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5 Things Keeping You From a Life of Financial Independence

February 10, 2021 by Liam Lane Posted in Budgeting, Financial Freedom, Mortgage Tagged away, Budgeting, budgeting tips, building, car, Career, cars, Checking Account, Compound Interest, cons, Credit, Credit Card, Credit Card Debt, Debt, Debt Management, debt snowball, early retirement, Finance, Financial Freedom, financial independence, Financial Wize, FinancialWize, Home, Life, Lifestyle, Loans, Make, Managing Debt, money, money moves, More, more money, Move, Pay Off Debt, Paying Off Debt, Personal, personal finance, planning, pros, Pros and Cons, retire early, Retirement, save, Saving, Saving Money, savings, Savings Account, second, spouse, Student Loans, Travel

Wise Bread Picks

Financial independence can mean different things to everyone. A 2013 survey from Capital One 360 found that 44 percent of American adults feel that financial independence means not having any debt, 26 percent said it means having an emergency savings fund, and 10 percent link financial independence with being able to retire early.

I define financial independence as the time in life when my assets produce enough income to cover a comfortable lifestyle. At that point, working a day job will be optional.

But what about the rest of America? How would you define financial independence? If freedom from debt is what you’re seeking, here are five areas that could be holding you back.

1. Not having clear, financial goals

If you’re not planning for financial independence, chances are you won’t reach it. The future is full of unknowns, but having an idea of when you’d like to achieve financial freedom should be your first step.

Do you want to retire before you turn 65? Do you want to travel the world with your spouse once you reach early retirement? Both goals will require a significant amount of cash stashed away, so it’s important to start saving ASAP to make those dreams come true. (See also: 15 Secrets of People Who Retire Early)

2. Not saving enough

It’s important to identify how much you’re currently saving, and how much you need to save in order to retire when you want to, or reach another major financial goal. Using a calculator like Networthify can help you play with various money-saving scenarios and make realistic projections about retirement.

Another way to make saving money easier is to automate it. Setting up an automatic weekly or monthly transfer from your checking account into your savings account will take the extra task off your already full plate. Even if it’s as little as $5 a week, it’s enough to start building that nest egg. (See also: 5 MicroSaving Tools to Help You Start Saving Now)

3. Not paying off consumer debt

If you’re carrying a credit card balance each month, financing cars, or just paying the minimum on your student loans, compound interest is working against you. Creating an aggressive plan to pay off debt quickly should be a number one priority for anyone who is serious about achieving financial independence. Otherwise, your money is working for your creditors, not you.

If you prefer to tackle credit card debt first, there are several debt management methods you can try, including the Debt Snowball Method and the Debt Avalanche Method. The Debt Snowball Method has you paying off the card with the smallest balance first, working your way up to the card with the largest balance. The Debt Avalanche Method is similar, but here you would pay more than the monthly minimum on the card with the highest interest rate first, working towards paying off the card with the lowest interest rate. Both are highly effective methods, and choosing one really just depends on your preference.

4. Giving into lifestyle creep

A high income does not automatically make you wealthy. As you move up in your career, the temptation to upgrade your lifestyle to match your income will be ever-present. After all, you work hard, so why not reward yourself with the latest gadgets and toys?

However, if you continue to spend and live modestly, you can put more money away for travel or retirement with every pay raise you earn. Financial freedom will be just around the corner if you resist that temptation to upgrade your home, car, and electronics to match your income bracket. (See also: 9 Ways to Reverse Lifestyle Creep)

5. Being driven by FOMO

Fear Of Missing Out, aka FOMO, is the modern version of keeping up with the Joneses. Except now you have access to the Joneses’ social media platforms, and they go on all kinds of fun adventures. Social media is a great tool for keeping in touch, but it can also make you want to spend all your money on lavish vacations, clothes, spa treatments, and other extravagent things. Resist that urge. And block the Joneses on social media if needed. (See also: Are You Letting FOMO Ruin Your Finances?)

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How would you define financial independence? If freedom from debt is what you're seeking, here are five areas that could be holding you back. | #budgeting #debt #savingmoney

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Got Cash? What to Do with Extra Money

February 10, 2021 by Liam Lane Posted in Moving Guide Tagged 401(k), apartment, Auto, big, building, Buy, car, College, Credit, Credit Card, Credit Card Debt, credit cards, Debt, Debts, Emergency Fund, Extra Money, Family, Financial Goals, Financial Wize, FinancialWize, Grow, Home, house, housing, How To, Insurance, Interest Rates, invest, Investing, investment, investments, IRA, keep, Life, Loans, Make, money, More, more money, mortgages, Move, Moving, Personal, Personal Loans, protect, Rates, rent, Retirement, retirement savings, Roth IRA, save, Save Money, Saving, savings, Savings Account, School, Security, Spending, spouse, Student Loans, tax, Taxes

Have you found yourself with extra cash? Lucky you! Laura’s 3-step system will help you spend, invest, or save it wisely.

By

Laura Adams, MBA
October 21, 2020

investing your emergency money unless you have more than a six-month reserve.

The goal for an emergency fund is safety, not growth.

If you don’t have enough saved, aim to bridge the gap over a reasonable period. For instance, you could save one half of your target over two years or one third over three years. You can put your goal on autopilot by creating an automatic monthly transfer from your checking into your savings account.

Megan mentioned using high-yield savings, which can be a good option because it pays a bit more interest for large balances. However, the higher rate typically comes with limitations, such as applying only to a threshold balance, so be sure to understand the account terms.

Insurance protects your finances

Another critical aspect of preparing for the unexpected is having enough of the right kinds of insurance. Here are some policies you may need:

RELATED: How to Create Foolproof Safety Nets

How to invest for your future

Once you get as prepared as possible for the unexpected by building an emergency fund and getting the right kinds of insurance, the next goal I mentioned is investing for retirement. That’s the “I” in PIP, right behind prepare for the unexpected.

Investments can go down in value—you should never invest money you can’t live without.

While many people use the terms saving and investing interchangeably, they’re not the same. Let’s clarify the difference between investing and saving so you can think strategically about them:

Saving is for the money you expect to spend within the next few years and don’t want to risk losing it. In other words, you save money that you want to keep 100% safe because you know you’ll need it or because you could need it. While it won’t earn much interest, you’ll be able to tap it in an instant.

Investing is for the money you expect to spend in the future, such as in five or more years. Purchasing an investment means you’re exposing money to some amount of risk to make it grow. Investments can go down in value; therefore, you should never invest money you can’t live without.

In general, I recommend that you invest through a qualified retirement account, such as a workplace plan or an IRA, which come with tax benefits to boost your growth. My recommendation is to contribute no less than 10% to 15% of your pre-tax income for retirement.

Magen mentioned Roth IRAs, and it may be a good option for her to rebuild her retirement savings. For 2020, you can contribute up to $6,000, or $7,000 if you’re over age 50, to a traditional or a Roth IRA. You typically must have income to qualify for an IRA. However, if you’re married and file taxes jointly, a non-working spouse can max out an IRA based on household income.

For workplace retirement plans, such as a 401(k), you can contribute up to $19,500, or $26,000 if you’re over 50 for 2020. Some employers match a certain percent of contributions, which turbocharges your account. That’s why it’s wise to invest enough to max out any free retirement matching at work. If your employer kicks in matching funds, you can exceed the annual contribution limits that I mentioned.

RELATED: A 5-Point Checklist for How to Invest Money Wisely

How to pay off high-interest debt

Once you’re working on the first two parts of my PIP plan by preparing for the unexpected and investing for the future, you’re in a perfect position also to pay off high-interest debt, the final “P.”

Always tackle your high-interest debts before any other debts because they cost you the most. They usually include credit cards, car loans, personal loans, and payday loans with double-digit interest rates. Remember that when you pay off a credit card that charges 18%, that’s just like earning 18% on an investment after taxes—pretty impressive!

Remember that when you pay off a credit card that charges 18%, that’s just like earning 18% on an investment after taxes—pretty impressive!

Typical low-interest loans include student loans, mortgages, and home equity lines of credit. These types of debt also come with tax breaks for some of the interest you pay, making them cost even less. So, don’t even think about paying them down before implementing your PIP plan.

Getting back to Bianca’s situation, she didn’t mention having emergency savings or regularly investing for retirement. I recommend using her upcoming cash windfall to set these up before paying off a low-rate student loan.

Let’s say Bianca sets aside enough for her emergency fund, purchases any missing insurance, and still has cash left over. She could use some or all of it to pay down her auto loan. Since the auto loan probably has a higher interest rate than her student loan and doesn’t come with any tax advantages, it’s wise to pay it down first. 

Once you’ve put your PIP plan into motion, you can work on other goals, such as saving for a house, vacation, college, or any other dream you have. 

Questions to ask when you have extra money

Here are five questions to ask yourself when you have a cash windfall or accumulate savings and aren’t sure what to do with it.

1. Do I have emergency savings?

Having some emergency money is critical for a healthy financial life because no one can predict the future. You might have a considerable unexpected expense or lose income.  

