With earnings around the corner, I’m getting warm feelings about the following big US hitters: SPWR (2/12), SCTY (2/24). Always do your research. Disclaimer: Currently holding a position in SPWR.
Get triple tax breaks from a health savings account.
More people will have high-deductible health insurance policies this year, either on their own or through their employers, but they may not know whether they’re eligible to benefit from a health savings account. If your policy has a deductible of at least $1,250 for individual coverage or $2,500 for family coverage, plus meets a few other requirements, then you can make tax-deductible contributions (or pre-tax contributions if they’re through your employer) to an HSA in 2014. You can stash up to $3,300 in an HSA if you have individual coverage or up to $6,550 for family coverage, plus an extra $1,000 if you’re 55 or older sometime this year. You can then use the money tax-free for medical expenses in any year. And if you had an HSA-eligible policy in 2013, you still have until April 15, 2014, to make your contribution for last year.
Are you making the most out of your IRAs??
You still have until April 15, 2014, to contribute up to $5,500 to an IRA for 2013 (plus an extra $1,000 if you were 50 or older anytime during 2013).
And don’t forget about frequently overlooked opportunities to save—such as in a spousal IRA if one of you is working and the other is not, or an IRA for a teenagers with earned income. You can also contribute up to $5,500 for 2014 anytime now, plus an extra $1,000 if you’re 50 or older anytime this year. Consider setting up automatic transfers from your paycheck or bank account to the IRA — $458.33 per month adds up to $5,500 by year-end.
Maximizing your retirement plan??
Retirement plan contribution:
You can contribute up to $17,500 to a 401(k), 403(b), 457 or Thrift Savings Plan in 2014, plus $5,500 if you turn 50 anytime during the year. See if you can afford to boost the percentage of your income you contribute each month, especially if you haven’t been making the most of any match offered by your employer. Bottom line is: Max out your monthly contribution if you can!
Keep in mind that the money you contribute pre-tax lowers your take-home pay less than you’d expect—if you’re in the 25% tax bracket, for example, contributing $1,000 to a 401(k) will lower your take-home pay by just $750. And look for extra opportunities to save. Some public universities and other employers offer both 403(b)s and 457s and let you contribute up to $17,500 to both plans. And if you have a public sector 457 and are nearing retirement, you may have extra catch-up options — see rules for 457 Retirement Plans for details (those plans will not apply to everyone)
Market volatility.. and how to weather the storm
This week was horrendous, if you’re an investor you must of felt the pain; I sure did!
Biggest drop since Nov ’11. Stocks got hit pretty hard.. People are hiding their money in natural gas, utilities, and gold. Some suggest a 10% correction.
I say stick to fundamentals in the wake of soft earnings. I think the bad news about the slow growth in China spooked investors. If you own stock, hold on! This is a great entry point if you’re still on the sidelines..
5 Ways to Succeed in any Economy
Common sense approach to financial stability
Finding adequate yields in today’s economy
Article published in Kiplinger’s Personal Finance magazine
Where to Stash Your Cash Now
Maximize your Tax deductions
It’s very easy to overlook those deductions. Follow the article below for great tips to maximize your Tax deductions
The Most Overlooked Tax Deductions-Kiplinger.
Financial well-being for your loved ones
Protect your finances and your family. Some of those tasks should take you less than few hours to do. Be proactive and take action. I have been guilty of putting this off too!