The Federal Reserve issued its final rules as part of the CARD Act of 2009. Their new rules work to help protect consumers from high late fees and other penalties.
Here’s a rundown of the new rules:
You always hear from people how they saved money on this or that. That’s great and all but sometimes I wonder – Did you really save? I mean, what did you save? Did you put money into your savings? Did your wealth grow?
A 401(k) plan is an awesome vehicle to save for retirement!
You get to lower your tax basis (the income you get taxed on). You might get a great company match… What’s not to like?
But what do you do with your 401(k) if you leave your job?
Do you take the 401(k) with you? Where do you put it? Should you leave it?
You have some choices for your 401(k) which I’ll outline for you below:
Let’s start with the obligatory disclaimer – this is not an encouragement nor a discouragement to buy or sell particular securities, stocks carry risk, consult a financial advisor but you don’t have to, etc. That was for that infinitesimally small segment of the population that is a) literate enough to read this post, yet b) dumb enough to do whatever a disembodied online voice suggests. There, now you can read the post absolved of any obligation to think.
With health costs rising, and with frustration over ever-higher health insurance premiums, it is little surprise that many are looking for alternatives to the types of health insurance plans we are used to. In an effort to provide more options for paying for health care, the Health Savings Account was signed into law in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. It provides a way for consumers to set aside money for medical expenses, and provides a way for that money to grow tax free in an account that bears a striking resemblance to an IRA.
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