Everything You Need to Know About 401(k) Contribution Limits for 2020

When it comes to preparing for retirement, it’s very important to stay right up to speed with all the rules, regulations, and changes made by the IRS from year to year. With the next year looming just two months away, the IRS has made some 401(k) contribution limit changes for 2020 but still has left both Roth and traditional IRA contribution limits for 2020 flat.

The IRS has changed 401(k) contribution limits for 2020 and here's what you need to know about them to maximize your retirement savings.

The IRA limits are again unchanged from 2019’s $6,000, or $7,000 combined if you’re age 50 or older. This is the second straight year at those caps. The caps are the maximum amounts you can kick into those retirement accounts, whether you use just one type or in any combination. Before 2019, the IRA contribution limits stayed the same for six years in a row. So just in case you needed a refresher, today I thought I’d go over some of the things that you really need to know when you are saving in these accounts for your retirement!

Continue reading“Everything You Need to Know About 401(k) Contribution Limits for 2020”

Why Being a Super Saver Is So Important

Some people may think that reading (or writing) a blog about saving money is just something to scan through every once in a while as they cruise along the internet on their way to YouTube or their Facebook page. And perhaps they are justified in thinking a money blog like this one is mostly fluff and no substance. After all, the title Super Saving Tips sounds a little bit like a place just to talk about couponing or discounts that get you to save a nickel or dime on something, and who really needs to bothered with that, right?

While too many people in the U.S. are living in poverty, being a super saver is an important way to maintain your financial security.

Well, I am here today to say that in spite of the title, this blog isn’t all fluff and no substance, Yes, that’s my biased opinion and you are ultimately the judge here, not me. But I truly believe that every once in a blue moon I actually write something here that is more than just a way to save nickels and dimes. And even if it was only just that, being a super saver would still be relevant and important today, in the 2019 war on poverty!

Continue reading“Why Being a Super Saver Is So Important”

How Important Is a Financial Mentor?

Wouldn’t it be nice of your money came with an instruction book on how to make it grow? What you know about money and the world of personal finance you probably had to learn on your own. Few are taught how to build, manage, and preserve their own wealth in any formal way like in a high school or college classroom, although that number is finally starting to increase.

One of the best ways to learn about money is to seek the guidance of a financial mentor. Here's how different financial mentors have helped me.

Offering a course called Financial Freedom 101 would be a great way to get that knowledge, but that’s not a reality in most places yet. Most schools just don’t teach money skills. And yet, personal finance and wealth building principles are two of the most important educational lessons you can ever learn. It can make the difference between a life full of purpose and security, and a life of pain, frustration, and unhappiness. So how can one learn about the world of finance and money?

Continue reading“How Important Is a Financial Mentor?”

Building Your Financial Plan to Afford the “Candy”

How can you do smart things with your money? Everybody wants to have a solid financial plan, but over 40% of Americans don’t have one. And if you don’t have a plan to cover the basics, how will you ever be able to afford the frills?

Everyone needs a good financial plan to cover the basics as well as the "candy". If you don't think you need one, you may be striking out financially.

They say “the Candy Man can” and the Candy Man (the original, of course!) can sure bring back memories, especially this week. First of all, candy. It’s Halloween time and so you just can’t get away from it because it’s being promoted everywhere. Save money and buy, buy, buy in anticipation of all the costumed kids knocking at your front door this week. Yes, if you’re like most of us, you’ll be shopping and stocking up on candy and probably munching and stealing a few or more than a few for yourself, too. Guilty as charged here. I think it’s fortunate that this thing happens only once a year or I’d be perfectly costumed as one of those “walking dead” thingies myself. Candy may be nicer than a “rainbow” or sweeter than “sunshine” but for me, a diabetic, it’s not so much!

Continue reading“Building Your Financial Plan to Afford the “Candy””

3 Things You Can Learn From Early Retirees

Your retirement is something you think about with a smile and some pleasant thoughts even though it might seem like it’s light-years away. But if you get to your golden years with insufficient funds, it’s guaranteed to be a nightmare and very unpleasant! You don’t want to live through that scenario, I promise you.

If you're having difficulty saving enough money for retirement, take a lesson from those who have been there. Here's what you can learn from early retirees.

Saving up enough money over a 45-year career to maintain your lifestyle in retirement is pretty challenging. But there’s a lot to be learned from the people who have managed to hit their savings goals well before that point, people who then retire early. You can learn a lot even if you haven’t been bitten by the early-retirement bug. That’s why it’s important to concentrate and learn about these three things you can learn from early retirees when you think that your retirement is at hand. But before you find out the answers…

Continue reading“3 Things You Can Learn From Early Retirees”

We Purchased New Laminate Wood Flooring and Here’s Why

We have lived in our current home now since 2007. That’s just over 12 years and during that time we haven’t done much to the floors around here. We had new carpeting in our living room, dining room, and hallway when we first moved in and truthfully, they’ve been looking pretty worn and stained to the point where it was really bothering us. After all, it wasn’t the finest carpeting when we purchased it and it really didn’t owe us anything after 12+ years of use, did it? It was time for an update and we decided on new laminate wood flooring.

It was time to update our floors and after considering our return on investment, we purchased laminate wood flooring. Here's what went into our decision.

When you do any home improvement, you often hear the abbreviation ROI (return on investment) mentioned. That’s why when we decided to make a change we asked ourselves this question:

“What might be the ROI if we purchase new flooring and besides the beauty aspect, does new flooring mean an increase in the value of our home?”

Continue reading“We Purchased New Laminate Wood Flooring and Here’s Why”

Your Holiday Shopping Season Starts Now

It’s here already! With Columbus Day (or Indigenous Peoples Day if you prefer) done, the holiday shopping season is here. Shoppers are preparing for the holiday season earlier and earlier every year and your challenge is not to get lost in the shuffle. It seems it was just a few days ago we were all sitting around the pool and enjoying summer and now, guess what? Halloween is just two weeks away and it’s almost November and the official shopping countdown has begun!

Believe it or not, the 2019 holiday shopping season has started! Here's the information you need to get the best deals on your gift shopping list.

If you haven’t given it any thought already, it’s good to think about it right now so you can officially kick your holiday plans into high gear. That’s because more consumers are expected to start their holiday shopping earlier this season, even moreso than in years’ past.

Continue reading“Your Holiday Shopping Season Starts Now”

Will Your Retirement Be Scarier Than Halloween?

It seems that before we start working for a living, all we can think about is getting a good job and earning lots of money. I am pretty sure that the vast majority of us think exactly like that when we get to a certain age and that’s probably by the time we near the end of high school or college. After all, we know we are going to be out on our own soon and we need a job. But then a funny thing happens.

If you don't pay attention to retirement planning basics, your retirement may be scarier than Halloween! Here are six strategies to help you plan.

Almost as soon as we start that “first great job”, some papers are shoved in front of our faces and one of them is all about benefits and retirement plans. Retirement planning? I mean, holy crap, I just started working and now I have to think and decide about retirement planning?

Continue reading“Will Your Retirement Be Scarier Than Halloween?”