The traditional IRA is really the old timer of the IRA group. It’s still a very popular tax-advantaged savings vehicle for retirement. You may be able to contribute up to $6,000 ($7,000 if age 50 or older) for 2020, if you are eligible.

For September, I’m going to focus on some financial education. Even though April is National Financial Literacy Month, I would like to take September to focus on the IRA. Each week, I’ll cover a specific type of IRA and highlight the aspects of that specific type of IRA. Did you even know that there are different types of IRAs? So, what exactly is an IRA?

It happens and there is not much that we can do to stop it. As part of the natural economic cycle, the economy suffers and the equity markets experience a correction or a recession. Remember, a correction is a decline of at least 10% but not more than 20%. And, it can be in a single asset class and not necessarily across the whole economy. A recession is when the entire economy declines for several months. If prolonged, it can become a full-blown depression. Generally, investors tend to wait out either, but there are steps you can take!

We live in DIY world and Google is our friend. Whether for home repairs or financial planning most folks these days feel they can go it alone. When it comes to your finances and planning your future is that really the best choice? Sure, you can search the Internet and find a few retirement calculators and even articles on saving, investing and “Top 5” lists, but is that information relevant to your personal situation and aligned with your goals? How do you know if what you found fits into your financial life plan? What if you make a move only to learn later that your decision cannot be undone without costly consequences?

Should you rollover your 401(k) to an IRA? As with most things finance, the answer to your question (no matter the question) is that it depends. Mostly, it depends on your age, why and when you are leaving your employer, and what you plan to do with your 401(k) account. Generally speaking, a rollover from a 401(k) account to an IRA can be a good option. However, there are times you should seriously consider not rolling over your 401(k) account.

Time for my annual reminder to have a Grab-N-Go emergency binder! Here in California it is mostly due to fire, landslide, or earthquake disasters. These days, COVID-19 is playing a part as well. It’s necessary to have an emergency binder for other reasons as well. Most notably, a medical emergency as I wrote about in January 2017. It’s not a pleasant thought, but a disaster or health crisis is an event for which we should all plan ahead.

Last week, a reader asked what tips I would have for those already retired. If there are specific economic survival tips for those retired during COVID-19. Yes, there are! In a way, some of the tips mentioned in last week’s post for the unemployed, apply to seniors who are already retired.

Depending upon where you are in the US economy, this pandemic may be treating you very differently. Some folks are still working, busier than ever, and experiencing economic prosperity. Yet others are seeing paychecks shrink, jobs eliminated completely, and the specter of safety net benefits such as unemployment and economic stimulus subsidies coming to an end. Others, may be right in the middle; still working, but not enough. Whether you are employed, under employed, or unemployed, there are a few tips to keep in mind during the pandemic.

The fundamental key to changing your financial status and reaching your goals is to know your why. Know why you want to reach a certain goal, and why you are spending money the way you do. Knowing your why, i.e., your passion, allows the pieces of your financial plan to easily fall into place and provides you with motivation. Steven Covey is credited with saying, “It’s easy to say ‘no!’ when there’s a deeper ‘yes!’ burning inside.” Let’s dive into that thought a bit more.

Pride month wraps up this week. Although Pride celebrations look very different this year due to COVID-19, you can take your sense of Pride and apply that to your financial fitness. While we are largely still sheltering in place, midyear is a great time to take stock of where you stand financially.

Wow, Pride 2020 couldn’t be more different than years past. That includes the first Pride, which was a riot! With COVID-19, in person gatherings and large parades are out, virtual celebrations are in. The recent Supreme Court ruling is cause for celebration and a bright spot in all of this year’s chaos. So, how are we doing in the LGBT community?

We often see articles that included tips learned from dad, but what about financial planning tips for dad? There are a few things to keep on your radar. We often assume that being dad, he has all the answers. That’s not a good assumption to make.

June has become Pride month for many in the LGBT community. San Francisco, Paris, and New York are just a few of the major cities that celebrate Pride in June. For San Francisco, Pride 2020 marks 50 years of celebration. Given the current situation with COVID-19 however, there will not be a big parade and gathering. If you haven’t heard, the parade is cancelled. Pride 2020 will be virtual, so head over to SFPride.org for all the details.

Here we are at the beginning of June. The start of LGBTQ Pride month celebrations and half way through 2020. It may feel that it’s taken us forever to get here thanks to the shelter in place due to COVID-19. June, being halfway through the year, is a good month to check on your goals.

Amidst shelter in place many of us still managed to file our tax returns. If you are fortunate, you got a small refund instead of owing. If you got a large refund, it’s time to look at what’s going on with your withholding. Some folks got both a tax refund, and a stimulus payment due to the COVID-19 pandemic. If that’s you, are you wondering what to do with your tax refund or Coronavirus stimulus windfall?

I was on a debt and credit virtual meet-up this past weekend and a participant asked an intriguing question. Given the turmoil in the economy now due to COVID-19 and rising debt, she asked if now was a good time to stop contributing to her 401(k) and pay debt instead? That question really made me perk up!

No doubt about it, the news is downright discouraging these days. Between the COVID-19 pandemic, the recent unemployment statistics, and the ever-increasing isolation from one another that we are experiencing, it’s hard to remain positive, plan ahead, and envision a brighter future. But that’s just what we need to do, keep planning for tomorrow and envision that brighter future.

Mother’s Day is fast approaching. Given that many of us are still sheltering in place due to COVID-19, we may not be able to meet up with our mother to celebrate. If that’s your situation, don’t fret; at least plan to call her, setup a video meeting, send a card, or have a gift delivered. However, this Mother’s Day, mom may be more concerned with where her money is coming from than where her next mimosa is coming from. She may also be worried about outliving her money. Read on to learn why and for tips on opening a dialogue with mom about money.

National Financial Literacy Month was spent at home for many this year due to the shelter in place orders in various parts of our country. The COVID-19 pandemic has laid bare the faults in our healthcare system and in our financial planning. Many people are struggling and you may be wondering how all of this ties to financial literacy. This post will shed some light on the topic.