Achieving a Better Life Experience Act of 2014, or the ABLE Act of 2014, encourages and assists individuals with disabilities and their families in saving private funds in a tax-advantaged savings account. These funds can be used to pay for education, health care, transportation, housing and other expenses. Here are some of the most frequently asked questions about ABLE accounts:
Have you thought about how much money you need to retire? Or if you have enough insurance—or even the right kind? Or if there is anything more you can do to save taxes throughout your lifetime? These are just a few questions you can answer by doing a comprehensive financial plan.
According to a national survey conducted in 2016 by the Certified Financial Planner Board of Standards, Inc., more than 52% of American households are unsure if they will have enough money in retirement. Only 35% have used a financial planning professional to assess their situation and create a plan for the future. Financial planning can benefit people of any income level by answering some of these “unknowns”. Here are seven financial planning areas to think about in 2017.
What is a 529 Plan?
These plans are named after Section 529 of the federal tax code. The 529 plans are a great vehicle to save money and let it grow tax-free. The requirements for guaranteeing the tax free growth are simple – use the money in the 529 plan for qualified education expenses.
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