Educational articles by Misook Yu, CFP®. These reflect the author's opinions at the time of writing and are not personalized advice.
401(k) Contribution Limits (2026) • Employee deferral limit: $24,500 • Catch-up (age 50+): $8,000 • Special catch-up (age 60–63): up to $11,250 (if plan allows) • Total 401(k) contribution limit (employee + employer): –…
This is a summary of an article from DailyFinance.com . Your New Job : Many people quickly get into a trap of spending more money when they get a new job with higher income. Instead of expanding your life style, try to…
Like any other purchases consumers make, it's imperative that people understand the costs of the financial service that they receive. There are largely three types of fees that financial professionals charge:…
Want Warren Buffet's best investment tip? Low-cost index funds! Please read the following article from USA Today by Russ Wiles. (Published on March 8, 2017) When one of the world's richest men provides free money tips,…
As a small business owner, do you think offering 401(k) is too costly and your business is too small? Thank again. Most of you cannot afford not to offer a retirement plan. Read F ive 401(k) Benefit Myths Debunked on…
(The following article is from E mployeeFiduciary.com , a low cost 401k provider.) Small businesses have a fiduciary responsibility to pay only reasonable 401k plan fees. The problem? Too many 401k providers bury their…
Got a 401(k) plan? Great! But do you know how much you are paying in fees? (Hint: It's not easy for most people to find out exactly how much they are paying, which is why you need an advisor with fiduciary who won't…
Watch what John Oliver (HBO's Last Week Tonight) says about retirement plans. He points out the problems associated with retirement savings, especially high fees on 401k plans and non-fiduciary advisors, which most…
(Article by Walter Updegrave on CNNMoney.com ) My husband and I would like to retire in the next few years. We have substantial savings, but we're still not sure whether we'll have enough to live on. Where can we find…
노후 준비 , 어떻게 시작 하나? 지난 달 (2015년 8월호) 칼럼에서 노후 문제의 심각성을 강조 하였으니, 이제 노후 준비를 어떻게 할 것인지에 대해서 알아 보자. 첫째 , 노후 준비의 시작은 본인에게 필요한 노후 자금이 얼마인지 아는것 이다. 은퇴후 매월 필요한 금액을 적어 보시라. 흔히 은퇴전 인컴의 80%정도가 필요 하다고 하지만, 원하는 은퇴후 라이프 스타일에 따라 개인마다…
This is a column that was published on The Korean-American Journal (September 2015), a news paper located in St. Louis, MO. Some contents may be specific to Korean immigrants in the US. How to Start Retirement Planning…
Many people think parents' assets greatly affect their children's chance of getting financial aid. While it may be true in general, not all assets are treated equal. For instance, monies in parents' retirement accounts…
Retirement is a big turning point in life. Some people enjoy the free time that they longed for, while others find themselves depressed without “purpose." Regardless of how you view this change, practicing would help…
There are two types of IRA accounts that any individual with an income can open although contribution limits and deductibility may vary depending on one's situation. Like other qualified retirement plans, all funds…
Nowadays we are inundated with information in personal finance, but the bottom line is to achieve your sustainable financial stability. Of course, different individuals in different situations require different (many…
401(k) and 403(b) are both employer-sponsored retirement plans, and the different names come from IRS section codes. They work in a similar way, but the main difference is that 401(k)s are set by companies, while…
Owner-only K, also called by many different names, is a retirement plan very similar to 401(k). However, like the name implies, it is for business owners only. With tax deductibility and tax deferral growth, it's an…
Why a Financial Advisor? If you don’t already have a financial advisor, it is likely that you may not want to pay the fees or you don’t understand the benefits of their services. If you are one of the savvy investors…
What will happen if you don't wake up tomorrow morning? Money, house, car...everything you own in your name may go to a legal process called probate, and your state will decide who gets your assets. If there's a…
Estate planning is a process of planning to transfer assets to others by minimizing taxes. It's important to understand that giving your money may trigger different taxations such as gift tax and estate tax, leaving a…
AGE Your age is one of the very important factors in determining how much you need to save monthly to reach your retirement goal. The younger you are, the more time you have, therefore you can achieve your retirement…
Roth IRA is an individual retirement account and the following are summary of its features: Contributions are NOT tax deductible in the year contributed. But, the money grows tax free. No income taxes or penalties when…
A 529 account is for education savings for college or higher . There are two types of 529 plan: 529 Prepaid College Tuition and 529 College Savings Plan. The Prepaid plan is run by individual colleges and used to pay…
Coverdell ESA is an education savings plan that is designed to pay for qualified education from kindergarten to college and above with more investment options. Followings are characteristics of Coverdell ESA compared to…
Term life insurance Term life insurance is designed for people to buy higher death benefits with lower costs. Any premium that has been paid is forgone and no death benefit is paid if the insured survives the insurance…