Stretch Out Your Cash With My 3-D Plan: Ditch, Delay, Decrease

Stretch Out Your Cash with My 3-D Plan: Ditch, Delay, Decrease

If the Covid-19 crisis has you worried about money – and, honestly, I don’t know anyone (including me) who’s not – you can take some practical steps right now to preserve your cash. Most of the standard personal financial advice just doesn’t apply right now. All that matters in a time of extreme uncertainty is your cash flow. More cash means more options. So this is a time to do everything you can to hold on to cash. The truth is, we don’t know how long the financial impact of Covid-19 will last or how bad things will really get.…

Read More...
Should I Withdraw From My IRA Or 401k?

Should I Withdraw from My IRA or 401k?

Know This BEFORE You Pull Money from Retirement Accounts The CARES Act (aka the Coronavirus Aid, Relief, and Economic Security Act) made it easier than ever to borrow or withdraw money from your retirement accounts before retirement age. And even though most of the normal rules of personal finance have flown out the window during this crisis, the regular advice about retirement accounts still holds up: Leave that money where it is. That said, if you have to choose between food, housing, medicine, and other absolute necessities or pulling money out of retirement accounts because you have no other options,…

Read More...
Don’t Ditch Your Retirement Portfolio! Trust Your Investment Plan.

Don’t Ditch Your Retirement Portfolio! Trust Your Investment Plan.

The stock market is suffering, and I know you’re scared. It’s terrifying to think that half of your money disappeared overnight. But here’s what you need to remember: It didn’t. Until you actually sell the investments in your retirement accounts, you have not sustained losses. It’s the act of selling that locks in your losses and keeps your portfolio from recovering. When you make dramatic changes to your retirement portfolio based on fear – especially if that’s fueled by social media hype – you’re more likely to end up losing out in the long run. You’ll be stuck selling low,…

Read More...
5 Ways The SECURE Act Changes Your Retirement

5 Ways the SECURE Act Changes Your Retirement

If you’ve been having a hard time saving enough money for retirement, the SECURE Act could help turn that around. At the very end of 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) became law. The main focus: making it easier for people to save money for retirement.  The rule changes are designed to help more people save more money for retirement. Anything gives more people access to retirement savings sounds like a good plan. And giving people more flexibility over how long they can save and more time before they have to start taking money…

Read More...
HSA: The Best Retirement Account You’re Not Using

HSA: The Best Retirement Account You’re Not Using

And How to Open One Today Don’t be fooled by the name Health Savings Account (HSA)… HSAs are really retirement accounts in disguise. And if you’re eligible for an HSA, you definitely want one, because they combine all the best features of other retirement plans… and then go another step further. If you use your HSA the right way, you have 100% tax-free money. Current year tax deductionTax-free growthTax-free withdrawals These accounts have built-in tax advantages like retirement accounts… but without all the restrictions on using them. So if you do need to access the money for medical expenses before…

Read More...