In Revenue Procedure 2015-30 the IRS has announced the inflation-adjusted deduction limits for annual contributions to health savings accounts in 2016. Individuals with self-only coverage through a high deductible health plan may contribute up to $3,350. A family covered through a high deductible health plan may contribute up to $6,750. HSA rules define a high [...]
If performance is any kind of reliable measure the typical mutual fund investor just might warrant a meet and greet with Dr. Kevorkian. It’s a bit extreme but sure gets the point across. Since we’re bombarded with messages about ‘beating the market’ let’s look at how the typical investor faired in 2014. According to the [...]
Further evidence of how emotions are self-defeating when it comes to making decisions.
Ah, the lies we live by. Whether self-told or otherwise we blind ourselves from the truth. Better to avoid reality than accept and do something about it. It’s the most American of behaviors. When will we learn we are often our own worst enemy? Recently the folks at Northwestern Mutual explored attitudes towards finances and [...]
Medical expenses exceeding 10% of Adjusted Gross Income are deductible on Schedule A of Form 1040. Like other income tax deductions (e.g. mortgage interest, real estate taxes) there’s a public policy basis for inclusion in the Internal Revenue Code. But what happens when federal and state laws conflict? More and more states are legalizing marijuana [...]
At the start of the evening news the pretty face in the tight clothing (because, after all, it's news and not entertainment - ha!) tells you it’s going to rain tomorrow. You’ll probably bring an umbrella. Later in the program when the full forecast is provided you hear it’ll be nothing more than short-lived drizzle. [...]
We (think we) know how to grow wealth...but do we know how to preserve it? As counterintuitive as it may seem the way to preserve wealth isn’t to eliminate risk but to (smartly) take some. Consider that successful wealth preservation requires a strategy that: 1) preserves purchasing power (i.e. inflation-adjusted value) 2) sustains wealth over [...]
You’re about to reach age 70 ½. You’re facing Required Minimum Distributions from your IRAs. Want to avoid them? Still working? Here’s how: Although RMDs are required for IRAs they are NOT required for Qualified Retirement Plans (“QRPs”) such as a 401(k). As such rolling IRA balances into an employer’s QRP will allow deferral of [...]
You're in good hands with Allstate....unless they've set up a captive! Even worse - we're subsidizing this risk with our tax dollars. Whether it's home, auto, life, etc. the insurance industry is putting at risk the very risks we pay them to assume.
With the stress of tax season about to wash away (it does end, right?) we think a little Mike Judge-esque humor (i.e. poking fun at the absurdity of the everyday) is in order. It doesn’t have much to do with wealth management but it’s a refreshing soul cleanser. Every industry has jargon. Some is necessary [...]