Mortgage, Home Buying and Credit Card Expert
Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia's work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.
Posts by Amelia Josephson:
A 401(k) hardship withdrawal is the action of taking money out of your workplace retirement plan early to deal with a life event that requires some money. A 401(k) is an employer-sponsored, tax-deferred retirement savings account. Contributing money to your 401(k) reduces your taxable income – effectively giving you an instant tax deduction. You can’t take money from your account until you reach age 59.5 — unless you need it for a specific event, in which case, a 401(k) hardship withdrawal, or hardship distribution, could help you get around some IRS penalties. These withdrawals are subject to strict conditions, however, and there are still some tax implications. If you’re thinking of taking a hardship distribution, or just want help putting together a retirement plan, consider finding a financial advisor. Read more
We all know that saving for retirement is a good thing. We often think of retirement savings in terms of a percentage of our paychecks, but what about when someone doesn’t work? The IRS has a solution that allows a non-working member of a married couple to save for retirement in an IRA. It’s called, appropriately enough, a spousal IRA. Here’s how it works. Read more
Taking on debt is a thorny subject. Signing on an affordable mortgage is one thing. Racking up credit card debt on unnecessary purchases? Quite another. Any time you borrow money, you put your finances at risk. That’s why it’s important to do your research before committing to new debt. If you’re not sure whether to borrow money, read our list of dos and don’ts. And if you need hands-on help managing your financial life, consider linking up with a financial advisor. Read more
The federal income tax rates remain unchanged for the 2020 and 2021 tax years: 10%, 12%, 22%, 24%, 32%, 35% and 37%. The income brackets, though, are adjusted slightly for inflation. Read on for more… Read more
The federal minimum wage has been $7.25 since 2009. In many states, it’s the federal minimum wage that holds sway. However, some states, counties and cities have enacted their own laws establishing a… Read more