Without emergency money to fall back on, you’re living on the edge, financially speaking. So never turn down the opportunity to build a cash reserve before spending money on anything else.

2. Do I contribute to a retirement account at work?

Getting a windfall could be the ticket to getting started with a retirement plan or increasing contributions. It’s wise to invest at least 10% to 15% of your gross income for retirement.

Investing in a workplace retirement plan is an excellent way to set aside small amounts of money regularly. You’ll build wealth for the future, cut your taxes, and maybe even get some employer matching.

3. Do I have an IRA?

Don’t have a job with a retirement plan? Not a problem. If you (or a spouse when you file taxes jointly) have some amount of earned income, you can contribute to a traditional or a Roth IRA. Even if you contribute to a retirement plan at work, you can still max out an IRA in the same year—which is a great way to use a cash windfall.

4. Do I have high-interest debt?

If you have expensive debt, such as credit cards or payday loans, paying them down is the next best way to spend extra money. Take the opportunity to use a windfall to get rid of high-interest debt and stay out of debt in the future. 

5. Do I have other financial goals?

After you’ve built up your emergency fund, have money flowing into tax-advantaged retirement accounts, and are whittling down high-interest debt, start thinking about other financial goals. Do you want to buy a house? Go to graduate school? Send your kids to college?

How to manage a cash windfall

Review your financial situation at least once a year to make sure you’re still on track.

When it comes to managing extra money, always consider the big picture of your financial life and choose strategies that follow my PIP plan in order: prepare for the unexpected, invest for the future, and pay off high-interest debt.

Review your situation at least once a year to make sure you’re still on track. As your life changes, you may need more or less emergency money or insurance coverage.

When your income increases, take the opportunity to bump up your retirement contribution—even increasing it one percent per year can make a huge difference.

And here’s another important quick and dirty tip: when you make more money, don’t let your cost of living increase as well. If you earn more but maintain or even decrease your expenses, you’ll be able to reach your financial goals faster.


About the Author

Laura Adams, MBA

Source: quickanddirtytips.com

Should You Upsize Your Home When Your Kids Are Teens?

February 10, 2021 by Liam Lane Posted in Money Etiquette, Mortgage, Real Estate Tagged Auto, big, budget, Buy, car, Car Insurance, College, Financial Wize, FinancialWize, Grow, Home, homes, house, housing, Insurance, Life, living room, Make, Marriage, money, More, Mortgage, oldest, Real Estate, Retirement, Spending, Sports, spouse, Taxes

By Melissa 2 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited June 12, 2018.

As your children grow into the tween and teen years, your house can begin to feel cramped.

The kids have an increased need for privacy, and they are likely to have more friends over.

They may have more “stuff” as they take part in band, sports, and extracurriculars.  As parents, you may not like having your teen children in bedrooms right next door to your bedroom because they go to bed later and are noisier.

All of these reasons and more are why people often upsize in housing during their children’s tween and teen years.  Yet, is this really necessary?

Should you upsize your home?

Should you upsize your home?

The Upsizing Story

Roger and Payton decided to build a new house when their kids were 11 and 13 for all of the reasons stated above.

The new house had 1/3 more space, and the floor plan was split so that the parents’ bedroom was on one side of the house, and the kids’ bedrooms were on the other side with a living room in between.  They moved in when the kids were 12 and 14.  They loved the house, but within four years, their oldest son moved out.  And while their younger son lived at home while he went to college, they realized they could have easily stayed in their old home, which was plenty big enough for three people.

So often, homeowners decide to upsize when their children will often be out of the house in a few short years.  This may not be the smartest financial move for several reasons:

Increased Housing Expenses

When you upsize to a larger home, you’re going to face increased expenses.

With a larger house comes an increase in utilities, taxes, and maintenance costs.  These extra expenses may run several thousand dollars or more per year.

In addition, you may face a larger mortgage payment when upsizing, unless you made a considerable profit from the sale of your smaller house and were able to make a large down payment.

Increased Demands On Your Money

Not only will you likely have a larger mortgage and other routine costs mentioned above, but you’ll soon be facing many other expenses that come with the teen years.  You will likely have to pay auto expenses for your new fledgling drivers, including car insurance for teen drivers, which can be pricey. In addition, teens may be involved in more expensive extracurriculars as well as social events like prom.

Soon, your children will be off to college, and you may want to help pay some of those expenses, if not tuition, then perhaps some spending money for the kids.  Again, this will likely add thousands of dollars in expenses into the budget yearly.

As if all these increased expenses weren’t enough, this time of life is also when aging parents may need help.  Perhaps an elderly parent requires additional care, so one spouse must cut back on his or her work hours to spend more time with the parent.  Maybe the elderly parent needs additional financial support.

Finally, this is the time when many people try to increase their retirement contributions.  Substantially adding to your retirement can be difficult when you’re shouldering so many other financial burdens.

Many, many people upsize their homes when their kids are tweens and teens.  For families who are in a strong financial position, this is fine.  But for other families, staying in their current home, even for the few years when kids are teens and space feels tight, may make a world of difference in their finances as they face more expenses with their teens and their aging parents as well as their own retirement needs.

If you are the parent of teenagers, did you choose to upsize your home, or did you stay in the house you already owned even though it felt cramped?

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Source: biblemoneymatters.com

Are Social Security Disability Benefits Taxable?

February 10, 2021 by Liam Lane Posted in Renting, Taxes Tagged Banking, Blog, Buying, Credit, credit cards, earnings, estate, Estate Planning, Finance, Financial Advisor, Financial Wize, FinancialWize, government, Home, home buying, How To, income tax, Insurance, Investing, lake, Main, Make, money, More, News, Personal, personal finance, planning, Retirement, Security, Small Business, social security disability, social security tax limit, Social Security taxes, spouse, state taxes, tax, tax rates, Taxes

Are Social Security Disability Benefits Taxable? – SmartAsset

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Social Security benefits, including disability benefits, can help provide a supplemental source of income to people who are eligible to receive them. If you’re receiving disability benefits from Social Security, you might be wondering whether you’ll owe taxes on the money. For most people, the answer is no. But there are some scenarios where you may have to pay taxes on Social Security disability benefits. It may also behoove you to consult with a trusted financial advisor as you navigate the complicated terrain of taxes on Social Security disability benefits.

What Is Social Security Disability?

The Social Security Disability Insurance program (SSDI) pays benefits to eligible people who have become disabled. To be considered eligible for Social Security disability benefits, you have to be “insured”, which means you worked long enough and recently enough to accumulate benefits based on your Social Security taxes paid.

You also have to meet the Social Security Administration’s definition of disabled. To be considered disabled, it would have to be determined that you can no longer do the kind of work you did before you became disabled and that you won’t be able to do any other type of work because of your disability. Your disability must have lasted at least 12 months or be expected to last 12 months.

Social Security disability benefits are different from Supplemental Security Income (SSI) and Social Security retirement benefits. SSI benefits are paid to people who are aged, blind or disabled and have little to no income. These benefits are designed to help meet basic needs for living expenses. Social Security retirement benefits are paid out based on your past earnings, regardless of disability status.

Supplemental Security Income generally isn’t taxed as it’s a needs-based benefit. The people who receive these benefits typically don’t have enough income to require tax reporting. Social Security retirement benefits, on the other hand, can be taxable if you’re working part-time or full-time while receiving benefits.

Is Social Security Disability Taxable? 

This is an important question to ask if you receive Social Security disability benefits and the short answer is, it depends. For the majority of people, these benefits are not taxable. But your Social Security disability benefits may be taxable if you’re also receiving income from another source or your spouse is receiving income.

The good news is, there are thresholds you have to reach before your Social Security disability benefits become taxable.

When Is Social Security Disability Taxable? 

The IRS says that Social Security disability benefits may be taxable if one-half of your benefits, plus all your other income, is greater than a certain amount which is based on your tax filing status. Even if you’re not working at all because of a disability, other income you’d have to report includes unearned income such as tax-exempt interest and dividends.

If you’re married and file a joint return, you also have to include your spouse’s income to determine whether any part of your Social Security disability benefits are taxable. This true even if your spouse isn’t receiving any benefits from Social Security.

The IRS sets the threshold for taxing Social Security disability benefits at the following limits:

  • $25,000 if you’re single, head of household, or qualifying widow(er),
  • $25,000 if you’re married filing separately and lived apart from your spouse for the entire year,
  • $32,000 if you’re married filing jointly,
  • $0 if you’re married filing separately and lived with your spouse at any time during the tax year.

This means that if you’re married and file a joint return, you can report a combined income of up to $32,000 before you’d have to pay taxes on Social Security disability benefits. There are two different tax rates the IRS can apply, based on how much income you report and your filing status.

