Is it crazy to compare yourself to a large financial institution? No. You both have a key thing in common: assets.The only real difference is that many more people depend on a big bank than on you.
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Before you head to the beach, use this tax-advantaged account to stock up on summer necessities.
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Chances are a big portion of your retirement savings are in pretax accounts like a 401(k) or IRA. If you need to tap those accounts for costly care, you must realize that every dollar is taxable. And you might be shocked at the tax rates that come with withdrawals large enough to foot the bill.
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Most Americans end up getting a tax refund each year, but if you underpay your taxes, whether intentionally or not, you’ll wind up in the opposite scenario — owing the IRS money. This is especially likely to happen if you earned a lot of secondary income from a side job or investments.
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Simple math suggests it’s likely better to get rid of debt before saving for retirement or adding to your emergency fund. In general, if the interest you pay is higher than the interest you earn, you’re losing money. By Amy
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