Didebta

Propaganda I’m not falling for: Prime Day. Amazon’s biannual bonanza is back on Oct. 7-8. Cue: influencer hauls, magazine listicles and even friends inundating us with bargain FOMO. There’s nothing wrong with getting a great price on a purchase you’d make anyway. But at its core, Prime Day is marketing…

Key takeaways Predatory cards are often viewed as a last resort for those with the worst credit scores. These cards are known for sky-high interest rates, lower credit limits and myriad fees. Stronger credit-building options exist, even for those with poor credit. Help is available for those unable to pay…

While some retirement plans allow in-service withdrawals, most discourage early access with penalties, taxes and missed growth potential. Before making a move that could undermine your long-term retirement goals, it helps to know the rules. A financial advisor can help you balance today’s needs with your long-term retirement goals.Can You…

Using a 401(k) loan for home improvement may feel like an easy solution to unexpected expenses. After all, you’re borrowing from yourself. There’s no credit check, and the interest you pay goes back into your retirement account. While the convenience may be appealing, the long-term financial trade-offs deserve your consideration.…

When a parent passes away, one of the biggest financial questions families face is whether their children can receive any of their parent’s pension benefits. Unlike life insurance or retirement accounts, pensions have stricter rules that often limit who can inherit them, and children are rarely at the top of…

Testing Financial Independence – What Have You Got to Lose? Testing financial independence through a “trial run” before committing to a lease helps young adults understand the real cost of living on their own if they’ve never lived without a roommate or outside of the home they grew up in.…

Unlike traditional loans, a 401(k) loan is tied to your employer-sponsored retirement plan. That means your repayment options and timeline may change significantly once you are no longer with the company. If you fail to repay the loan within the specified period, it could be treated as a taxable distribution,…

If you default on a 401(k) loan, the balance is usually treated as a taxable distribution. This may result in income taxes and, if you are under 59½, a 10% early withdrawal penalty. It can also reduce the amount you have available for retirement in the future. A financial advisor…

Planning how and when to withdraw money from your retirement accounts can have a big impact on how much of your savings you actually get to keep. This is especially true with 457(b) plans, which are common for public sector employees. While these accounts offer unique flexibility when compared with…

Medicare premiums are based on taxable income and a sudden increase can raise your costs. So if you are considering a Roth conversion as part of a long-term strategy to lower retirement taxes, this could raise your premiums in the year after the conversion. However, you should also note that…