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Doctor visits were down in 2020 but HSA spending was up
Although the doctor and hospital visits were down in 2020, there were significant increases in health savings account spending. According to a new report from Lively, Inc., an HSA provider, “change in consumer behavior due to COVID-19 and shelter-in-place orders…
Is paying off your mortgage before you retire a good thing?
Many people have their mortgage paid off before they retire while others are striving to reach that goal. But, is that the best choice? Are you better off using that money to increase your long-term savings or pay down costlier…
How much do you need to live in your state comfortably
Using data from the Bureau of Economic Analysis, the Bureau of Labor Statistics and the Institute for Health Metrics and Evaluation at the University of Washington, the financial news company 24/7 Wall St. compiled what it would cost to retire…
Even a small amount of money can add up over time
Everyone’s goal is to reach financial freedom in retirement. Some people started early and saved while others started later and need to catch up, to achieve some form of financial freedom in retirement. But even a small amount of money…
What is creditable coverage?
You are turning 65 but you not sure whether or not to enroll in Medicare but afraid of the potential late enrollment penalties. If you have creditable insurance coverage, usually from an employer, union, or other organization, you may be…
The clock is ticking to contribute to your Roth IRA for 2020
If the pandemic interrupted your IRA contribution schedule, you still have a chance to make up for it. You can still contribute four-figures to a Roth IRA, but the clock is ticking. You have until April 15, 2021, to contribute…
What is a 457(b)?
What is a 457(b)? Is it like 403(b)? Some public sector employees (civil servants, municipal employees, law enforcement offices, and public safety personnel) and some non-profit organizations may have access to 457(b). Although the 457(b) and the 403(b) retirement plans…
Bundle an HSA with a 401(k) to optimize retirement savings
One of the many lessons we learned from the COVID-19 pandemic is we need to rethink our approach to retirement benefits and savings. 401(k)s continues to dominate the traditional retirement market; however, HSAs have been overlooked at least from a…
Medicare general enrollment period is happening now
Medicare Enrollment Periods can be confusing because different enrollment periods have different dates for various purposes. Currently, both the general enrollment period and the Medicare Advantage open enrollment period are happening now. If you did not enroll in Medicare when…
What is sustainable investing and should we be doing more of it?
By the end of 2019, the United States has the largest retirement plan market in the world covering 136 million participants with assets of more than $11 trillion. However, a recent report found that fewer than one-fifth of private-sector retirement…