If you’re single and file an individual return, you’d pay taxes on:

  • Up to 50% of your benefits if your income is between $25,000 and $34,000
  • Up to 85% of your benefits if your income is more than $34,000

If you’re married and file a joint return, you’d pay taxes on:

  • Up to 50% of your benefits if your combined income is between $32,000 and $44,000
  • Up to 85% of your benefits if your combined income is more than $44,000

In other words, the more income you have individually or as a married couple, the more likely you are to have to pay taxes on Social Security disability benefits. In terms of the actual tax rate that’s applied to these benefits, the IRS uses your marginal tax rate. So you wouldn’t be paying a 50% or 85% tax rate; instead, you’d pay your ordinary income tax rate based on whatever tax bracket you land in.

It’s also important to note that you could be temporarily pushed into a higher tax bracket if you receive Social Security disability back payments. These back payments can be paid to you in a lump sum to cover periods where you were disabled but were still waiting for your benefits application to be approved. The good news is you can apply some of those benefits to past years’ tax returns retroactively to spread out your tax liability. You’d need to file an amended return to do so.

Is Social Security Disability Taxable at the State Level?

Besides owing federal income taxes on Social Security disability benefits, it’s possible that you could owe state taxes as well. As of 2020, 12 states imposed some form of taxation on Social Security disability benefits, though they each apply the tax differently.

Nebraska and Utah, for example, follow federal government taxation rules. But other states allow for certain exemptions or exclusions and at least one state, West Virginia, plans to phase out Social Security benefits taxation by 2022. If you’re concerned about how much you might have to pay in state taxes on Social Security benefits, it can help to read up on the taxation rules for where you live.

How to Report Taxes on Social Security Disability Benefits

If you received Social Security disability benefits, those are reported in Box 5 of Form SSA-1099, Social Security Benefit Statement. This is mailed out to you each year by the Social Security Administration.

You report the amount listed in Box 5 on that form on line 5a of your Form 1040 or Form 1040-SR, depending on which one you file. The taxable part of your Social Security disability benefits is reported on line 5b of either form.

The Bottom Line

Social Security disability benefits aren’t automatically taxable, but you may owe taxes on them if you pass the income thresholds. If you’re worried about how receiving disability benefits while reporting other income might affect your tax bill, talking to a tax professional can help. They may be able to come up with strategies or solutions to minimize the amount of taxes you’ll end up owing.

Tips on Taxes

  • Consider talking to a financial advisor as well about how to make the most of your Social Security disability benefits and other income. If you don’t have a financial advisor yet, finding one doesn’t have to be complicated. SmartAsset’s financial advisor matching tool can help. By answering a few simple questions you can get personalized recommendations for professional advisors in your local area in minutes. If you’re ready, get started now.
  • While you don’t have to reach a specific age to apply for Social Security disability benefits or Supplemental Security Income benefits, there is a minimum age for claiming Social Security retirement benefits. A Social Security calculator can help you decide when you should retire.

Photo credit: ©iStock.com/kate_sept2004, ©iStock.com/JannHuizenga, ©iStock.com/AndreyPopov

Rebecca Lake Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She’s worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children.
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10 COVID-19 Stimulus Benefits for the Self-Employed

February 10, 2021 by Liam Lane Posted in Renting Tagged 401(k), Business Income, cons, Coronavirus, covid-19, Credit, Credit Card, credit cards, crisis, Debt, earnings, Education, Emergency Fund, estate, existing, Family, Federal Reserve, federal student loans, Finance, Financial Wize, FinancialWize, freelancers, Get Out of Debt, health plan, hsa, Interest Rates, IRA, keep, Life, Loans, Make, Manage Money, money, More, Mortgage, News, paycheck, Personal, personal finance, principal, pros, Pros and Cons, rent, Retirement, retirement funds, savings, Savings Account, second, Security, Small Business, spouse, Student Loans, tax, Taxes, Unemployment

If you’re self-employed with financial hardships due to the pandemic, there are various stimulus benefits that can provide relief. Use these ten options to improve your personal and business finances.

By

Laura Adams, MBA
September 30, 2020

Coronavirus Aid, Relief, and Economic Security (CARES) Act became law on March 27 as the largest stimulus legislation in American history since the New Deal in the 1930s. Here are ten ways it provides relief for individual solopreneurs and small business owners.

1. Getting lower interest rates

On March 3, the central U.S. bank, also known as the Federal Reserve or Fed, made a surprising emergency interest rate cut of half a percentage point. That’s the largest single rate cut since the financial crisis of 2008. While this move wasn’t part of a coronavirus stimulus package, it was an aggressive cut meant to prepare the economy for problems the pandemic was expected to cause.

An economic recovery could take a few years, which likely means the Fed rate will stay near zero through 2023.

In mid-September, the Fed reiterated its promise to keep interest rates near zero until the economy improves and the unemployment rate declines. They indicated that a recovery could take a few years, which likely means the Fed rate stays near zero through 2023.

While savers never celebrate low interest rates, they’re beneficial to borrowers. In general, the financing charge on variable-rate credit cards and lines of credit goes down in lockstep with interest rates. Carrying a balance on your personal and business credit cards may be slightly less expensive, depending on your card issuer and type. For instance, if your card’s annual percentage rate or APR is 20%, your adjusted rate could go down to 19.5%.

If you have a fixed-rate credit card, the APR doesn’t change no matter what happens in the economy or with federal interest rates. Also, note that if you pay off your balance in full each month, a credit card’s APR is irrelevant because you don’t pay interest on purchases.

2. Having more time to file taxes

Earlier this year, the due date for filing and paying 2019 federal taxes was postponed from April 15, 2020, to July 15, 2020. You didn’t have to be sick or negatively impacted by COVID-19 to qualify for this federal tax delay. It applied to any person or business entity with taxes due on April 15, 2020.

If you missed the tax filing deadline, be sure to request an extension.

Most businesses make estimated tax payments each quarter. Those payment dates have shifted, too. The 2020 schedule gives you more time as follows:

  • The first quarter was due on July 15, 2020, which changed from April 15, 2020
  • The second quarter was due on July 15, 2020, which changed from April 15, 2020
  • The third quarter was due on September 15, 2020
  • The fourth quarter is due on January 15, 2021

Individuals and businesses can request an automatic extension to delay filing federal taxes. But it doesn’t give you more time to pay what you owe for 2019, only more time to submit your tax form—until October 15, 2020.

If you missed the tax filing deadline, be sure to request an extension. Individuals must file IRS Form 4868, and most incorporated businesses use IRS Form 7004.

However, depending on where you live, you may have to pay state income taxes, which have not been postponed. If you need a state tax filing extension, check with your state’s tax agency to determine what’s possible.

Taxes due on any date other than April 15, 2020—such as sales tax, payroll tax, or estate tax—don’t qualify for relief.

3. Getting more time to contribute to retirement accounts

You typically have until April 15 or the date of a tax extension to make traditional IRA or Roth IRA contributions for the prior year. But since the CARES Act postponed the federal tax filing deadline, you also have until July 15 or October 15, 2020 (if you requested an extension) to make IRA contributions for 2019.

However, this deadline doesn’t apply to retirement accounts you may have with an employer, such as a 401(k). Nor does it apply to self-employed accounts, such as a solo 401(k) or SEP-IRA, which correspond to the calendar year.

4. Getting more time to contribute to an HSA

Like with an IRA, you typically have until April 15 or the date of a tax extension to make HSA contributions for the prior year. Under the CARES Act, you now have until July 15 or October 15, 2020, to make HSA contributions for 2019.

To qualify for an HSA, you must be covered by a qualifying high-deductible health plan. In early March, the IRS issued a notice that a high-deductible health plan may cover COVID-19 testing and treatment and telehealth services before meeting your deductible. And just as before the coronavirus, you can pay for medical testing and treatment using funds in your HSA.

5. Delaying tax on retirement withdrawals

While you typically must pay income tax on retirement account withdrawals that weren’t previously taxed, the good news is that for a period, you can delay or avoid tax altogether. The CARES Act gives you two options for withdrawals made in 2020:

  • Repay a hardship distribution within three years to your retirement account. You can replace the funds slowly or all at once, with no change to your annual contribution limit. If you take money out but return it within three years, it’s like you never took a distribution.
  • Pay taxes on a hardship distribution from your retirement account evenly over three years. If you can’t pay back your distribution, you can ease your tax burden by paying one-third of your liability for three years. 

Since withdrawing contributions from a Roth retirement account doesn’t trigger income taxes, it’s a good idea to tap a Roth before a traditional retirement account when you have the option.

6. Skipping early withdrawal penalties

Most retirement accounts impose a 10% early withdrawal penalty if you take make withdrawals before age 59.5. Under the CARES Act, if you have a coronavirus-related hardship, the penalty is waived.

Under the CARES Act, if you have a coronavirus-related hardship, the penalty is waived.

For instance, if you, your spouse, or a child gets diagnosed with COVID-19 or have financial challenges due to being laid off, quarantined, or closing a business, you qualify for this penalty exemption. You can withdraw up to $100,000 of your retirement account balance during 2020 without penalty. However, income taxes would still be due in most cases.

The no-penalty rule applies to workplace retirement plans, such as 401(k)s and 403(b)s. It also applies to IRAs, such as traditional IRAs, Roth IRAs, and SEP-IRAs.

