Andy | Saving to Invest

Unbundling Auto And Home Insurance Policies Even When Losing The Multi-Policy Discount

Around this time of year many people get renewal notices for their auto insurance. More often than not they will briefly scan the notice and if the premium hasn’t increased substantially from the prior period they’ll just file away the renewal paperwork and let the auto-payment on file continue to…

Monthly Budget Comparison – Big City $10,000 vs. Small Town $4,000

I have two family friends. One lives in the DC Metro Area (Bethesda, MD) and the other lives in Appleton, Wisconsin. Classic Big Town vs. Small Town. I met them over Thanksgiving and we got talking about the cost of living and how it varies so much across America. Both…

Average Teacher Salaries Across The Country

Teachers play such an important role in our lives. We can all remember a great teacher who directly or indirectly had a bearing on where our lives went and what we achieved. I see this even more clearly as I see my son go through elementary school. Last year he…

3 Reasons The Booming Economy May Not Be Good News

The stock market is hitting new highs on a seemingly daily basis. The job market is rebounding strongly as evidenced by the plummeting unemployment rate. Market analysts are overwhelmingly saying buy stocks, sell bonds. All this implies the economy is positively booming and surely everyone is getting richer. Sadly this…

Should I Take My Pension Payout as an Annuity or Lump Sum Rollover into an IRA

Article summary: Should I take my pension as an annuity in retirement where I receive monthly payments or take a lump sum that I rollover into an IRA account and manage the investments myself? Answer : It depends on whether you can invest the money better than the returns you…

Earned Income Tax credit (EITC) Updates and News

See this article for the latest Earned Income Credit tables - including eligibility expansions and refund delays (due to PATH act) when claiming this credit in your tax return. _________ [2014 EIC Update] The IRS has released 2014 Earned Income Tax credit (EITC) details which are shown in the table below. There have…

Latest IRS Tax Brackets and Rates With Standard Deduction and Personal Exemption Updates

See this article for the latest IRS updates to federal tax brackets and standard deductions. ____________ Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes…

What are Current 401k and IRA Contribution and Income Limits

See this updated article for the latest 401(k) and IRA Contribution, Eligibility, Income and Tax Deduction Limits The IRS has released updated 2014 limits for defined contribution (or pension) plans such as 401(k) and IRAs. This was delayed from the usual mid-October release due to the government shutdown. The annual limits…

Will Obamacare be Delayed?

[Update] - The Obama administration announced that it will give Americans who buy health insurance through the new online marketplaces an extra six weeks (until March 31st, the end of open enrollment) to obtain coverage before they incur a penalty. With all the news around the glitches plaguing the Obamacare website…

The Power of Giving With No Strings Attached

In this blog I mainly write about topics related to saving, making and spending money. But I don't write often enough about giving away money. Especially to people less fortunate than most. This was highlighted to me recently when I was at a downtown 7-Eleven where a number of people…

Expanded 2023 Premium Tax Credit (PTC) to Offset Impact of Marketplace Health Insurance Premiums

The Premium Tax Credit (PTC) allows you offset the monthly premium costs of health care plans purchased via official exchanges or government health insurance marketplaces. For nearly 5 million households, the PTC completely offsets their monthly premium (free health insurance!). Another 10 million benefit with reduced health care premiums. The PTC…

2023-2024 Supplemental Security Income (SSI) Maximum Amount and Updates

Supplemental Security Income (SSI) is a program administered by Social Security that provides monthly payments to significantly disabled adults, children and seniors over 65 with low income and limited resources. To be eligible for SSI, a person must be 65 or older, blind, or have a medical condition that prevents…

Federal Income Tax Tables and Rates For 2014 Tax Season

April 15th 2014, or the 2013 tax filing due date, is not that far away. Which means its time to do some serious tax planning so that by year end you maximize your income while minimizing your taxes dues when filing in 2014. But first, the official rates and tables…

You Actually Are Poorer Now Than You Were a Decade Ago

According to an analysis conducted by two former census bureau officials median income for the average American is still around 6 percent lower (after adjusting for inflation) than when the recession began. So if you feel poorer today than you did a few years ago you are not alone. The…