Every year, like clockwork, financial planners across the land cheer as the IRS announces higher contribution limits for tax-advantaged accounts like HSAs, IRAs, and 401(k)s. It’s a big win, they say—a chance to squirrel away even more for our golden years while avoiding Uncle Sam’s grasp in the present. And yet, while those planners are…
Today’s post will be a quick one but important. When you open a retirement account like an IRA or 401(k), the money you contribute often goes into a money market account. After you make a contribution, you still have to invest that money! Some folks open retirement accounts and think that because the money is…
Sometimes when I’m feeling a little unmotivated, I like to daydream about what I’ll use my retirement fund for. To be honest, when I first opened my Roth IRA, I used to mutter “Old Mel will be happy you’re doing this” as I transferred over large chunks of my paychecks. It was the only financial…
It’s never too early to think about retirement. It will come one day and those who even save a small amount while they are in their 20s are likely to have a much more comfortable and satisfying time than those that spend all their income as they go along. The Social Security System was never…
Now that you’ve gotten a ballpark number you need for retirement, I bet you’re ready to do some saving! So you’re finally ready to take the plunge and open an IRA but have no idea where to get started? To start with, let’s consider a few things. Do you have a lump sum to open…
Profile I am thirty years old and the first full month of my 30’s didn’t go so badly. It still might be the year of Mel. I work as an assistant production manager and, my yearly salary is $53,560. Saving & Spending: The Good The good has been the $600 that went into my IRA…
Profile I am twenty-nine years old and this is my last accountability update of my twenties. Yikes! I work as an assistant production manager and my yearly salary is $52,000. Saving & Spending June was a pretty steady month money wise. Due to a death in the family, I was actually home for about a…
So you’re ready to open an IRA! Good for you. I remember being hounded by an ex-boyfriend who couldn’t believe I didn’t already have one until I caved in pretty much just to shut him up. However, it’s turned into a heck of lasting legacy for that relationship. You probably already know that there are…
Profile I am twenty-nine years old. I work as an assistant production manager and my yearly salary is $52,000. I guess my budget skills are doing ok, since I managed to not bankrupt myself so far. Saving & Spending So this month I learned that monthly bills are stressful and I am super impressed and…
Does anyone else watch Happy Endings? This is the Year of Mel. You can read about how it’s going to happen over at Fit is the New Poor. The thing about New Year’s is that I don’t really trust it. It’s one of those times when I get all maudlin about what I haven’t accomplished…