Since you make after-tax contributions to Roth accounts, you can withdraw them at any time (which was also the case before the CARES Act). However, the earnings portion of a Roth is subject to income tax if you withdraw it before age 59.5.

7. Getting larger retirement plan loans

Some workplace retirement plans, such as 401(k)s and 403(b)s, permit loans. Typically, you can borrow 50% of your vested account balance up to $50,000 and repay it with interest over five years.

You can delay the repayment period for a retirement plan loan for up to one year.

For retirement plans that allow loans, the CARES Act doubles the limit to 100% of your vested balance in the plan up to $100,000. It applies to loans you take from your account until late September 2020, for coronavirus-related financial needs.

You can delay the repayment period for a retirement plan loan for up to one year. For example, if you have $20,000 vested in your 401(k), you could take a $20,000 loan on September 30, 2020, and delay the repayment term until September 30, 2021. You’d have payments stretched over five years, ending on September 30, 2026. Any amount not repaid by the deadline would be subject to tax and a 10 percent early withdrawal penalty.

Note that individual retirement accounts—such as traditional IRAs, Roth IRAs, and SEP-IRAs—don’t allow participants to take loans, only hardship distributions.

8. Suspending student loan payments.

Starting on March 13, 2020, most federal student loans went into automatic forbearance until September 30, 2020, due to the CARES Act. On August 8, the suspension of student loan payments was extended through December 31, 2020.

On August 8, the suspension of student loan payments was extended through December 31, 2020.

The suspension covers the following types of loans:

  • Direct Loans that are unsubsidized or subsidized
  • Direct PLUS Loans
  • Direct Consolidation Loans
  • Federal Family Education Loans (FFEL)
  • Federal Perkins Loans

Note that FFEL loans owned by a private lender or Perkins loans held by your education institution don’t qualify for automatic forbearance. However, you may have the option to consolidate them into a Direct Loan, which would be eligible for forbearance. Just make sure that once the suspension ends, your new consolidated interest rate wouldn’t rise significantly.

During forbearance, qualifying loans don’t accrue additional interest. Even if you have federal student loans in default because you haven’t made payments, zero percent interest applies during the suspension period.

Additionally, missed payments during the suspension don’t get reported to the credit bureaus and can’t hurt your credit. Qualifying payments you skip also count toward any federal loan repayment or forgiveness plan you’re enrolled in.

However, if you want to continue making student loan payments during the suspension period, you can. With zero percent interest, the amount you pay gets applied to your principal student loan balance, enabling you to get out of debt faster.

With zero percent interest, the amount you pay gets applied to your principal student loan balance, enabling you to get out of debt faster.

If you’re not sure what type of student loan you have or the pros and cons of consolidation, contact your loan servicer. Even if your student loans are with private lenders or schools, they may offer relief if you request it.

9. Having Paycheck Protection Program (PPP) loans forgiven

The PPP is part of the CARES Act, and it supports small businesses, organizations, and solopreneurs facing economic hardship created by the pandemic. The program began providing relief in early April 2020, and the application window ended in early August 2020.

Participating PPP lenders coordinated with the Small Business Administration (SBA) to offer loans to businesses in operation by February 15, 2020, with fewer than 500 employees. Loan amounts could be up to 2.5 times the average monthly payroll up to $10 million; however, annual salaries were capped at $100,000.

For a solopreneur, the maximum PPP loan was $20,833 if your 2019 net profit was at least $100,000. The calculation is: $100,000 / 12 months x 2.5 = $20,833.

When you spend at least 60% on payroll and 40% on rent, mortgage interest, and utilities, you can have those amounts forgiven from repayment. Payroll includes payments to yourself, but you can’t cover benefit costs, such as retirement contributions, or payments to independent contractors.

In other words, a solopreneur could have received a PPP loan for up to $20,833, paid the entire amount to themselves, and not repaid it by having the load forgiven. Using a PPP loan for qualifying expenses turns it into a grant.

The best part about PPP loan forgiveness is that it won’t qualify as federal taxable income. Some states that charge income tax have indicated that they won’t tax forgiven amounts.

However, if you have employees, the PPP forgiveness calculations and requirements are more complex. For example, you must maintain reasonable salaries and wages. If you decrease them by more than 25% for any employee (including yourself) who made less than $100,000 in 2019, your forgiveness amount will be reduced. 

PPP loan forgiveness also depends on keeping any full-time employees on your payroll. But if you had employees who left your company voluntarily, requested a cut in hours, or got fired for cause during the pandemic, your loan forgiveness amount won’t be reduced for those situations.

The best part about PPP loan forgiveness is that it won’t qualify as federal taxable income. Some states that charge income tax have indicated that they won’t tax forgiven amounts.

However, not all states have issued their rules on taxing PPP forgiveness. So be sure to get guidance if you live in a state with income tax.

You must complete a PPP Loan Forgiveness Application and get approved by your lender to qualify for forgiveness. The paperwork should come from your lender, or you can download it from the SBA website at SBA.gov. Most PPP borrowers have from six months after loan disbursement or until the end of 2020 to spend the funds. 

The forgiveness application explains what documents you must include, and they vary depending on whether you have employees. Once you submit your paperwork, your lender has 60 days to decide how much of your PPP loan can be forgiven.

If some or all of a PPP loan isn’t forgiven, you typically must repay it within five years at a 1 percent fixed interest rate. You don’t have to start making payments for ten months after loan disbursement, but interest will accrue during a deferral period.

10. Getting SBA loans

In addition to PPP loans, the Small Business Administration (SBA) offers several loans for businesses and solopreneurs facing economic hardship caused by a disaster, including the COVID-19 pandemic.

  • Economic Injury Disaster Loan (EIDL) can be up to $2 million and repaid over 30 years at an interest rate of 3.75 percent. You can use these funds for payroll and other operating expenses.
  • SBA Express Bridge Loans gives borrowers up to $25,000 for help overcoming a temporary loss of revenue. However, you must have an existing relationship with an SBA Express lender. 
  • SBA Debt Relief is a program that helps you make payments on existing SBA loans for up to six months.

Depending on your state, you may qualify for unemployment assistance, which allows self-employed people, who typically are ineligible for unemployment benefits to get them for a period.

This isn’t a complete list of all the economic relief available for small businesses and solopreneurs. There are federal tax initiatives, funds from local and state governments, and help from private organizations that you may find by doing a search online.

How to manage money in uncertain times

When it comes to surviving uncertainty, such as how COVID-19 will affect the economy, those who have emergency savings will feel much less financial stress than those who don’t. That’s why it’s essential to maintain a cash reserve of at least three to six months’ worth of living expenses in an FDIC-insured bank savings account.

If you don’t need to dip into your emergency fund, continue shoring it up when possible. If you don’t have a cash reserve, accumulate savings by cutting non-essential expenses, and even temporarily pausing contributions to retirement accounts. That’s a better option than succumbing to panic and tapping your retirement funds early.

If you don’t need to dip into your emergency fund, continue shoring it up when possible.

If you find yourself in a cash crunch, contact your creditors before dipping into any retirement accounts you have. Many lenders will be willing to work with you to suspend payments or modify existing loan terms temporarily.

RELATED: How to Reduce Money Anxiety—Compassionate Advice from a Finance Pro

My new book, Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers, covers many strategies to earn more, manage variable income, and create an automatic money system so you can strengthen your financial future. It’s a great resource if you’re thinking about earning side income or have already started a business.

Many economic factors that affect your personal and business finances aren’t under your control. Instead of worrying, look around, and figure out how you can create more income or cut unnecessary expenses. Working on tasks that you can control gives you more clarity and helps manage stress in uncertain times.


About the Author

Laura Adams, MBA

Source: quickanddirtytips.com

VA Loan Myths

February 10, 2021 by Liam Lane Posted in Money Management, Roommate Tips Tagged agent, Buying, Credit, estate, FHA loan, Financial Wize, FinancialWize, Home, home buying, house, How To, Loans, Make, More, Mortgage, Mortgage Rates, Products, Purchase, real, Real Estate, second, spouse, VA Mortgages Explained

Tim Lucas

Posted on: December 12, 2020

Because of their complexity relative to other mortgage programs, VA loans are the subject of plenty of different myths. Some of these myths are based on truths, but what you hear can end up being very misleading, and it could be entirely untrue.

If you were to take these myths at face value without doing your own research, you might miss out on one of the best mortgage products available. Here’s the truth to some of the biggest myths surrounding VA loans:

Click to check today’s VA rates.

Myth #1: VA loans can only be used once

Because of how useful VA loans can be, some people believe they’re too good to be true. The myth VA loans can only be used once is completely false, but it’s easy to see where this mistaken idea might have come from. If you currently have a VA loan, you are not eligible for a second one.

However, this doesn’t mean you aren’t eligible for a second VA loan ever again.

Once you pay off your current VA loan, you’re eligible to use the program again. There are some small differences after the first time, such as a slightly higher cost at closing. But aside from the small differences, your second VA loan will be similar to the first one that you paid off.

