Posts by Amanda Dixon:
While your contributions to your retirement plan belong to you from the get-go, your employer’s contributions need to vest first. Once they do, you will be fully vested and your company’s contributions are 100% yours. Employers may follow an immediate vesting schedule, a cliff vesting schedule (where you are vested after a set number of years of service) or a graded schedule (where you are vested a set percentage with each work anniversary). For SEP-IRAs, SIMPLE IRAs and other IRAs, required employer contributions fully vest immediately. Companies may also use vesting schedules for stock or option bonuses. Read on for more about vesting in retirement plans, including 401(k)s and pensions. If you are approaching retirement, a financial advisor can guide you through the transition from accumulating savings to turning them into an income. Find out now: How much do I need to save for retirement? Read more
Mortgage fraud occurs when a potential homebuyer or mortgage lender provides false information or omits certain details in order to complete a mortgage transaction. As a homebuyer, you may encounter predatory lenders who want to scam you. And if you’re in a tight spot, you may be tempted to do whatever it takes to secure a loan. But know that the penalties for mortgage fraud are severe. We can show you how to avoid these schemes. And if you’re financial situation needs improvement, we can help you find a financial advisor who will work with you to improve your credit report so you can land a decent mortgage with favorable rates and terms. Read more
A short sale occurs when you sell your home for less than what you still owe on your mortgage. It can prevent you from seeing your home foreclosed and undergoing bankruptcy. However, your mortgage lender must approve the short sale. The process can also be complex and risky. As you consider whether or not a short sale is for you, you might do well to work with a financial advisor who can help guide you through the process. Read more
A jumbo loan is a type of mortgage designed to finance high-value homes that require loans above the standard conforming loan limit. These limits are regulated by the Federal Housing Finance Agency … Read more
When you’re buying a home, there are multiple ways that you can go about paying for it. You can secure a mortgage by finding a bank or credit union in your area that offers home loans. There are also… Read more
In a perfect world, you wouldn’t have to borrow any money because you’d always have enough. In reality, there are times when you don’t have the cash for your child’s tuition bill, your own student… Read more
Qualifying for a mortgage isn’t easy. Some lenders have strict requirements and weed out applicants with poor credit or too much debt. A possible alternative for those determined to buy a house is… Read more
If you earn a wage or a salary, you’re likely subject to FICA taxes. (FICA stands for Federal Insurance Contributions Act.) Not to be confused with the federal income tax, FICA taxes fund the Social… Read more
When it comes to paid family leave, the United States is behind the curve. The U.S. is the only industrialized country in the world without a paid parental leave policy for new parents in place at… Read more
Education is a factor that parents often take into account when deciding where to settle down and purchase a home. That’s why most of the best places to raise a family have good schools. While… Read more
The Federal Reserve recently raised the federal funds rate for the second time in a few months. The Fed seems to be fairly confident about the direction that the economy is moving in. That means more… Read more
Qualified charitable distributions (QCD) are money taken directly out of your individual retirement account (IRA) and given to an eligible charity. Giving to charity can be a benefit in many ways.… Read more
Many cardholders have access to hidden credit card benefits. For example, you may be unaware of the fact that your credit card company offers roadside assistance. So if your car suddenly breaks down… Read more
At some point, older adults may need help completing basic activities like getting dressed and taking baths. Unfortunately, health insurance plans don’t exactly cover this kind of care. This is where… Read more
States across the country are going green amid growing concerns about climate change. According to the National Conference of State Legislatures, more than 40 states (and Washington, D.C.) have… Read more
Reviewing your credit card statement every month is important. If you toss it in the trash as soon as you receive it, you may miss the chance to catch a mistake. A merchant may have charged you twice… Read more
Many Americans are expected to sign up for health insurance during the open enrollment period that falls between the beginning of November and the end of January. But that’s not the case for everyone… Read more
Today’s young adults are waiting to buy homes. A recent survey from the National Association of Realtors revealed that the average first-time homebuyer is in her early 30s. Most of the people… Read more
Planning to spend your golden years catching up on sleep? That might not be a good idea. A recent study from the National Institutes of Health found that physical activity may increase one’s life… Read more
UPDATE: As of Dec. 31, 2018, the HARP program is no longer accepting applications. If you are facing an underwater mortgage, where your mortgage balance is higher than the free market value of your… Read more
Your full retirement age is the point at which you’re able to earn the full amount of benefits that you’ve earned throughout your career, according to the Social Security Administration (SSA).… Read more
Some of us have too many credit cards. Depending on your lifestyle, it might make sense to have three or four cards in your wallet. And as long as you’re keeping up with your monthly bills, there’s… Read more
The fight for equal rights for working women remains an uphill battle. That’s one reason why about 3 million people around the world recently participated in women’s marches and thousands took part… Read more
Many studies seem to suggest that millennials are in a financial pickle. For starters they earn less than their parents did when they were young adults. Plus, the average millennial has over $30,000… Read more
The IRS allows some nonprofits to avoid paying federal income taxes. The only problem is that the application for federal tax exemption (Form 1023) is extensive. In addition to completing the… Read more
