from FREEDMAN FINANCIAL | November 13, 2015

Take Advantage of 401 (k) Catch Up

Over 50 and still working? You have the opportunity to catch up on your 401(k) contributions.

Despite being told that we need to save for retirement as soon as you start working, many don't have the discipline to start at a young age. A twenty-five year old may think "retirement is so far off" and then in a blink of an eye - it's here! The IRS allows working people over 50 to make larger contributions to their 401(k) plan to "catch up" from the years when their ability to save was lack luster. The maximum employee contribution to a 401(k) plan is $18,000 for both 2015 and 2016. But workers over age 50 can put aside an additional $6,000 per year.

5 Reasons to Catch Up on Your 401(k)

What You Need to Know About the New Social Security Claiming Rules

If you're married and turning at least 62 this year, it's crunch time.

The budget bill signed last week by President Obama included some of the most significant changes to the Social Security program since 1983. Last week's changes were imposed with virtually no public review or hearing, unlike previous policy changes.

Congress slid these changes into an emergency bill to avoid default on the country's bills. The good news is that it also included a bail out of Medicare, thus nullifying the proposed increases. Still these claiming changes have left pre-retirees scrambling to make sense of the new rules and to determine whether it makes sense to act in order to maximize their own Social Security benefits.

New Claiming Rules

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We Spend How Much on Lunch?

Little splurges add up if you're not careful.

Have you ever considered the amount of money you spend over one year eating out for lunch? Americans on average spend $20 a week dining in restaurants for lunch, or $1043 a year*. But wait, there's more. According to a recent survey by Visa, if you add in the cost of periodically bringing lunch to work, and then sneaking out for an occasional latte, the cost of eating at work might average $2,750 a year.

Knowing how much you spend on a monthly/annual basis is a critical part of a well-crafted financial plan - and "eating out" can represent a big chunk of your spending. Can't figure out where all your money is going? Just consider how much you spend on take-out and coffees each month.

Daily Splurges Busting Your Budget?

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