Myth #2: VA members are guaranteed a mortgage

Nobody is guaranteed any type of mortgage, regardless of which mortgage program they’re applying for or whether they’re veterans. You must be approved for a mortgage, which means — depending on which program you choose — meeting credit requirements and having a specific debt-to-income ratio, among other factors.

When a lender says a VA loan is “guaranteed,” they mean the VA backs the loan. The VA guarantee is there to tell veterans they can get a mortgage with no required down payment, competitive mortgage rates and other benefits.

You can learn more about what “guaranteed” means here.

Myth #3: VA appraisals are impossible to pass

It is true that VA appraisals can be stricter than an appraisal with a different mortgage type. But that doesn’t mean they’re impossible to pass, and many VA home buyers don’t have any trouble with the VA appraisal at all. Because the VA is backing the home, they want to confirm it’s in good and livable condition before they approve any type of loan.

If you are applying for a VA loan and want to have a quick, speedy appraisal process, check here for some tips on how to pass the appraisal.

Check your VA eligibility.

Myth #4: Today’s home prices require a higher down payment

There’s no denying home prices have increased over the past decade. This has made homes harder to afford for many would-be home buyers, since down payments are usually used to lower the costs of monthly payments. The higher the downpayment, the lower the monthly payments.

Here’s the truth: with a VA loan, you don’t need to make a down payment and you can still afford a house. The key to buying an affordable home isn’t the size of the down payment, but finding a home within your means.

Many VA members purchase a home without a large down payment. In March, the average down payment for a VA loan was just two percent – below the minimum 3.5% required by FHA loans, and much lower than the traditional 20%.

While a larger down payment will lower your monthly costs, you probably don’t need to make a larger downpayment to be eligible for a VA loan.

Myth #5: VA loans take forever

When comparing FHA loans, conventional loans and VA loans, VA loans are typically the slowest program. According to mortgage software giant Ellie Mae’s October 2020 Origination Report, VA loans took an average of 54 days to close.

By comparison, FHA loans took 52 days to close, and conventional loans took an average of 54 days as well.

So yes, a VA loan is likely going to take longer to close than another program. However, a difference of 2-3 days is small when you consider how much lower VA rates are.

VA loans are slower than other mortgage types, but they do not take forever.

Click to start the VA home buying process.

Myth #6: Surviving spouses don’t qualify for VA mortgages

Actually, many spouses of veterans can qualify for a VA home loan.

Generally, the spouse must be un-remarried and the veteran must have died during service or from service-connected causes. But there are exceptions and other ways a surviving spouse can be eligible.

And, surviving spouses are exempt from paying the VA funding fee. To confirm your eligibility, your VA loan officer will request your Certificate of Eligibility (COE) and verify that it has Entitlement Code 06.

Myth #7: All realtors are good VA home loan advisors

There is no VA loan certification for real estate agents. As a result, you shouldn’t look to your real estate agent for reliable information about VA loans. And an underinformed real estate agent can unintentionally push VA-eligible borrowers towards programs that might be less advantageous for them.

Instead, you should get your VA loan facts from a VA specialty lender whose primary product is VA-backed loans.

The VA loan facts are hard to beat

The proliferation of myths about VA loans can obscure the fact this is simply one of the best loan products available to aspiring home buyers.

The VA loan rates available to eligible buyers — combined with the low down payments — are hard to beat with a conventional or FHA loan. But with a little research and a well-informed VA lender, you could be on your way to a VA home loan.

Click to check today’s VA rates.

Source: militaryvaloan.com

How to Prepare Your Finances for the New Year

February 10, 2021 by Liam Lane Posted in Budgeting, Life Hacks Tagged big, budget, Budgeting, Checking Account, covid-19, Credit, credit cards, Debts, Emergency Fund, Epic Content, Family, Fees, Finance, Financial Wize, FinancialWize, high yield savings accounts, How To, Insurance, invest, Investing, investments, keep, Life, Life Insurance, Main, Make, market, money, Purchase, Retirement, save, Save Money, savings, Savings Account, savings accounts, Security, Spending, spouse

Preparing for the New Year can always be a challenge. After all, most of us are trying to figure out how to make sure we do it better than we did this year. And with the pandemic going on this year, next year is certainly no exception! Because of COVID-19, a lot of us took some pretty big financial hits this year. I don’t know about you, but we want to make sure that we do everything in our power to secure our financial success next year so it won’t be as painful. Therefore, we wanted to give you a good guide to help you prepare your finances for the New Year and help ensure your future financial success.

Go Over Your Budget

The first step to really determining your future financial success is to go over what happened this year. And, the best way to do that is to go over your budget. If you had one, that is! If you didn’t, this step might be a bit more time consuming. But it can be done!

I prefer good, old fashioned Excel spreadsheets, personally. But, my spouse is more of a visual, hands on kind of guy. So, something more physical, like this budget planner, is a great idea for anyone like him. No matter how you choose to create your budget, just make sure it is something that will work well with your personality.

I plan to take a good, hard look at everything we have spent in the following categories:

  • Auto
  • Food
  • Beverages (including alcohol)
  • Household
  • Clothing
  • Gifts
  • Luxury

Since our regular household bills remain the same, those are already accounted for into our regular monthly budget. Therefore, this list is a good place for you to start a dissection of where this year’s money went. And if too much of it has flowed out of your hands and into the wrong category this year, now is the time to recognize it. This way you can get a better grasp on your cash flow for next year well ahead of time.

This is also the time to revisit exactly how much money you have allotted into each category. If a category amount needs to be shifted, or reduced, this is the time to do it. I know that we are changing our overall monthly budget to reduce our spending by 25%. That means we will have to change how much money we have budgeted into some of the “want” categories.

But, if we know this ahead of time, it will be easier for us to handle making less income next year. So prepare your finances now by starting with your budget, in case this pandemic continues through the whole of 2021.

Emergency Fund Needs

Another huge category to reflect on, and potentially change, is your emergency fund. There are still so many people I know personally that don’t have an emergency fund that it makes my head spin. Especially in this day and age when so many people are losing their jobs left and right. It seems completely inconceivable to me to not have an emergency fund of some sort.

So, if you are one of the many people who fall into this category, prepare your finances by getting your emergency fund started. No matter how much money you have at your disposal, you should start putting something into it. And if you aren’t sure where to start, I would suggest opening a high yield savings account so that you have the chance to earn a little bit more interest on your money.

Even though the rates aren’t nearly as high on any of these high yield savings accounts as they were a year ago, it’s still better than nothing. For us, the goal is to keep at least 6 months of monthly expenses in our emergency fund. But, ultimately, we would like to bump it up to a full year in reserves, just to feel more comfortable.

If you need something that makes it even easier to put money into an emergency fund, then something like Digit may be right up your alley. You can connect your checking account and credit cards to your Digit savings account. Any time you spend money from your connected accounts, Digit will round-up the difference and put it into your savings account. Or you can choose to manually move money over into your savings account at any time also. Either way, the money will come out of your checking account. So just make sure that you have the available funds needed in order to make move to your savings account ahead of time. This is a tool that I used years ago which made it much less painful for me to slowly save money.

Investment Strategy

Next, but certainly just as important, is to revisit your investments when you prepare your finances for the New Year. If you have any investments to begin with, that is. Of course, you want to make sure you have a fully stocked emergency fund first. But, investing now is also a great idea since the market has been down for the majority of the year. And investing now in your future, can only help boost your overall financial success. Plus, it can help you reach retirement earlier too. Which is a huge bonus!

If you don’t have a lot of discretionary income to work with, then there are still plenty of ways you can invest with little money. We have a few different accounts that we use that has helped us diversify our investing.

Acorns is one of my favorite investing tools because it doesn’t cost anything to get started. And you can invest how much or little you want to a month. There is a $1 monthly fee for the type of account we use. They have a round-up’s feature that also adds in a multiplier, so we’ve been able to invest a lot more than we ever thought we could.

Another one of my favorite robo-advisors is Betterment. They ask for a bit more information about you and your projected retirement date in order to put you in a better targeted fund. Which I happen to be a fan of. And their fees are exceptionally low, which was the main reason I began investing with them in the first place.

One more great option, that you can give or get as a gift also, is Stockpile. With Stockpile, you get to use gift cards to purchase individual stocks for as low as $1.99. Which is pretty darn awesome!

Review Life Insurance

A big financial decision that a lot of us don’t think about it revisiting our life insurance. I know that it isn’t something I have done in quite a few years. But, just earlier this year we decided to take another look at our life insurance policies to see if any changes needed to be made. And it was a good thing we did because the rates are a lot lower right now for life insurance policies than they were even 2 years ago.

If you don’t have a policy yet, a good place to start is with Bestow. Their rates are exceptionally low and you can get an instant quote just by filling out some information online. They offer 10 – 20 year policies up to $1 million, which gives you a lot of flexibility with your choices.

And by getting life insurance now, you will only be helping to secure the financial health of your family should something happen to you. Seeing as we are in the middle of a pandemic, you just never know these days. And it is certainly much better to be safe than sorry!

