Though they have been around since the 1970s, 401(k) plans are still one of the best ways to save for retirement. However, the 401(k) savings vehicle has evolved a lot over the past two decades and now, many 401(k) plans allow for Roth contributions.
Helping them develop healthy financial habits is certainly no exception to that rule. Thankfully, there are a number of practical ways to teach children the value of a dollar, and put them on the early path toward financial success. Here are a few that we believe are the most important to instill in the next generation.
One of the most common and effective methods to save for college is the 529 plan. But what exactly is a 529 plan? And are there any comparable alternatives? Let’s take a look at the traditional 529 plan and other alternatives to help jump-start college savings plan.
It may seem counter-intuitive, but spending your Health Savings Account (HSA) contributions on medical expenses now could be a huge mistake. While medical expenses are a necessity, it could actually save you a lot of money to use your own funds to pay for healthcare costs, especially while you are young.
There has been a lot of talk surrounding President Trump’s newest tax cuts, which were officially signed into law on December 22nd of 2017 as part of the Tax Cuts and Jobs Act. While not everyone is in agreement about how this legislation will affect job growth, the deficit, and the economy at large, there are a few important takeaways that cannot be overlooked.