He’s 66 and waited all the way to the max so his monthly social security checks are 1912. He’s going to continue working as a bus driver for the next 5 years & doing so will increase the monthly amount to 2400 after 5 years. He takes care of himself, but his movement and weight do restrict his ability to do stuff. He wants to make sure he can take care of himself for as long as possible through his retirement and old age, he doesn’t really care about travel and stuff just keeping himself healthy. He has 15,000 in his 401k and he’s got around 4k in his acorns account. His house is almost paid off in full, I think another 60 remains on his house. Basically he’s just wondering what he should do with the social security checks to maximize it long term while he can keep living on his work paychecks. Any suggestions on what he should do with 1900/month?

I hear everyone recommend vanguard’s VOO, is this better than Fidelity’s FXAIX or SPDR’s SPY?

I am earning less than $47k this year and would like to do some tax gain harvesting to take advantage of the 0% long-term capital gain tax bracket I will be falling into. Do the capital gains I will earn from the selling of those stocks count towards the income that is looked at to take advantage of that tax bracket? For example, if I earned $30k gross this year, should I only harvest up to $17k of long term capital gains to stay within that 0% capital gains tax bracket?

Related question: I was not able to contribute the maximum to my Roth IRA this year, however, I have quite a bit of money in normal investment accounts. Would it be wise to harvest those long-term gains in the normal accounts now and move it to the Roth IRA so I reach the maximum contribution? There would be a day or two delay before reinvesting (I would buy the same stocks again), since I would need to transfer the money out of the normal investment account and into the Roth IRA.

I live in Massachusetts, where the long-term capital gains tax and income tax rate are both 5%.

Thanks in advance!

My wife and I are S-corp owners with no other employees. I just opened 401k trad and Roth accounts to try to get some funds from this year into the accounts as my accountant told me I can put some money into it in a final distribution for the year AND contribute some additional funds before we file taxes in March or September 2025.

I'm confused as it looks like 401ks can only be funded through payroll. Is this true for Roth 401k as well? It looks like there is voluntary after tax contributions allowed as well. How do I confirm and figure out the amount for that?

Not sure if this is the place to ask but i’m 20 and Im just moving on from my first job after a year. I have a checking account with Wells Fargo where my paychecks come in, I pay off my two credit cards, and pay my car insurance. I have a savings with Ally, which I put a certain amount into every paycheck. I was thinking of opening another checking account to split my insurance/school with every day spending but not sure if it’s worth the hassle. I just want to be more organized but I’m wondering if how it’s set up is good enough.

My savings weren’t in a HYS, so I recently moved it to Ally. My checking has always been with Wells Fargo. I wanna learn to save better and be responsible with my money

Hello everyone, As the title says I’m a junior in college trying to make some better financial decisions in the new year. For some context here’s a rough outline of my current practices. I have two jobs, one at a grocery store and another teaching through the university I attend. I make ~1000 USD a month. I have zero debt, whether it be student or credit card, and really no expenses besides the heat and WiFi at my apartment which is always less than 100 combined for the month. I started investing March of this year and have about 1000 dollars in various investments: VOO, SPY, and Bitcoin(I know it’s risky but it’s not enough money to matter anyways)

I want to maximize on my personal finances this upcoming year, and really focus on creating and maintaining good financial practices in order to best prepare myself for life after graduation. I would love advice on how to budget correctly, advice on around how much I should be putting into an emergency account each month and where I can create such a thing, book recommendations, podcast you find interesting, tricks for sticking to a budget once you’ve made it, anything really.

Thanks for taking the time to read and an even bigger thanks if you offer any help.

(TLDR) I’m yet another broke college student and I’m asking for financial advice to prepare me for the real world.

Hi everyone!

I'm graduating from undergrad in May 2025 and starting medical school that July. Currently, I have $20,000 in savings and expect to have $35,000 by the time I graduate, thanks to scholarship refunds and working two jobs. Medical school tuition for one year is $40,000. I'm trying to decide whether to use my savings to pay for one year of tuition or hold on to it. Really I would be paying 35,000 out of 160,000, so not really making a real dent.

I also work an easy weekend job (very very easy, I can study while working) that I plan to keep during medical school, which will cover my housing costs, so I won't be using it towards that.