These are some great tips to prepare your finances for the New Year! Click To Tweet

Prepare Your Finances For The New Year Summary

Ultimately, there are quite a few things you can do to help secure your financial stability for the New Year. And preparing your finances by revisiting and tweaking your budget is a good first step. After that, revisit your emergency fund or start one if you don’t have one yet. Do your best to come up with a reasonable plan to get it fully funded as soon as possible. The next step is to take a look at your investments, or start investing if you haven’t yet. There are a lot of great tools to help you get started. And lastly, take a look at your life insurance policy, or take one out if you don’t currently have one.

By following all of these steps, you and your family will be well on your way to much more financial security next year. Even if we are still in the middle of a pandemic.

What are the steps you have taken to prepare your finances for the New Year and create financial stability for your family?

Source: everythingfinanceblog.com

Joint and Survivorship Insurance: What You Need to Know

February 10, 2021 by Liam Lane Posted in Alzheimer's & Dementia Medication, Life Insurance Tagged away, cons, crisis, estate, Financial Wize, FinancialWize, Insurance, insurance premiums, keep, Life, Life Insurance, Main, market, money, save, Save Money, spouse, Taxes
  • Life Insurance

A joint insurance policy is one taken by two people, offering benefits that aren’t provided by single policies and allow you to save a few bucks in monthly premiums. If you’re married and want your spouse to receive a benefit if you die and your children to receive one if you both die, it seems like the best choice.

Find the Right Life Insurance for You!

Attention: Still Open During the Financial Crisis…

Tip: Act now to see if you qualify for lower rates!

Compare free personalized quotes from the nation’s top providers.

But that isn’t necessarily the case. Joint life insurance policies certainly serve a purpose, but there are some major flaws to consider as well.

What is Joint and Survivorship Insurance?

There are two types of joint life insurance policies: First-to-die and Second-to-die. In both cases, these options are generally cheaper than a single life insurance policy that offers the same benefit. As a result, they’re often taken by married couples who only have each other and their children to consider.

For instance, if you’re married with two young children and all your death benefit will be paid to your spouse and then, if they die, to your children, it can seem like the best option. You’ll be offered cheaper premiums, you’ll get your wish, and at the same time, you’ll be covered if anything happens to your partner.

Perfect, right? Well, not quite, as there are some problems to consider.

First-to-Die

A first-to-die policy pays money to one policyholder when the other dies. If you have a $500,000 policy charging $100 a month, then you and your spouse are responsible for paying the $100 and if one of you dies, the obligations will end and the $500,000 will be released to the surviving spouse.

Pros and Cons of First-to-Die Insurance

This insurance policy seems like a win-win on the surface. Insurance companies can save money by acquiring two customers at once and reducing liabilities slightly, while the policyholders can get the benefits provided by two policyholders.

But what happens if you break up? These policies are often acquired by married couples in their 30s and can last for several decades. At that point, they may have spent anywhere from 5 to 15 years together and are assuming they will spend the next 30 or so years together as well. But the average marriage lasts for just 8 years and no matter how connected you feel today, there’s just no way of knowing that your relationship will last.

If anything does happen, all those premiums could be for nothing. The policy will still exist and if you keep making the payments, you’ll keep the death benefit alive. But if you remarry, you’ll likely want the money to go to your new partner and not your ex.

This is the biggest issue with these policies and it’s why many insurance experts don’t recommend them for young couples. If you had two policies, you could just as easily make your spouse the beneficiary and if the relationship ends, you could remove them from the contract and add the name of your new partner.

What’s more, there’s no guarantee that this policy will be cheaper than two separate policies. First-to-die policies are actually quite rare, which means the market isn’t very strong. When competition is weak, prices are high, and in many cases, you may struggle to find a joint policy that is cheaper than separate ones.

Finally, let’s assume that the applicants are in their thirties and one of them dies when they reach 50. The surviving spouse then collects the money and can live comfortably thereafter. But what about their children? What about their new partner, assuming they find one? That policy will have finished, which means the surviving policyholder now needs to pay for additional insurance if they want to remain covered. That can be tricky for a 50-year-old widower, as premiums will have increased significantly.

Second-to-Die

A survivorship policy, also known as a “second-to-die” policy, is more common than the option outlined above. It is frequently acquired by married couples who want to provide cover for their children, and it pays out only when both of them die.

Pros and Cons of Need Second-to-Die Insurance

A second-to-die life insurance policy has its uses. It’s often recommended to individuals with large and valuable estates, as it can give heirs money to cover inheritance taxes and other costs and allow them to better prepare for the transition. 

However, if you’re an average married couple without sizeable assets, it likely won’t provide the benefits you need. Firstly, the surviving spouse won’t be provided with a death benefit and will be tasked with continuing to pay insurance premiums every month. If they have any financial issues, not only will they struggle to stay in the black, but they may be forced to stop making those monthly payments, thus rendering all previous payments redundant.

On the plus side, second-to-die life insurance is often cheaper than purchasing separate life insurance policies. It’s also much easier to acquire, as the insurance company is insuring two people and not one, which greatly reduces their risk and means they are less concerned about health questions and medical exams.

It can also improve the value of your estate, which is important if you’re giving this away to one or more heirs. Again, though, we have to stress that the benefits may not be enough for the average married couple and they should instead look into separate life insurance policies.

Which Policy is Right for You?

With all things considered, how do you know which policy is right for you?

Multiple options and several factors to consider, but it’s actually quite simple. Unless you have a large estate, you should look into getting separate life insurance policies for both you and your spouse. You can make each other the main beneficiaries and then add the names of your children just in case you both die at the same time.

If you have a large estate and your spouse will not be left financially destitute in the event of your demise, second-to-die life insurance should be considered. 

With all options, however, you can get quotes, compare the premiums, payouts, and benefits, and then see which one stands out the most. 

Look into term-life insurance, whole-life insurance, and accidental death insurance when considering an individual policy, as they all provide something a little different and both the costs and cover varies greatly.

Source: pocketyourdollars.com

Which Debts Should You Prepay First? A 6-Step Plan

February 10, 2021 by Liam Lane Posted in Skilled Nursing Care Tagged 4%, 401(k), agent, Auto, Auto Loans, big, building, Buying, Buying a Home, california, car, Career, Coronavirus, Credit, credit cards, crisis, Debt, Emergency Fund, Extra Money, Family, federal student loans, Fees, Financial Goals, Financial Wize, FinancialWize, Health Insurance, Home, housing, How To, Insurance, Interest Rates, invest, Investing, investment, IRA, keep, Life, Life Insurance, Lifestyle, Loans, market, money, Mortgage, mortgages, Personal, Personal Loans, protect, Refinance, rent, Retirement, retirement savings, save, Saving, Saving for Retirement, savings, Security, spouse, Student Loans, tax

Hooray, you have some extra money each month to pay down debt! This 6-step process will help you decide how to use that money wisely to reach your financial goals.

By

Laura Adams, MBA
May 13, 2020

10 Things Student Loan Borrowers Should Know About Coronavirus Relief

6 Steps to Decide Whether to Pay Off Student Loans or a Mortgage First

Let’s take a look at how to prioritize your finances and use your resources wisely during the pandemic. This six-step plan will help you make smart decisions and reach your financial goals as quickly as possible.

1. Check your emergency savings

While many people begin by asking which debt to pay off first, that’s not necessarily the right question. Instead, zoom out and consider your financial life’s big picture. An excellent place to start is to review your emergency savings.

If you’ve suffered the loss of a job or business income during the pandemic, you’re probably very familiar with how much or how little savings you have. But if you haven’t thought about your cash reserve lately, it’s time to reevaluate it.

Having emergency money is so important because it keeps you from going into debt in the first place. It keeps you safe during a rough financial patch or if you have a significant unexpected expense, such as a car repair or a medical bill.

How much emergency savings you need is different for everyone. If you’re the sole breadwinner for a large family, you may need a bigger financial cushion than a single person with no dependents and plenty of job opportunities.

If you’re the sole breadwinner for a large family, you may need a bigger financial cushion than a single person with no dependents and plenty of job opportunities.

A good rule of thumb is to accumulate at least 10% of your annual gross income as a cash reserve. For instance, if you earn $50,000, make a goal to maintain at least $5,000 in your emergency fund.

You might use another standard formula based on average monthly living expenses: Add up your essential costs, such as food, housing, insurance, and transportation, and multiply the total by a reasonable period, such as three to six months. For example, if your living expenses are $3,000 a month and you want a three-month reserve, you need a cash cushion of $9,000.

If you have zero savings, start with a small goal, such as saving 1 to 2% of your income each year. Or you could start with a tiny target like $500 or $1,000 and increase it each year until you have a healthy amount of emergency money. In other words, it might take years to build up enough savings, and that’s okay—just get started!

Your financial well-being depends on having cash to meet your living expenses comfortably, not on paying a lender ahead of schedule.

Unless Maya’s brother has enough cash in the bank to sustain him and any dependent family members through a financial crisis that lasts for several months, I wouldn’t recommend paying off student loans or a mortgage early. Your financial well-being depends on having cash to meet your living expenses comfortably, not on paying a lender ahead of schedule.

