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Understanding the Difference Between Income Tax and Capital Gains Tax
In the realm of taxation, two terms often surface: income tax and capital gains tax. Both are crucial aspects of an individual’s tax obligations. However, these two terms refer to different types of income taxes, each with its own rules and regulations. Investors must understand these financial concepts as they may impact their situation. […]
Minding Future Taxes: Traditional IRA vs. Roth IRA
When considering retirement savings options, it is paramount to understand the tax treatment of the various types of retirement accounts upon distributions. Traditional IRAs and Roth IRAs each offer unique features and have different tax implications that impact one’s retirement strategy. Here are the differences to be aware of. […]
Financial Planning for Newlyweds (or Nearly-Weds)
Entering into a marriage is not just a romantic commitment but also a financial partnership. For newlyweds or nearly-weds, planning future finances together can help strengthen the relationship and work toward financial independence. Here’s a guide to tackling this often-sensitive subject. […]
Financial Aid Awareness Month – How to Make the Most of Financial Aid
February is recognized as Financial Aid Awareness Month, an excellent opportunity for students and families to learn more about the various types of aid available and how to maximize their benefits. Financial aid, whether in the form of grants, scholarships, or loans, is vital in helping many students afford the rising costs of education. […]
Demystifying the Life Insurance Medical Exam: What to Expect During the Underwriting Appointment
Applying for life insurance often includes a step that may be unfamiliar to many: the life insurance medical exam. This examination is a fundamental part of the underwriting process. One’s health status is crucial to insurers, as it helps them assess the risk of insuring one’s life. Here is what to expect during the underwriting appointment. […]
A Brief History of the Social Security COLA
Although to some of us it may seem as if Social Security has always been around, that isn’t the case. The Social Security Act was signed into law by President Franklin D. Roosevelt on August 14, 1935. Its aim was to address the economic hardships of the Great Depression and provide an income source, specifically for the elderly. But automatic [...]
A How-To Guide to Your “my Social Security” Account
While the Social Security Administration will still mail you a statement once a year if you’re over the age of 60, they really encourage everyone to create a “my Social Security” account for better security and easier access to forms and information. With an online account, you don’t have to wait for the mail to arrive or worry whether you missed your letter, and [...]
How to Build a Meaningful Retirement Life Without a Work Schedule
One of the most underestimated challenges of retirement is not financial but personal. After decades of structured workdays, many retirees find themselves asking, “What now?” While the initial freedom can feel liberating, the absence of a daily routine can quickly lead to boredom, lack of purpose, or even depression and heart disease![1] Creating a meaningful daily life in retirement may [...]