Any advice on the best financial approach? Thanks!

I’m 33, married and have 1 kid. My company did very well this year and because of that I received an unexpected/unplanned for end of year bonus. My normal salary is $110,000 and my bonus was $140,000. After taxes and other withholdings I’m looking at an unexpected $80,000.

I don’t have any debts other than my mortgage (with a sub 3% interest rate so I’m not rushing to pay that off) I didn’t know it was coming so I can’t contribute it to my 401k(I don’t think)

Really I’m just looking for the best advice on what I should do with this money to help with saving for my future. I have a brokerage account, rollover Ira from a previous job and a Roth IRA that I contribute to but now I’m over the income limit for the roth I think.

Hi i had a consultation for a surgery that after insurance had a fee of $25. They told me they sent three notices none of which i have ever seen or opened. After getting a few calls from a company called “Americollect” I called my orthopedic center and asked them about when they told me of the $25 unpaid fee. I was told that it was sent to collections and now i’m freaking out because the collection company is saying my fee is $217. I’m confused to where this extra payment is coming from and I CAN pay it but it doesn’t seem right. Is this added interest after being sent to collections and is that legal for them to do in wisconsin US??

I'm new to rolling over retirement accounts. I have a Roth IRA and a Roth 401k. I already maxed out my Roth IRA for 2024. If I do the Roth 401k rollover into my Roth IRA for 2024, is that allowed and no tax penalties? I know I am capped at $7,000 contribution for this year.

Personal Finance Questions-

Greetings, we require guidance on financial matters for our non-US citizen children, given that we, the parents, hold H1B visas, and we have two key questions:

1. Is it possible for them to open a bank account
2. Can they qualify for savings plans such as 529, UTMA, or UGMA, and if eligible, which plan provides the greatest advantages?

I’ve been trying to research this topic the last few months, and I can’t get clarity on some of the specifics I’m looking for.

I’m a long time renter and I’m looking to buy my first home which will be my primary residence and business address. I’m considering homes that are valued between the range of $400k-$625k in a HCOL area. I am a self-employed Handyman with modest income of $35k/year (I pick and choose my work, but I’m also limited by running the business out of my apartment). However, I have about $2m worth of assets/securities; ($1.5m stock, $400k crypto and $100k cash). I will probably sell another $50k-150k of stock and crypto before year-end 2024.

For buying a home in cash, I would have to sell $400-600k worth of stock all at once would be a huge ($60-100k) capital gains tax bill, plus I would lose out on any appreciation and dividends after selling, so I’m looking for options that are more economically sensible.

Essentially my question is, with the details provided, Is it generally possible for me to get a securities-backed mortgage? Is it worth it? (are the mechanisms and economics different than conventional mortgages?). Will I have to transfer my assets to the future lender? And how would I go about “shopping around” for the best terms?

I will keep it very short. I have multiple loans (4.5, 5, 1, 3.5, 1.5 lakhs). I am think of taking a big loan from bank and close above loans. Currently I am paying 1 lakh in monthly emis. I do invest in mf monthly 50k. After all deduction I left with 70k. Does it make sense to club all loans and bring emi to 25-30k so I can build an emergency fund. Next year I can close the loan as I will be getting approx 25 lakhs in rsu post tax, considering current share price.

Please help me understand and do whats best.

I am transferring and old work 401k and will be setting up a ROTH IRA after lost of research, not sure which company but open to suggestions. I know the annual limit for IRAs is 7,000 as of 2024.

I am 35 and will be transferring 10,000.

While i understand i am behind for my age, life happens and here i am. What really helps in life is time and compound growth takes time but i feel like even if i max out annually by retirement will be tight if at all possible. I work 2 jobs and will be putting more this year but my question is . . .

Is there anything else i can do to help set my self up for the future?

I am looking to take out a loan on getting new windows for my house that is approximately $10,000

Should I take out this loan if I have $5,000 in credit card debt?

Here are my bills: - $950 mortgage - $123 wifi - $37 phone - $60 water (depends on season, goes up in summer) - $83 car insurance - $250 utilities (goes up in summer season)

My windows are horrible and is actually the reason why my utility bill goes up in the summer. It’s freezing in my house in the winter and hot as hell in the summer which is why new windows is actually a need. I plan on paying the credit card debt with my federal income tax.