If you have enough emergency savings to feel secure for your situation, keep reading. Working through the next four steps will help you decide whether to pay down your student loans or mortgage first.

2. Reach your retirement goals

In addition to saving for potential emergencies, it’s critical to save regularly for your retirement before paying down a student loan or mortgage early. So, if Maya’s brother isn’t contributing regularly to meet a retirement goal, that’s the next priority I’d recommend for him.

Consider this: If you invest $500 a month for 35 years and have an average 8% return, you’ll end up with an impressive retirement nest egg of more than $1.2 million! But if you wait until 10 years before retirement to start saving, you’d have to invest over $5,000 a month to have $1 million in the bank. When it comes to your retirement savings, procrastinating can make the difference between scraping by or have a comfortable lifestyle down the road.

When it comes to your retirement savings, procrastinating can make the difference between scraping by or have a comfortable lifestyle down the road.

A good rule of thumb is to invest at least 10% to 15% of your gross income for retirement. For instance, if you earn $50,000, make a goal to contribute at least $5,000 per year to a tax-advantaged retirement account, such as an IRA or a retirement plan at work, such as a 401(k) or 403(b).

For 2020, you can contribute up to $19,500, or $26,000 if you’re over age 50, to a workplace retirement account. Anyone with earned income (even the self-employed) can contribute up to $6,000 (or $7,000 if you’re over 50) to an IRA.

The earlier you make retirement savings a habit, the better. Not only does starting sooner give you more time to contribute money, but it leverages the power of compounding, which allows the growth in your account to earn additional interest. That’s when you’ll see your retirement account value mushroom!

3. Have the right insurance

In addition to building an emergency fund and saving for retirement, an essential part of taking control of your finances is having adequate insurance. Many people get into debt in the first place because they don’t have enough of the right kinds of coverage—or they don’t have any insurance at all.

Without enough insurance, a catastrophic event could wipe out everything you’ve worked so hard to earn.

As your career progresses and your net worth increases, you’ll have more income and assets to protect from unexpected events. Without enough insurance, a catastrophic event could wipe out everything you’ve worked so hard to earn.

Make sure you have enough health insurance to protect yourself and those you love from an illness or accident jeopardizing your financial security. Also, review your auto and home or renters insurance coverage. And by the way, if you rent and don’t have renters insurance, you need it. It’s a bargain for the protection you get; it only costs $185 per year on average. 

And if you have family who would be hurt financially if you died, you need life insurance to protect them. If you’re in relatively good health, a term life insurance policy for $500,000 might only cost a couple of hundred dollars per year. You can get free quotes for many different types of insurance using sites like Bankrate.com or Policygenius.com.

If Maya’s brother is missing critical types of insurance for his lifestyle and family situation, getting it should come before paying off a student loan or mortgage early. It’s always a good idea to review your insurance needs with a reputable agent or a financial advisor who can make sure you aren’t exposed to too much financial risk.

4. Set other financial goals

But what about other goals you might have, such as saving for a child’s education, starting a business, or buying a home? These are wonderful if you can afford them once you’ve accounted for your emergency savings, retirement, and insurance needs.

Make a list of your financial dreams, what they cost, and how much you can afford to spend on them each month. If they’re more important to you than paying off student loans or a mortgage early, then you should fund them. But if you’re more determined to become completely debt-free, go for it!

5. Consider your opportunity costs

Once you’ve hit the financial targets we’ve covered so far, and you have money left over, it’s time to consider the opportunity costs of using it to pay off your student loans or mortgage. Your opportunity cost is the potential gain you’d miss if you used your money for another purpose, such as investing it.

A couple of benefits of both student loans and mortgages is that they come with low interest rates and tax deductions, making them relatively inexpensive. That’s why other high-interest debts, such as credit cards, personal loans, and auto loans, should always be paid off first. Those debts cost more in interest and don’t come with any money-saving tax deductions.

Especially in today’s low interest rate environment, it’s possible to get a significantly higher return even with a reasonably conservative investment portfolio.

But many people overlook the ability to invest extra money and get a higher return. For instance, if you pay off the mortgage, you’d receive a 4% guaranteed return. But if you can get 6% on an investment portfolio, you may come out ahead.

Especially in today’s low-interest-rate environment, it’s possible to get a significantly higher return even with a reasonably conservative investment portfolio. The downside of investing extra money, instead of using it to pay down a student loan or mortgage, is that investment returns are not guaranteed.

If you decide an early payoff is right for you, keep reading. We’ll review several factors to help you know which type of loan to focus on first.

 

6. Compare your student loans and mortgage

Once you have only student loans and a mortgage and you’ve decided to prepay one of them, consider these factors.

The interest rates of your loans. As I mentioned, you may be eligible to claim a mortgage interest tax deduction and a student loan interest deduction. How much savings these deductions give you depends on your income and whether you use Schedule A to itemize deductions on your tax return. If you claim either type of deduction, it could reduce your after-tax interest rate by about 1%. The debt with the highest after-tax interest rate is typically the best one to pay off first.

The amounts you owe. If you owe significantly less on your student loans than your mortgage, eliminating the smaller debt first might feel great. Then you’d only have one debt left to pay off instead of two.

You have an interest-only adjustable-rate mortgage (ARM). With this type of mortgage, you’re only required to pay interest for a period (such as several months or up to several years). Then your monthly payments increase significantly based on market conditions. Even if your ARM interest rate is lower than your student loans, it could go up in the future. You may want to pay it down enough to refinance to a fixed-rate mortgage.

You have a loan cosigner. If you have a family member who cosigned your student loans or a spouse who cosigned your mortgage, they may influence which loan you tackle first. For instance, if eliminating a student loan cosigned by your parents would help improve their credit or overall financial situation, you might prioritize that debt.

You qualify for student loan forgiveness. If you have a federal loan that can be forgiven after a certain period (such as 10 or 20 years), prepaying it means you’ll have less forgiven. Paying more toward your mortgage would save you more.

Being completely debt-free is a terrific goal, but keeping inexpensive debt and investing your excess cash for higher returns can make you wealthier in the end.

As you can see, the decision to eliminate debt and in what order, isn’t clear-cut. Mortgages and student loans are some of the best types of debt to have—they allow you to build wealth by accumulating equity in a home, getting higher-paying jobs, and freeing up income you can save and invest.

In other words, if Maya’s brother uses his excess cash to prepay a low-rate mortgage or a student loan, it may do more harm than good. So, before you rush to prepay these types of debts, make sure there isn’t a better use for your money.

Being completely debt-free is a terrific goal, but keeping inexpensive debt and investing your excess cash for higher returns can make you wealthier in the end. Only you can decide whether paying off a mortgage or student loan is the right financial move for you.


About the Author

Laura Adams, MBA

Source: quickanddirtytips.com

401k Limits for Highly Compensated Employees

February 10, 2021 by Liam Lane Posted in Home Improvement, Retirement Tagged 4%, away, big, Cities, early retirement, earnings, Featured, Fees, Finance, Financial Wize, FinancialWize, Home, How To, invest, investment, IRA, Life, Main, market, money, new york, Personal, personal finance, Popular, Retirement, Salary, savings, Savings Account, Small Business, spouse, tax, Taxes
Good Financial Cents
for 2021, the contribution limit is $19,500. You can also make a “catch up” contribution if you’re 50 or older. That adds another $6,500 to the contribution. If your employer has a matching contribution, it turns into a serious wealth accumulation scheme.

For example, let’s say you make the full $19,500 contribution. But you’re 50 years old, so you can add another $6,500. That’s $26,000 coming from you.Your employer has a 50% match, and contributes another $9,750, and you’re already fully vested in the plan. That brings your total contribution for the full year up to $35,750.

That’s the kind of money that early retirement dreams are made of. It’s also why 401(k) plans are so popular.

Additional Limits for Highly Compensated Employees

As attractive as that looks, there are serious limits on the plan if you fall under the category of highly compensated employee, or “HCE” for short.The thresholds defining you as an HCE are probably lower than you think. I’m going to give the definition in the next section, but suffice it to say that if you fall into this category your 401(k) plan suddenly isn’t as generous.

In the simplest terms, contributions made by HCE’s can’t be excessive when compared to those of non-HCE’s. For example, if the average plan contribution by non-HCE’s is 4%, then the most an HCE can contribute is 6%. We’ll get into why that is in a bit.

But if you make $150,000, and you’re planning to max out your contribution at $19,500, you may find that you can only contribute $9,000. That’s 6% of your $150,000 salary. This is how the HCE provisions can limit 401(k) plan contributions by highly compensated employees. If you’re determined to be an HCE after the fact – like after you’ve made a full 401(k) contribution for the year – the contribution will have to be reclassified. 

The excess will be refunded to you, and not retained within the plan. An important tax deduction will be lost. Here’s another little wrinkle…an HCE isn’t always obvious. The IRS has what’s known as family attribution, which means you can be determined to be an HCE by blood. An employee who’s a spouse, child, grandparent or parent of someone who is a 5% (or greater) owner of the business, is automatically considered to be a 5% (or greater) owner. Let’s dig down a little deeper…

What Determines a Highly Compensated Employee?

