In this article, I’m sharing how to avoid IRMAA (Income-Related Monthly Adjustment Amount). In fact, learning how to avoid (or reduce) Medicare IRMAA can potentially save you tens of thousands of dollars in retirement. These strategies can also help you take control of your tax bill and avoid overpaying the IRS. If you’re ready to learn how to escape this pesky surcharge this year and beyond, you’ll enjoy this article. Table of Contents Toggle Understanding IRMAA and Medicare Basics The Role of MAGI in Determining Medicare Premiums How to Avoid IRMAA 1.) Charitable Giving 2.) Tax Deductibl ..read more

Consumer Reports ran a recent piece by Jeff Blyskal explaining what you don’t understand about your homeowner’s insurance and what it could cost you. It’s a valuable resource for homeowners (or those who rent and want to buy a home soon). But even though Blyskal nailed a lot of important points that will save you money, we wanted to take this topic one step further to ensure you get the most out of your policy — without letting it drain all the dollars out of your wallet. Let’s review some of the points made in the Consumer Reports article, debunk a few myths, and add in a couple more resource ..read more

In this article, I’m sharing everything you need to know about the 2023 IRMAA Brackets (and the projected 2024 IRMAA brackets!). I’m also sharing: What is IRMAA (and what does it stand for) How IRMAA is calculated The 10 best ways to avoid IRMAA If you want to lower your Medicare premiums and learn how to reduce IRMAA, you will enjoy this article. Table of Contents Toggle What is IRMAA for Medicare What income is IRMAA based on? How is IRMAA calculated? What are the 2023 IRMAA Brackets IRMAA Case Studies The 10 Best Ways to Avoid (or Reduce) IRMAA 1.) Charitable Giving 2.) Tax ..read more

Today I’m sharing everything you need to know about donor-advised funds. In fact, these simple giving accounts can help you lower your tax bill in 2022. They can also help you give more money to the charities you love and support. If you want to learn how to maximize your charitable giving and reduce taxes, this guide is for you. First, grab these free charitable giving resources (no email required!): What You Should Consider When Establishing a Giving Plan [PDF Checklist] How to Determine If You Should Use a Donor-Advised Fund [PDF Flowchart] Can You Donate Money from my IRA? [PDF Flowchart ..read more

San Diego real estate continues to skyrocket. If we buy a home, it feels like we might be getting in at the top of the market. If we rent, we are just paying someone else’s mortgage. So, what’s the right answer? Do we suck it up and buy a house in San Diego? Or do we rent and wait for the market to cool down? Before We Dive In, Pocket These Free Resources: Buy vs Rent: Custom Real Estate Calculator (Download Our Free Calculator) Cash Flow and Budget Worksheet (Download Template For Singles) Cash Flow and Budget Worksheet (Download Template For Couples) Key Takeaways Homeownership is not as ..read more

Today I’m going to share how to fire your financial advisor. In fact, the process is easier than you might think! So if you want to learn exactly how to fire your advisor (and what mistakes to avoid), this article is for you. [TOC] 5 Questions You Must Ask Your Financial Advisor Most financial advisors operate under the suitability rule. These financial professionals have the ability to take their fiduciary hat on and off. One day they are charging you a transparent fee and the next they are selling you a non-traded REIT in return for a 10% commission. It’s important to confirm that your finan ..read more

The fintech – or “financial technology” industry has grown exponentially since 2014, when users, investors, and regulators began to take note of the burgeoning market. In fact, research indicates that, as of 2021, more than 210 million Americans use fintech products.  The number makes up nearly 65% of the American population and has swelled by almost 10 million users since 2018. Still, many users don’t fully understand the exponential growth of the fintech market.  In this guide, we’ll take a big picture look at the financial technology sector. Then, we’ll narrow in for a detail ..read more

You can’t ask, “how should I save for retirement?” without hearing an answer that includes some variation of, “save money in your 401(k).” That’s for good reason. 401(k)s give you a tax-advantaged place to save for retirement and because you fund the account with withholdings from your paycheck, it’s a way to automate what you need to contribute to your nest egg. Plus, 401(k)s often put free money on the table that’s yours for the taking. That’s in the form of an employer match. When you can access a 401(k), your employer will usually match anywhere from 1 percent to 6 percent (or more) of wha ..read more

We’ve all heard some version of the joke that goes, “no, money can’t buy happiness… but it can buy ____, and that’s kind of the same thing.” It’s amusing because it hits on an important truth that can help set you up for financial success — if you fully understand it and use it to your advantage. Money Doesn’t Automatically Equal Happiness You actually can buy happiness. Most people just go about this the wrong way. People who can’t use money to buy happiness are spending it on things because they think they should. They’re spending on status symbols to impress other people. Or they’re trying ..read more

Our behaviors and attitudes towards money start forming early, and maybe earlier than we think. As a Cambridge University study on childhood money behaviors showed, kids can learn and take on new processes and tendencies by the age of 7! “Approaches, practices and skills which are modeled, discussed and demonstrated by parents and other significant adults, are most likely to be influential ‘levers’, supporting the development of efficient habits and practices,” the study notes. On the flip side, however, teaching your kids money lessons or ‘explicit forms of financial knowledge’ appears to b ..read more