Financial Spring Cleaning

The weather is turning warmer and we look forward to a beautiful spring.  But first, perhaps some “financial spring cleaning” would help you enjoy the summer a bit more.  While this task may not be the most exciting, it usually is rewarding in the end.  This spring, while you’re tidying up your home, consider getting […]

Financial Planning Resolutions

Well, we’re one month into 2017.  If you haven’t made any financial resolutions yet, now is a great time to review your financial scorecard for last year and then look for ways to improve in 2017.  Here are some financial goals you could take in to consideration this year. Calculate Your Net Worth If you […]

Teaching Finances to Children

Some people are better at managing their expenses than others, but money management is definitely a skill that can be learned. What some people don’t realize, however, is this that money management is a practiced skill that builds over time. Like many skills (e.g. learning a language or an instrument), learning how to earn money, […]

Sir John Templeton’s 50/50 Rule

Last month I introduced you to billionaire investor and philanthropist Sir John Templeton. This month, I’d like to look at his advice on savings. Sir John and his wife adopted the 50/50 rule — saving 50% of their income! I know this is pretty aggressive for most of us, but what should we be saving? […]

The Importance of 403(b) Plans for CSU Faculty

Most CSU employees enroll in a Defined Contribution Plan (DCP) rather than in Social Security. If you’d like to learn more about a DCP, please see our previous blog called Retirement Planning for CSU Employees.  Just like people who are enrolled in Social Security, DCP enrollees will probably not be able to afford the retirement […]

Is a Backdoor Roth IRA Right for You?

First of all, what is a Backdoor Roth IRA? It’s merely a way to contribute to a Roth IRA when your income exceeds the contribution limit of $183,000 (for a couple filing jointly). The Backdoor Roth IRA procedure removes this restriction. It involves a simple two-step process. First you contribute up to $5,500 to a […]

Paying for Long-term Care with Health Savings Accounts

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP).  There are no taxes on the contributions and no taxes on qualified withdrawals. As the cost of long-term care (LTC) insurance rises and the benefits decline, alternatives are […]

Maximizing the Value of Your 401(k)

You may know that over-50 workers can generally contribute up to $24,000 per year to their 401(k) plan on a pre-tax basis. But, did you know that a worker’s total 401(k) contribution (pre-tax contributions, matching company funds and after-tax contributions) rises to a $59,000 limit? But wait, it gets better. Starting in 2013, new legislation […]