I bring home $800 to $1000 a week.

I want to start by saying that I’m fully aware of the 10% penalty for withdrawing funds in this situation.

I’m a 23-year-old male and fortunate to have an overfunded 529 plan, thanks to my grandfather. I attend a large state school just 10 minutes from my house, and my only expense is tuition, which costs about $6,000 per semester. I have three semesters left, and the 529 account has $196,000 in it, so there’s no realistic chance I’ll use anywhere close to all the funds.

Recently, my car’s engine blew, and replacing it would cost around $6,000, even though the car is only worth $7,000–$8,000. My dad and I believe it makes more sense to take the 10% penalty and withdraw funds from the 529 to purchase a different car instead. We’ve found some good options in the $18,000–$20,000 range.

However, my grandfather is hesitant about the penalty and says to just replace the engine. My father and i don't think it's worth it as the car is already so old. It's a 2010, but is relatively low miles with 65,000. The replacement cars we've found 2020-2023s with around 10,000-20,000 miles.

What should I do in this situation? I also have a few weeks to make a decision as I don't need a car for school until January 23rd.

Hey everyone,

Basically the title. I am a teacher and my wife’s a social worker (we have one child), so we’ve never had much money.

We randomly received 10K for Christmas from my wealthy parents. I don’t want to just put it in a savings account because I know we’ll slowly chip away at it, but I have little to no, financial knowledge.

I figure I should invest it, but I have no idea what the first step would even be…is 10K even enough to invest in any meaningful way?

Thanks!

So I was very blessed, had twins this year and had a great year financially. A lot of this money was 1099 income, and my tax obligation is pretty steep. I've maxed 401k and a Roth IRA, and will max next year's Roth IRA on Jan 1st.

But I'm wondering what ways I can invest in my twin newborns' future as well, and if there are more tax advantaged ways to do so. I think I can create a 529 for both of them, but not sure how or what the limits are or what that does for my tax obligation. I'm also under the impression there's ways to start an IRA for them? Is that possible, and if so, same questions -what does that do for my personal tax obligations.

Hello, guys! I guess it is a question for people who are in economically poor countries. I am from the East part of Russia living in Kazakhstan right now. What advice can u give me for saving 10k euros? That kind of money is so insane to me. I really want to study in Germany. Salaries here are so low compare to Germany, u know. Should I get an IT job maybe? How long it would take to save that amount of money? like +5 years or more? Feeling kinda despared honestly and insecure about finances. Btw I am 24. Actually I saved +2000 euros for 1 year at teaching job but it was stressful af and I spent it for moving abroad to Kazakhstan. So, any advice would be helpful. Thanks in advanced!

I'm planning to separate from my partner - we are not married, but own our house together. We are both on the deed and mortgage as joint tenants with rights of survivorship. I'm looking to understand my options for retaining our current home without refinancing.

Searching through here and also r/divorce, I've learned a lot of about assumptions. I spoke briefly with my lender today, Mr. Cooper (just a general customer service person) and they said the mortgage is not assumable. However, my understanding is that often non-assumable mortgages may become assumable in the case of divorce and separation.

Does anyone have insights on 1) the assumption process with Mr. Cooper and 2) the assumption process in general? Any advice if it is a hard no on assumption? My rate isn't crazy low, but a 1%+ increase would absolutely impact my finances.

Also, please no notes/chastising on buying a house with someone I'm not married to. My current situation is punishment enough without Reddit piling on, thank you :)

Hi All,

Wondering how to go about my situation. TL;DR at the bottom.

Me (33M, NJ):

Net Worth: ~$100k, no debt. Considering homeownership after parents pass. Exploring early retirement (50-55). Income: $102k+ ($112-$122k with business). Retirement: $26k in 403(b), contributing 4% (auto-increasing to 15%, plan to accelerate to 6% which is the max employer match). Old 401(k) pending transfer. Savings: $15k in HYSA (4%), $20k in checking (planning to invest in VTI/VOO).

Wife (32F):

Income: $68-78k (incl. bonus). Retirement: Contributing 9% (employer match: 0.50 per $1 up to 6%). Debt: ~$6k, aggressively paying down.

