A job market is a tough place these days. With so many unemployed people looking to get hired and employers looking to hire, new hiring tools have been implemented.
One of those tools is the pre-employment skills assessment tests that employers use. The purpose of these tests is to evaluate an applicant’s skills and knowledge as they show potential for the profession. [Read more…]
Selling a home is the biggest decision one will ever make. Considering that a home is the most valuable possession you could ever have, selling it is not easy. However, some situations, such as moving, may necessitate you to sell your home fast. However, selling a house has to be done right; this will guarantee you good money and a better lifestyle. However, selling the house at the wrong time may put you at risk and more trouble in future years. Therefore before selling a house, it is essential to factor in the market conditions to guide you on the best time to sell a house. However, market conditions are not the only things you need to factor in; [Read more…]
After all the haggling you do to get the best price on your home, and all the work you put into your credit to get the best interest rate, it can be disappointing to realize that closing on a home comes with thousands of dollars in bank and legal fees. You need to pay for multiple inspections, an appraisal, attorneys’ fees, title insurance – and that’s just the tip of the iceberg. [Read more…]
A thrift savings plan is a retirement plan available to federal employees and members of the uniformed services.
Real quick…Uniformed services are bodies of people in the employment of a state who wear a distinct uniform that differentiates them from the general public. Their purpose is to maintain the peace, security, safety, and health of the public they serve.
Back to it. A thrift savings plan is a defined contribution plan, like a 401k, that offers federal employees the same benefits as people who work in the private sector.
In this article, we learn about what a thrift savings plan is, as well as the rules and regulations.
As mentioned in the introduction, a thrift savings plan (TSP) is a defined contribution retirement plan for federal employees.
A TSP includes deferred contributions from employees and can include matching contributions from the federal agencies. The employee also has the option of contributing pre-tax to a Traditional TSP, or post-tax to a Roth TSP.
If applicable, you can rollover a previous 401k or IRA into a TSP, and vice versa if you retire or move back into the private sector.
Currently, Blackrock is providing the investment products used in the Federal TSP. The investment options include:
Not only is it a retirement plan, but it’s also a government-sponsored retirement plan. Obviously, there are going to be some regulations that accompany it.
The TSP contribution limit for 2022 is $20,500. The government has a sliding scale match, starting at 1% and topping out at 5%. The match is available even if you don’t contribute, though it is at the 1% base amount. It’s a percentage for a percentage match. If you contribute 2%, the match is 2%. If you contribute 5%, the match is 5%.
Fees are considerably lower with TSPs, usually .05%. Like IRAs, TSPs also have required minimum distributions that must start at 72. IRAs have an early withdrawal penalty of 10% if you pull money before 59 ½ years of age. TSPs will waive that 10% penalty if you retire at 55 or older.
Business Retirement Plan Guide
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
In the United States, the median home value comes in at $320,662. While most wouldn’t consider that cheap, it isn’t anywhere near what you may have to pay in some parts of the country. However, that doesn’t mean there aren’t areas where paying that amount would only happen with a luxury-style home, as the average for the state is actually far lower. In the end, where you buy a home makes a big difference when it comes to pricing. If you’re wondering how much, here’s a look at what homes cost in five states around the country.
When it comes to lower-cost housing, Iowa is one of the least expensive places to buy a home. Even though home values have risen by 12.2 percent within the past year, the cost of a house is much lower than many would expect. In Iowa, the average home value comes in at $178,608, putting it more than $142,000 below the national average.
Texas has also seen home values rise quickly in the past year. Overall, the year-over-year change is a startling 21.6 percent, leading many to assume that prices in the area would be hard to manage.
In reality, the average home value in Texas is $276,048. That’s still more than $44,000 under the national average, making the properties seem downright affordable by comparison.
While real estate in New York City is notoriously expensive, that doesn’t mean home values are out of control in the rest of the state. In fact, even with home values rising 13.7 percent over the past year, New York isn’t as high cost as you might expect.
