Question: If I take money out of my IRA before I’m 59½, what happens? Answer: What you’re referring to is a premature IRA distribution. If you are under age 59½ and withdraw funds from your IRA, you’ll probably have to pay a 10 percent penalty tax on top of whatever income taxes you owe on the distribution. This can be a major drawback for IRA owners who need money and have few other assets to … Read More
With tax season in full force, this question keeps coming up: When can I get rid of these statements? Well, it depends. Perhaps you heard that you should retain copies of your federal tax returns for 7 years. Is that true, or a just myth? How long should you keep those quarterly and annual statements you get about your investment accounts? And how long should you keep bank statements before throwing them away? Tax … Read More
Earlier today, I tweeted about an article that Eleanor Blayney, CFP® wrote regarding romance and financial compatibility. I thought it was worth posting a link to it as it has some thoughtful tips. Wishing financial harmony to you and your Valentine! LOVE & MONEY: MAKING SURE YOUR VALENTINE IS A GOOD FINANCIAL MATCH CFP Board Consumer Advocate Shares Financial Planning Tips to Keep Relationships Strong As Valentine’s Day approaches, couples rush to find … Read More
Even with the downturn in the real estate market, some people think they can do a better job on their own. While certain tasks of selling a home may seem simple — putting up a ‘for sale’ sign, a few flyers, posting the home in classifieds and possibly holding an open house — there is much more involved than meets the eye. Real estate agents help countless people buy and sell homes, attend many … Read More
When I was young, nothing could get under my skin faster than if my mother said, “Well, your intentions were good.” I knew it was her way of trying to make me feel better about something I did that didn’t quite pan out; but, it hit a nerve. Over time I realized why it bothered me so much. Intentions amount to zip if you don’t back them up with the right actions. A New … Read More
Question: It’s open enrollment season at work and my husband and I are each on our own employer health insurance plan. Should we consolidate our coverage to one plan? Answer: When you and your spouse are making this decision, it may be useful for you to focus on three key areas: the out-of-pocket cost of each plan the levels of service and coverage offered, and the coverage offered to any dependent children, if applicable. … Read More