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This is a great question that I get quite often. Many married couples have one income earner in the family and in many circumstances, this can limit their ability to save in tax-advantaged retirement accounts. Let’s say a married couple in their early-40’s has one income earner making $190,000/year and they want to save 15% ($28,500) of their income for retirement. The working spouse has a company 401(k) as well as a Roth IRA. Because the income earner is under 50, the maximum elective...

If you are currently holding cash that is above the comfort of your emergency fund, you may be stuck in what is called “analysis paralysis”. That is, with extra money to invest, you are holding back as an investor due to uncertainties in markets. A volatile equities market and a low yielding bond market due to low interest rates can do that to you. So, you are keeping money in cash for the time being, all while we are dealing with the highest inflation numbers in 40 years. If this is you, and...

A few years ago, I had a choice to make. Not a super important one, but even still it was going to affect our family’s monthly budget and...

Here at Whitaker-Myers Wealth Managers, we think it is really important for you to know what your Financial Advisor’s goals are. Knowing...

Now that you have taken the first step and decided to start budgeting, let’s talk about creation of it. When trying to set up a budget,...

This is a common question for many people new to the budgeting world who aren’t quite sure what’s the first thing they should do. Many...

My wife is a high school basketball coach. There are so many times she’ll create a game plan, explain the game plan to the ladies on her...

As parents it is important to be good role models for our children. Dave Ramsey Personality Rachel Cruze states “More is caught than...

I’m not sure if there is an actual definition of success tax, however if I were to locate one, it might state that the Required Minimum...

I’m not sure if there is an actual definition of success tax, however if I were to locate one, it might state that the Required Minimum...

The word “sinking” can be a little intimidating when you associate it with your money, but in reality, a sinking fund can be a way to...

Do you ever go through something that you know is not going to be pleasant but ultimately is for your own good? I feel that way every...

Ideas include: You must crawl before you can walk, and then build wealth One step at a time to saving for your future How the 7 baby...

During Dave Ramsey’s Livestream event, on 1/13/2022, he and fellow Ramsey personalities Rachel Cruze and George Kamel briefly discussed...

Proverbs 13:11 (NIV): “Dishonest money dwindles away, buy whoever gathers money little by little makes it grow.” Tonight’s talk started...

The IRS recently announced that next year taxpayers can put an extra $1,000 into their 401(k) plans, an extra $1,000 in SIMPLE IRA Plans...

Welcome to 2022! What a year 2021 was – coming out of 2020 and the COVID lockdowns we anticipated a strong market and that is certainly...

Who remembers their senior year of high school? You’ve completed at least 12 years of school already, perhaps even more with pre-school,...

Building wealth can be an important part of financial planning, since it can help you enjoy life and provide for your family. But as the...

Social Security offers a 5.9% cost-of-living adjustment. What if I am delaying my benefits? The Social Security Administration officially published the 5.9% cost-of-living adjustment (COLA). The 5.9% COLA increase is the largest adjustment to the benefit in 39 years. So how does this affect those delaying their benefit? First, let’s start with how Social Security calculates the COLA, and then, how those both receiving the benefit and delaying the benefit are affected. COLAs have been...