5 Popular Financial FAQs
Submitted by Alloy Silverstein Financial Services, Inc. on November 5th, 2018Here are the answers to some of the most frequently asked financial questions.
Here are the answers to some of the most frequently asked financial questions.
Is your garage overflowing with bank statements and paid bills from ten years ago? Are you unsure about what documents need to be retained and what can be tossed? Speaking of tossing, what documents can be tossed in the trash, and which should be shredded? Are you wanting to finally get control of your documents?
Sometimes more money can mean more problems.
Fall is a good time to assess where you stand and where you could be.
You need not wait for 2019 to plan improvements to your finances. You can begin now. The last few months of 2018 give you a prime time to examine critical areas of your budget, your credit, and your investments.
The nature of our economy could help it withstand the disruption.
A trade war does seem to be getting underway. Investors around the world see headwinds arising from newly enacted and planned tariffs, headwinds that could potentially exert a drag on global growth (and stock markets). How badly could these trade disputes hurt the American economy? Perhaps not as dramatically as some journalists and analysts warn.1,2
A bill now in Congress proposes to alter some longstanding rules.
Most Americans are not saving enough for retirement, despite ongoing encouragement to do so (and recurring warnings about what may happen if they do not). This year, lawmakers are also addressing this problem, with a bill proposing big changes to IRAs and workplace retirement plans.
The Retirement Enhancement and Savings Act (RESA), introduced by Senator Orrin Hatch, would amend the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) in some significant ways.1
Your withholding may need to be adjusted due to the 2017 federal tax reforms.
Giving money to philanthropic causes is important to many of us. Year end giving in particular is popular with both donors and charitable organizations. The most common way to give money for most people is to simply write a check or put a donation on a credit card. The charity then typically sends us a receipt for our donation, and everyone is happy.
Not so fast.
Bill Roth was a Senator from Delaware. He realized in the late 1990s that savings rates were too low in the U.S. and he endeavored to find a solution. Enter the Roth IRA. Contributions to a Roth IRA won’t reduce your tax bill now because, while pretax salary goes into a Traditional IRA, after-tax money funds the Roth.
If something sounds too good to be true, it probably is.