The average home value in New York sits at $374,717. While that’s still about $54,000 above the national average, it’s likely isn’t as high as you’d expect.
In the land of higher-cost real estate, California firmly has a position near the top. Typically, the state is sitting just one place behind the highest cost state (if you don’t count the District of Columbia).
Certain cities are notoriously pricy, such as San Francisco, which comes in with an average home value above $1.5 million. However, not all areas have those kinds of price tags, so the state average is fortunately far below that amount.
Still, California home values have risen by 20.1 percent in the past year, causing the average home value to come in at $734,612. That’s $413,950 above the national average.
If you’re wondering which state has the highest housing prices, look no further than Hawaii. It usually tops the charts when it comes to real estate purchase costs, outpacing every other state in the nation.
The average home value in Hawaii is a shocking $821,263. That’s more than half a million above the national average. In fact, you could have four average-value Iowa homes or two average-value New York homes for that amount with a notable amount of room to spare.
Are you surprised by how different the cost of homes is in each of the states above? Have housing prices encouraged you to relocate to another state to make homeownership more affordable? Share your thoughts in the comments below.
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Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
Fuel is defined as any material that can be heated or burned to produce energy. These materials can be oil, gasoline, coal, or petroleum. It’s a non-renewable resource that’s used in everyday life. Nevertheless, once they’re all used up, fuel energy sources can no longer be replenished or replaced. [Read more…]
At the end of 2021, the new 2022 Medicare premiums, Medicare Advantage plans, and Part D plans were announced. Many people were shocked that the Medicare Part B premium increased more than $20 per month. Those who were enrolled or looking to enroll in a Medicare Supplement Plan G in 2022 wondered what the cost of that plan would be. [Read more…]
April is fast approaching and soon, everyone will have to visit their accountants and file their taxes. That said, we need to make sure we are filing taxes correctly. Keeping accurate and up-to-date records is important. Here are some tax tips and how to be well-prepared for tax time.
If you haven’t done so yet, or you’d like to contribute more, you have until tax filing day to do so. For a refresher, here are the contribution limits for some IRAs: IRA/Roth IRA – Max contribution is $6,000 ($7,000 if you’re over 50 or older).
If you have a SEP IRA and you get an extension, you have until October 17, 2022, to make your 2021 contribution.
This is more of a tip for the end of the year, but make sure you take your Required Minimum Distributions. For people that are either over 70 ½ or over 72, depending on when you turned those ages, you need to withdraw money from your IRA. If you don’t, you’ll pay a tax penalty of 50% of the amount you should have withdrawn. For example, if your required amount was $10,000. You’ll pay a $5,000 tax penalty if you didn’t take that distribution.
If you didn’t pay enough or you didn’t make a payment to the IRS for 2021 taxes, you have until you file to make your payment.
According to the IRS rules, you must pay 100% of last year’s tax liability or 90% of this year’s or you will owe an underpayment penalty.
Get all of your tax documents in order. For earnings for the year, you’ll need one to several forms, depending on what you do for a living and how your business is set up. W2s are pretty common. If you’re an independent contractor, you’ll need 1099.
Most people will take the standardized deduction, which is $12,550 for single filers and $25,100 for married couples filing jointly.
However, if you are self-employed or you have a lot of expenses that are tax-deductible, itemize your deductions. You could save a lot more money IF your total itemized deductions are larger than the standardized deduction.
With the move to work from home still taking place, it might make sense to take advantage of the home office tax deduction. Here are some of the rules:
Last-minute tax tips for tax time
Triple-check your work if you prepared your own taxes and file on time. If you’re having someone prepare your taxes on your behalf, make your appointment ASAP because their calendars will fill up really fast.
Tax Tips for Small Business Owners
Why Financial Literacy is Important
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
When buying your first home, you’re bound to experience many ‘’Oh wow, nobody told me this’’ moments — more than you could possibly hope for. [Read more…]
Small businesses seek measures to save money and utilize credits and deductions during tax season. Here are some tax tips for 2021, which will be especially useful if you manage a small business: [Read more…]