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Lee Huffman

Personal Finance Expert

Posts by Lee Huffman:

by Lee Huffman Jan 17, 2023

When Roth IRAs were introduced in 1998, they provided the opportunity to create tax-free income in retirement. A few years later, Roth 401(k) and Roth 403(b) accounts were created to allow company retirement accounts to provide tax-free income. When you’re saving for retirement, how do you choose between these accounts? In this article, we’re going to explain the key differences between Roth 403(b) and Roth IRAs so that you can decide which is best for you. Consider working with a financial advisor as you decide which kind of tax-advantaged retirement account is best for you. Read more

by Lee Huffman Jan 12, 2023

The main goal of most investors is to garner enough money in the market to fund their retirement years. Yet, many investors are unsure of how to properly pull money out of their accounts once they’re actually in retirement. The retirement bucket strategy is one of the many withdrawal strategies that investors can use. However, really learning how to implement this strategy is incredibly important. Consider working with a financial advisor as you create or modify your plan for retirement. Read more

by Lee Huffman Mar 18, 2023

When a loved one passes away, you may receive an inheritance. This money is a token of the person’s appreciation for you and often represents a lifetime of savings. When you’ve received a large sum of money, there is a temptation to splurge on dream vacations, shopping and other fancy items. While it may be okay to spend a portion of it that way, the best option is to save and invest the money for your future. Here’s how to invest your inheritance to become set for life. A financial advisor can give you valuable guidance on how to make the best use of an inheritance. Read more

by Lee Huffman Jan 10, 2023

When a spouse dies, the surviving spouse typically inherits all of the deceased spouse’s assets. However, this may not be the best approach based on the size of your estate or your tax situation. By… Read more

by Lee Huffman Nov 16, 2022

Medicaid is one of the government safety nets that helps seniors pay for their care. Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for… Read more

by Lee Huffman May 06, 2023

When you have money in the bank, there are many different ways to withdraw money to make purchases. One of the most convenient options is using a debit card at checkout. However, not all bank… Read more

by Lee Huffman Mar 20, 2023

As people age, it can be more challenging to live by yourself and handle your basic needs. Assisted living facilities and care workers provide additional help for seniors to live independently in a… Read more

by Lee Huffman Oct 14, 2022

When you own or invest in a business, you may receive distributions from its profits. Depending on how the business is structured, the company may not have paid taxes on these profits before… Read more

by Lee Huffman Mar 20, 2023

When parents get divorced, child support ensures that both parents contribute financially to the care of their children. Child support payments can be negotiated between parents, but the courts step… Read more

by Lee Huffman Oct 06, 2022

When you move from one home to another, these expenses can add up quickly. For many households, moving costs can be thousands of dollars, even if you do most of the work yourself, and hiring a moving… Read more

by Lee Huffman Mar 20, 2023

When you buy a home or refinance your mortgage, closing costs can run thousands of dollars. However, there is a way to eliminate the out-of-pocket cost when getting a new mortgage. With a no-closing… Read more

by Lee Huffman Mar 20, 2023

Getting married is a special time in the lives of many people. However, not all marriages end up in wedded bliss. To protect themselves in case of a divorce, some couples create a prenuptial… Read more

by Lee Huffman Sep 23, 2022

Growing your retirement savings is an important goal for most investors. When you reach $250,000 in your account, it helps to understand how much income you can earn from your savings. While many… Read more

by Lee Huffman Sep 22, 2022

Vacations can put a dent in your family’s budget. Between airfare, accommodations, activities, food and souvenirs, the costs really add up. Rather than go into debt to pay for the trip, a better… Read more

by Lee Huffman Sep 20, 2022

When you reach retirement age, Medicare insurance offers basic medical insurance protection for your health needs. However, this coverage is basic and does not cover all of the costs for covered… Read more

by Lee Huffman Sep 12, 2022

Many investors use savings accounts to earn interest on money that they don’t need right away. However, sometimes they want to use their money to make a payment. Unfortunately, you cannot write… Read more

by Lee Huffman Apr 20, 2023

Capital gains taxes are a tax on the profits you make on investments, which you might owe if you are investing through a taxable brokerage account. The good news is that there are strategies… Read more

by Lee Huffman Apr 20, 2023

Winning or settling your lawsuit can be exhilarating. After you’ve received the settlement money and paid attorney fees, most people assume that the rest is theirs to keep. However, some settlements… Read more

by Lee Huffman Sep 06, 2022

One of the common estate planning tips for investors is to get a trust to protect their assets. However, that advice is hardly specific enough. There are many types of trusts, and each has its unique… Read more

by Lee Huffman Apr 14, 2023

Three of the most popular brokerages for online investors are E*Trade, TD Ameritrade and Schwab. They are some of the largest financial services companies with stellar reputations and strong… Read more

by Lee Huffman Aug 31, 2022

Investors value money differently based on their experiences, goals and beliefs. This process is known as mental accounting, and it often affects how we budget and spend our money. Mental accounting… Read more

by Lee Huffman May 29, 2023

When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress. While most people know that you need to file a final tax… Read more

by Lee Huffman May 06, 2023

Buying a home is one of the biggest financial decisions that a person can make. Not only can it involve taking on a big mortgage, but the monthly expenses can also affect your budget and ability to… Read more

by Lee Huffman May 29, 2023

Life insurance provides a financial cushion to soften the blow when someone passes away. The decision of when should you get life insurance is a personal question, but generally it is when others… Read more

by Lee Huffman Aug 17, 2022

Many investors want to invest in real estate, but they don’t want the responsibility of owning individual properties. To invest in real estate without the headaches, you can invest in a portfolio of… Read more