Saving one million dollars. It’s the financial goal of many early retirement dreamers. Since the FIRE movement lit up the blogosphere in the last decade, we’ve been showered with stories of average folks saving $1M or more. It’s not that hard.
Happy Monday, folks! Last week, the Senate released it’s version of tax reform. If you want to read about all the differences from the previously released House tax plan, you can go here. There are a couple of items in the Senate tax plan that I want to highlight,
House Republicans released their new tax proposal a few days ago, with the intention of getting a bill passed before the end of the year. Changes will still inevitably occur before any bill becomes finalized into law, but we can look at the impact of the current proposal on retirement in general,
Retirement is a game of probabilities – especially early retirement. One of the key risks you face in early retirement is the possibility that your portfolio will run dry. We can plan. We run scenarios, and we try to minimize the risk of failure.
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?
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 –
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,
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,
Despite all the shade thrown on 401k plans in the press this year, I would gladly take a 401k over other retirement account alternatives. The individual choices and flexibility of 401ks can be outstanding for those who know how to use it,
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.