If your retirement savings aren’t quite where you hoped they would be, you’re not out of time yet. Between raising children, unexpected expenses, and seemingly never-ending bills, it’s easy to fall behind on your retirement savings. But with smart budget moves and wise planning, you can start building the nest egg you work so hard for. Spend Less, Save More Start by examining your spending habits, looking for any areas to cut back on and put into your savings account. A good place to start is subscriptions you may no longer need or costs you could reduce, such as eating out. Once you understand your buying habits, create a budget to compare your income and expenses. A budget can be a road map for achieving your retirement goals, allowing you to adjust and earmark funds for specific dreams. Focus on reducing what you owe by paying off high-interest debts. Max Out Retirement Accounts Take full advantage of your retirement accounts, like your employer’s 401(k) contributions and your Roth IRA. Most companies that offer 401(k)s will match your contributions, so go above the minimum contribution to get the most out of this benefit. Maximizing your 401(k) is an excellent way to grow your nest egg while working toward retirement. You can also max out your contributions to a Roth IRA, which allows you to withdraw funds tax-free as long as the account has been open for at least five years and you are 59 or older. Make More, Save More Suppose your budget is tight every month, or you find saving up for your goals challenging. In that case, it may mean you need to find new opportunities to earn extra income. If you are nearing retirement but don’t have the savings you feel comfortable with, consider working a few additional years to build up your funds. Any time you receive extra money, use Catch Up on Your Retirement Savings MAX OUT YOUR FUTURE
SCHOOL SUPPLIES Make the Most of Bac
As summer winds down and school supplies start flying off the shelves, it’s time to sharpen your pencils and your tax strategies. This back-to-school season, parents and guardians can take advantage of smart tax deductions that help offset the often- overwhelming costs of education. Whether you’re buying backpacks for elementary kids or shelling out tuition for a college-bound teen, the IRS might just reward you with a bit of relief. The Back-to-School Basics Let’s start with the everyday stuff. While school supplies like crayons and notebooks aren’t directly deductible for most taxpayers, there are a few ways to ease the burden. If you’re a teacher or school staff member, the Educator Expense Deduction allows you to write off up to $300 of unreimbursed classroom materials each year (up to $600 if both spouses are eligible educators and file jointly).
For parents, the real savings kick in when your student heads to college.
Writing Off College Expenses College tuition and fees can leave a hole in your bank account, but Uncle Sam offers a few lifelines.
The American Opportunity Tax Credit (AOTC): This allows you to claim up to $2,500 per eligible student for the first four years of higher education. That
Spinach, Feta, and Egg Stuffed Peppers Inspired by EatingWell.com
it to build up even more savings. You can invest money from bonuses, gifts, or pay raises into an investment account, so it continues to grow. If you have any hobbies or passions, consider turning them into a side hustle.
INGREDIENTS
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2 large bell peppers, any color
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1 tbsp extra-virgin olive oil 1/2 cup chopped onion 2 cups chopped spinach 1/3 cup crumbled feta cheese
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1/2 tsp salt 4 large eggs
2 tbsp reduced-fat milk
1/4 tsp ground black pepper
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