you do, you can take advantage of some really big foreign tax benefits. U.S. citizens are taxed on their worldwide income. However, if you are overseas for a year or longer,
What’s the hands-down easiest way for the 99% to build wealth? Answer: index investing in tax-advantaged retirement accounts like IRAs and 401ks. The more you can contribute into your retirement accounts, the better. The benefits are truly astounding –
Think college is too expensive? Perhaps you’re not paying attention. No doubt, the sticker price of college is out of control. But, the people who pay full price must apparently enjoy watching money burn. With a little financial planning,
Paying as little taxes as legally possible is as American as Moms, Guns, and Apple Pies. If you follow this blog, you know that one of the easiest and best ways to reduce your taxes both now and in the future is to contribute as much as you possibly can to retirement accounts like 401ks,
Are you an early retiree, or perhaps a dreamer, counting down the days until you call it quits? Just save 25x your annual expenses, and you should be good, right? But what if you develop a chronic medical problem that blows a massive hole in your early retirement spending?
I recently calculated the rates of return I earn on Social Security, along with a range of returns for other Gen Xers. But that’s an overall average return – an average for everything I pay in over my career.
Any time you can get more money into tax-advantaged accounts, like IRAs, 401ks, and HSAs, I say do it. I am always scheming for new ways to take advantage of these types of accounts because they’re awesome.
Every few years I get a statement from the Social Security administration about my future Social Security benefits. As a Gen Xer and an accountant, I’ve long known that my Social Security is not very secure. I likely will face reduced benefits,
It’s that time of year again: time to revisit your 401(k) and retirement contributions. If, like me, you intend to break free from the shackles of Corporate fiefdom, then you should always aim to maximize your 401(k) contributions while you can.
A Backdoor Roth is a tax loophole which people use to bypass income limits on IRA retirement account contributions. It essentially allows you to “backdoor” a contribution to a Roth IRA, even though you do not qualify to contribute to a Roth IRA.