Are you asking these questions? You’re not alone – many struggle with the question: Which type of IRA – Roth or Traditional – is right for me? This uncertainty can cause “Deer in the Headlights Syndrome.” Too unsure to decide, not wanting to make a mistake, and the fear of making the wrong decision stops us dead in our tracks.
Whenever uncertainty arises in conjunction with a need for a decision, what do most people do? Nothing.
Well don’t do nothing, and the first step is to arm yourself with knowledge.
I have a hunch a lot of us think quite a bit this time of the year about how we support nonprofits in our community.
After all, many of us just finished our taxes and wondering whether we’ve remembered to include all of the charitable donations we’ve made over the past year.
But there’s more to supporting important causes than merely writing a check or offering up our credit card number.
There’s also good old-fashioned labor.
I’m reminded of this because this is National Volunteer Week, which is designed to inspire volunteerism, encourage others to give of their time and recognize those who already have.
Who do you know that isn’t trying to lose weight, exercise more, or reduce their stress level?
What does financial fitness have to do with physical fitness you may ask?
Well, considering that 71% of Americans say finances are a significant cause of their stress and financial stress increases the odds of developing a chronic illness, I’d say it has a lot to do with physical fitness.1
So add financial strength training to your workout routine.
Step 1 – Create your routine
Do you routinely save money towards an emergency fund or future goals? If you don’t, you’re not alone. Two out of three households don’t even have a financial emergency fund, let alone money set aside for long-term goals or retirement.2
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Are you a business owner who’s going to have to write a check to the IRS this year?
If you’re looking for a last minute tax deduction you may want to consider adopting a Simplified Employee Pension (SEP).
If you don’t already have a qualified plan, as a business owner you can establish a SEP up until your tax return due date, including extensions. SEPs are IRA accounts, but because the business is making the contributions, larger amounts are allowed than if an individual established an IRA.
