How to Save Money for Travel According to NationalDebtRelief.com, the average American consumer racks up over $1,000 in additional debt after a typical summer vacation. I don’t want that to happen to you, so here are 6 ways to save for vacation! 1. Create a Travel Account: This is a separate bank account designated
SAVING UP FOR COLLEGE: What You Need to Know about a 529 Plan It’s no secret that college is expensive. With student loan debt exceeding $1.5 trillion and the university price tag rising 8 times as fast as wages, there’s a lot to worry about in giving your kids (or yourself!) the best possible future.
401(k) An employer sponsored retirement plan with automated contributions through your paycheck. Many employers offer to match a portion of what you save (=free money). Maximum contribution for 2019 is $19,000, and $25,000 if you are 50 years or older. Many plans offer a Traditional and a Roth option. The Roth 401(k) is not limited
SOLO 401(k) May be suitable for self-employed individuals or business owners with no full time employees except for a spouse. Allows you to save as both employer and employee. Maximum contributions limits for 2019 are $19,000/$25,000 (if 50 or older) as employee, AND up to 25% of income as employer, up to a total of
ROTH IRA (INDIVIDUAL RETIREMENT ACCOUNT) Maximum contribution for 2019 is $6,000, and $7,000 if you are 50 years or older. Contributions can be made for the previous year until April 15th of the following year. You must have earned income, or a spouse with earned income to contribute. Contributions do not lower your taxable income
TRADITIONAL IRA (INDIVIDUAL RETIREMENT ACCOUNT) Maximum contribution for 2019 is $6,000, and $7,000 if you are 50 years or older. Contributions can be made for the previous year until April 15th of the following year. You must have earned income, or a spouse with earned income to contribute. Contributions can lower your taxable income now,
SEP IRA (SIMPLIFIED EMPLOYEE PENSION) May be suitable for self-employed individuals and small business owners who would like to contribute more than the Traditional and Roth IRA contribution limits.\ Typically has less start up and ongoing costs than a 401(k). Maximum contribution limits for 2019 are the lesser of 25% of income, or $56,000. Employer