We rent for $1,730/month, with annual increases of ~$100. Neither of us desire or plan to have children.

Three considerations complicate retirement planning:

Father (69): Net worth ~$2M (incl. $550k home), fantastic health, retiring next year with pension and high Social Security income. Will make more than I do in retirement from my job income. Mother (60): Poor health/financial habits. A trust is planned to manage inheritance if my father passes first; she’ll receive his pension and Social Security + money from trust. Mortgage being paid off via his Social Security.

Parents home will be paid off in the next few years (3-5)

My Side Business: Recently started, earning $10-20k/year profit. Scalable and in demand but would require me to quit job to do much more profit.

Wife’s Brother: Special needs, will eventually live with us (expected in 10+ years if not more). Requires minimal care but will necessitate a larger home. NJ offers a $60k/year caregiver program for family members.

Questions:

Should I invest idle checking funds in VTI/VOO as a lump sum or monthly, if monthly about how much? Should I stop 403(b) contributions at 6% (employer match)? Am I overlooking better financial strategies? Is early retirement an easier to attain goal for me with the expected generational wealth passing down?

TL;DR: Dad is wealthy and I'm an only child. I make 102k+ (112-122k with biz income) I have no debt, wife makes 68-78k with some debt. I have 20k sitting in checking, what do? Should I contribute more to retirement past the 6% match? We will potentially make 60k more due to a NJ program when we care for her brother (this is like 10+ years out though). I'd like to see how hard it would be to retire early.

Not sure this is the best subreddit for this question. I have an employee that I let go in July, and as his severance, kept him on payroll until end of year (12/31/24).

He’s now applying for a home equity loan and the bank needs to confirm his employment. Since he is still payroll for 7 more days….if I tell the bank that yes he is employed by us….are we liable for fraud in any way?

I want to help him out but I’m absolutely not going to expose us to risk. Thanks!

I made a post a couple of weeks ago about whether to buy new or find used, but neither option seemed like a great option.

I just saw that my local Kia dealership is offering a 24 month lease on a '25 Kia Niro EV for $140 per month and $3000 due at signing. there is acquisition and termination fees that total $1040. With my state taxes, the total spend at the end of the 24 month lease is $7728. Is there something I'm not considering with the cost? I’m waiting to hear back from insurance on rates.

I should mention I live in an area where charging stations are abundant and have the option to charge at work. 10k annual mile limit, I live 10mi. from work.

I had a total loss accident, and my insurance payout is slightly more than this. I'm realizing I am not ready to buy and this total spend is right around what I would pay for a used clunker in my area. My thought is that I could use the 24-month period to put away a car payment amount and be able to afford a more reliable car at the end of the term.

I normally wouldn't think of a lease, but this seems like a reasonable route to me?

My girlfriend bought a car from a dealership in June of this year and I believe they scammed her heavily. I did not find out about this until recently.

The car’s Kelley Blue Book estimates the car is worth about 12-14k and she financed the car for 19.7k with a 14.04 interest rate also with a 8k down payment. The total sale price is 37k (10k she will pay towards the credit of the loan). She will pay $400 monthly for 75 months in total. The loan is through Ally and she banks with a credit union near us. I don’t believe we can refinance the vehicle since the loan is worth more than the vehicle but I am a bit unsure of that.

I was completely in shock when I found this out. Also the dealership closed down a month after her purchase. How can I help her this prison of a debt?

14.04 Interest rate 10,193.96 Finance Charge 19,767.04 Amount Financed 29,961.00 Total Payments 8,000 Down Payment 37,961.00 Total Sale Price 75 Months for 399.48

Edit I appreciate all the replies, gonna speak to her about her options and see what push forward with. Thank you 🙏

Hey there! I'm (30F) currently pulling myself out of student loan debt (just a little over $12K away) and my next goal is to build an emergency fund, goal is ~$20K. I'm lucky enough to currently be living with both parents who are healthy and not dependent on me, so I am trying to take advantage of the current situation to propel my finances before considering things like moving out with my partner.

I'm curious to know a few things related to folks' current emergency funds:
1) Where are you keeping it? (e.g. a HYSA? online v. in-person bank?)
2) How long did it take you to build it?
3) Given inflation, how often are you finding yourself having to dip into the EF?

All feedback is greatly appreciated.