What If You Overcontribute to a 401(k) or IRA?

We recently got this interesting question from a reader named Jeff: I know the IRS limit for 401k contributions. . . . What I want to know is what actually happens if I contribute more than that, say $20k? Do I get a stiff penalty?  Do I go to 401k jail?  Is this handled like […]

5 Private Student Loans With Flexible Repayment Options

Are you looking for additional financing, above and beyond federal student loans, for college? Or maybe you’re considering refinancing your student loans with a private lender? Either way, the process for finding and applying for private student loans is a bit different from the process for federal student loans. With federal loans, your loans are […]

How to Use Allowances to Teach Your Kids About Money

As parents, our number one goal is to raise our kids to be kind, compassionate human beings who can function in the world as independent adults. In the early years, we’re often focused heavily on those “kind and compassionate” terms. Our goal then is to teach kids not to hit, bite, or pitch fits. You […]

27 Ways to Make the Most of Your Holiday Bonus

Are you expecting a year-end bonus this year? Or maybe you know Grandma always gives cash for Christmas? Either way, you’ve got better things to do with that extra money than just blowing it all. Any time you get extra cash, it’s important to think about how it could help you get closer to your […]

HSA vs. FSA: Which is Best for You?

Consumer-driven healthcare plans are becoming more common, even with large employers who pay for some or most of their employees’ healthcare costs. These health plans are the kind that allow consumers to make more of their medical spending decisions. They also place more of the onus of paying for those decisions on the consumer. While these […]

Roth IRA Contribution and Income Limits for 2017

The IRS recently released its 2017 update to income and contribution limits for Roth IRAs. As detailed below, the contribution limits for a Roth IRA are unchanged for 2017 — they remain at $5,500. The catch-up contribution for those 50 or older, which is not indexed for inflation, remains $1,000. The income limits to qualify […]