The IRS defines a highly compensated employee as one who…

  • Owned more than 5% of the interest in the business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or
  • For the preceding year, received compensation from the business of more than $130,000, and, if the employer so chooses, was in the top 20% of employees when ranked by compensation.

Boiled down then, there are three numbers to be aware of:

  1. 5% (ownership), 
  2. $130,000 (income), AND
  3. 20% (as in, you are in the 20% highest paid people in your company).

Right away, I think I know what’s going through your mind: $130,000 is highly compensated? 

I know, right? In much of the country, particularly the big coastal cities, like New York and San Francisco, that’s barely enough to get by. But this is just where the IRS drew the line, and we’re stuck with it. If I were to guess, I’d say the base is probably a number set years ago, and it’s never been adequately updated.

The whole purpose of highly compensated employee 401(k) (HCE 401(k)) is to prevent higher paid workers from getting most of the benefit from employer-sponsored retirement plans. After all, the higher your income, the more you can pay into the retirement plan. An employee being paid $150,000 per year can contribute a lot more than someone making $50,000. The IRS regulation is designed to reduce this imbalance.

Non-discrimination Tests

I may be guilty of giving you more information here than you want to know. But this gets down to the mechanics of the whole HCE thing. If you’re an employee, you don’t have to worry about this – your employer will perform these tests. But it might be important if you are the owner of a small business, and need to actually perform the test yourself.

 If you don’t have an appetite for the technical, feel free to skip over this section. To make sure all goes according to regulation, the IRS requires that employers perform non-discrimination tests annually. 401(k) plans must be tested to make sure the contributions made for lower paid employees are “proportional” to those made for owners and managers who fit under the category of highly compensated employees.

ADP and ACP Tests

There are two types of tests: Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP). 

ADP measures elective deferrals, which includes both pretax and Roth deferrals, exclusive of catch-up contributions, of both highly compensated employees and non-HCEs. Using this method, the participants’ elective deferrals are divided by their compensation, which produces the actual deferral ratio (ADR). as calculated for both HCEs and non-HCE employees. (Stay with me now!)

The ADP test is met if the ADP for eligible highly compensated employees doesn’t exceed one of:

  • 125% of the ADP for non-HCEs, OR
  • The lesser of 1) 200% of the ADP for non-HCEs, or 2) the ADP for the non-HCEs, plus 2%.

The ACP test is met if the ACP for highly compensated employees doesn’t exceed the greater of:

  • 125% of the ACP for non-HCEs, OR
  • The lesser of 1) 200% of the ACP for the group of non-HCEs, or 2) the ACP of non-HCEs, plus 2%.

Are you still with me???

The 2% Rule

Notice that on each test, there’s the provision of “plus 2%”. That’s significant. The average 401(k) contributions of HCEs in the plan cannot exceed those of non-HCEs by more than 2%. In addition, collective contributions by HCE’s cannot be more than twice the percentage of non-HCE’s contributions.

One of the biggest problems with non-discrimination tests is that the results can be exaggerated if non-HCEs make relatively small percentage contributions, or if few participate in the plan. As a highly compensated employee, you might max out your contributions every year.

But employees who earn more modest incomes may go for minimal contributions. That can skew the results of the testing. Unfortunately, there’s no easy way around that problem.

What Happens if Your 401(k) Plan Fails the Test?

This is where the situation gets a bit ugly. The test can be performed within 2 ½ months into the new year (March 15) to make the determination. They’ll then have to take action to correct it within the calendar year. If the plan fails the test, your excess contribution will be returned to you. You’ll lose the tax deduction, but you’ll get your money back and life will go on.

There’s a bit of a complication here too. The excess contribution to the plan during the last tax year will be refunded the following year as taxable income to the HCE. That means that when you get your excess contribution refund, you’ll need to put money aside to cover the tax liability. 

Better yet, make an estimated tax payment to avoid penalties and interest. That’ll be important if the excess refunded is many thousands of dollars. What happens if the problem isn’t identified and corrected within that time frame? It gets really ugly.

The 401(k) plan’s cash or deferred arrangement will no longer be qualified, and the entire plan may lose its tax-qualified status.

There’s a bit more to this, but I’m not going to go any further. This is just to give you an idea as to how serious the IRS is about an HCE 401(k). If you are a small business owner, and there’s even a slight chance you might be bumping up against HCE limits, consult with a CPA.

Manage Your 401(k) with Blooom

Even though you will encounter contribution limits to your 401(k) if you meet the criteria above, you can still benefit from contributing to one. While multiple robo-advisors can help you manage your 401(k), Blooom is the only platform built solely around 401(k)s, meaning they do it really well.

Blooom allows for rebalancing your portfolio, keeping your stock to bond ratio in check, researching market trends, avoiding hidden fees, and getting you your match.

Your employer never has to play a part in the process. You also get access to living breathing financial advisors, even though Blooom is a robo-advisor. All of these services come at the cost of $10 a month, with no minimum balance requirement. Your contributions may be capped due to your earnings, but with Blooom you can rest easy knowing you aren’t losing money elsewhere.

Highly Compensated Employee 401(k) Workaround Strategies

If you’re a highly compensated employee, are there any strategies to reduce the impact? Yes – none as good as being able to make a full tax-deductible 401(k) contribution, but they can minimize the damage.

  • Make nondeductible 401(k) contributions. You can still make contributions, you’ll just lose the tax deduction. That isn’t a complete disaster though. Those contributions will still generate tax-deferred investment income.
  • Make a 401(k) catch-up contribution. 401(k) catch-up provisions aren’t restricted by highly compensated employee rules. This offers potential relief – providing you’re 50 or older. 401(k) plans come with a catch-up provision of $6,500 if you’re 50 or older. If you’re considered to be highly compensated, you can still make this contribution.
  • Have your spouse max-out his or her retirement contribution. That is, if they’re not also considered a highly compensated employee.
  • Set up a Health Savings Account (HSA). This isn’t a retirement plan, but it will provide tax-deferred savings. That will help you build up a plan to pay health costs in your retirement years. For 2021 you can contribute up to7,200 (married) or $3,600 (single). You get a tax break on your contribution.
  • Save money in taxable accounts. Naturally, some sort of tax-sheltered savings plan is always preferred, especially if you’re seriously limited in your 401(k) plan. But this option should never be ignored. If you’re a highly compensated employee, but your retirement contributions are limited, you’ll need to do something to make up the difference.

Saving money in taxable accounts is a solid strategy. There are no limits on how much you can contribute. And even though you don’t get a tax break on the contributions or the investment earnings, you’ll be able to take money out as you need it, without having to worry about paying taxes on it.

3 Ways to Make an IRA Contribution

An even simpler option is just to make an IRA contribution. There’s nothing fancy here, but if you’re a highly compensated employee, never overlook the obvious. There are three ways you can do this:

Make a contribution to a traditional IRA.

Virtually anyone at any income level can make a contribution. But the tax deduction for a contribution – if you’re already covered by an employer plan – phases out at $125,000 for married couples, in $76,000 for single filers. But if HCE status limits your 401(k) contributions, this will be a way to take advantage of tax deferral of investment income. 

Contributions aren’t nearly as generous as they are for 401(k) plans, at just $6,000 per year (or $7,000 if you’re 50 or older), but every little bit helps.

Make a contribution to a Roth IRA.

You can make a contribution if your income doesn’t exceed $140,000 (single), or $208,000 (married). There’s no tax deduction with Roth IRA conversions, but you will have a deferral of investment income. Best of all, once you retire, withdrawals can be taken tax-free.

Make a non-deductible traditional IRA contribution, then do a Roth conversion.

If you do, you can avoid the tax liability of the conversion. But you’ll be converting tax-deferred savings into tax-free with the Roth. One of the biggest benefits of this strategy is that there’s no income limit. Even if your income exceeds the thresholds above, you can make a nondeductible contribution to a traditional IRA, and then convert it to a Roth IRA.

Final Thoughts on 401k Limits for Highly Compensated Employees

If you’re an employee of a large organization, your employer has probably figured out how to avoid the HCE problem. It’s more of an issue for smaller employers. If you are the employer, this is a situation you’ll need to monitor closely. Your plan administrator should be able to help.

There are two of the ways to fix the problem: 

  1. You can offer a safe harbor 401(k) plan, which is not subject to the discrimination tests.
  1. Otherwise, you can provide a generous employer match. The match can boost employee participation in the plan to well over 50%, which often fixes the HCE problem.

But if you’re a highly compensated employee in a small company, you won’t know it’s a problem until you get notification from your employer. That will come in the form of a return of what is determined to be your excess contribution and a potential tax bill as a result.

Are you considered to be a highly compensated employee, or have you been in the past? Did you get hit with a refund and a subsequent tax bill? What are you or your employer doing to fix the problem?

Reader Interactions

Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

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Source: goodfinancialcents.com

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