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Explore: 529 Plans: The Ins and Outs of Contributions and Withdrawals

529 Plans: The Ins and Outs of Contributions and Withdrawals

529 plans can be powerful college savings tools, but you need to understand how your plan works before you can take full advantage of it. Among other things, this means becoming familiar with the finer points of contributions and withdrawals.

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Life Insurance at Various Life Stages

Your need for life insurance changes as your life changes. When you’re young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your need for life insurance may decrease. Let’s look at how your life insurance needs change throughout your lifetime.

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Tax Benefits of Home Ownership

In tax lingo, your principal residence is the place where you legally reside. It’s typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax benefits associated with homeownership apply mainly to your principal residence — different rules apply to second homes and investment properties. Here’s what you need to know to make owning a home really pay off at tax time.

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Understanding Your Credit Report

Your credit report contains information about your past and present credit transactions. It’s used primarily by potential lenders to evaluate your creditworthiness. So if you’re about to apply for credit, especially for something significant like a mortgage, you’ll want to get and review a copy of your credit report.

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Crisis Averted? Financial Help for Struggling Renters and Landlords

By one estimate, U.S. landlords were owed about $57 billion in unpaid back rent at the beginning of 2021. The average household that fell behind owed about four months of rent, or $5,600. Altogether, more than 10 million U.S. families were facing the possibility of eviction.1

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Tapping the Equity in Your Home

Over time, the value of your home has grown and your mortgage balance has been reduced (or even eliminated). The equity (the property’s value minus any liens against it) you now have in your home is a reservoir of funding potential. You may decide to tap into it for various purposes, such as remodeling your home, paying off high-interest loans or credit card debt, buying a car, or sending your child to college.

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FAFSA Changes: What This Means for Grandparents and Families

Starting with the school year of 2023-2024, students will no longer need to disclose cash support during the FAFSA application. Grandparents with 529 accounts for their grandchildren who wish to use these funds toward college tuition may do so without negatively impacting their grandchildren’s eligibility for financial aid.

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How Much Auto Insurance Coverage Do You Need?

All states have financial responsibility laws that either explicitly or in effect require you to purchase at least some auto insurance. However, there is often a large gap between the amount of coverage you’re required to have and the amount of coverage you really need. Even in states with the most stringent requirements, many insurance professionals suggest that you have a broader scope of coverage (i.e., more types) than what the state mandates, and that your coverage limits in most areas exceed the required state minimums.

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