So You’d Like to Achieve Financial Independence – Bill Griffith Jr CFP

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5 Steps to Building Wealth for Retirement

Do you dream about having enough money to do whatever you want to do? Do you want to start a new business, provide financial help to family members or engage in a new hobby or adventure? Do you want more control over your time to do what is really important ...

Are You Planning to Retire Early?

Are you planning to retire early? The key factor for those who are planning an early retirement is to protect your retirement savings from another bear market. There’s been a lot of information published recently about the fact that many people close to retirement age have seen their retirement funds disappear ...

The Future of Social Security Retirement Benefits

There's been a lot of debate recently about the future of Social Security retirement benefits. Some say the Social Security system needs fixed. They argue that the current system is under funded and without a solution the Social Security Trust Fund will eventually be depleted. This is due, in part, ...

Year End Tax Tips for 2011: Retirement Savings Plans

Here’s a tax tip to help you save money for retirement and lower your taxes in 2011. You have until April 17, 2012 for it to count for the 2011 tax year.

Elective Deferrals

If you participate in an employer sponsored 401k or other retirement plan at work, then you may know that elective deferrals must be made by December 31, 2011 for the 2011 tax year. In 2011, the maximum elective deferral contribution to a 401k plan, 403b, and 457 plan is $16,500. The catch up contribution for an individual age 50 or older is $5,500.

IRA Contributions

If you have an Individual Retirement Account (IRA), the rules are a little different. You’ll actually have until April 17, 2012 to contribute money to your IRA and have it count for the 2011 tax year. If you don’t already have a traditional IRA account, you can always set up a new one.

In 2011, the maximum annual IRA contribution is $5,000. The catch up contribution for an individual age 50 or older is $1,000.

Do you actively participate in an employer sponsored retirement plan? Click here for the IRA contribution limits for determining the deductible amount of an IRA contribution for individuals who are active participants in a company retirement plan.

If you (and your spouse, if you’re married) are not active participants in a company retirement plan, your contributions to your traditional IRA will be fully deductible.

Find Affordable Health Insurance Plans for Individuals

If your situation has changed over the years, you may be able to reduce your health insurance costs by finding a low cost health insurance plan better suited to your needs.

Compare Health Insurance Plans

One way to find a low health insurance plan better suited to your needs is by comparing plans. A good time to compare health insurance plans is at the beginning of the year. Many health insurance companies make changes to their policies and rates at the beginning of the year. You can get a health insurance quote from a licensed health insurance agent or an online source for health insurance plans, such as .

Health Reform

Health insurance companies are always introducing new medical and dental insurance plans. You’ll want to compare your current coverage and limits to the new plans that comply with the new health reform requirements.

Existing Health Coverage

If you do decide to obtain new coverage, make sure you don’t cancel your existing health insurance until your new health insurance policy has been issued. Whenever you apply for new health insurance coverage, your application may have to go through medical underwriting. There’s always a chance that you might not qualify, especially if you or another family member has a pre-existing medical condition.