Ongoing retirement saving by Chapter 13 debtors has been a touchy subject since the means test became a part of the bankruptcy scene. The means test was intended to squeeze every available dollar from consumer debtors. It works by limiting the expenses that can be deducted from income in figuring what a debtor can/must pay […]
Is Home Equity A Substitute For Retirement Savings
My house is my retirement plan. If I had a dollar for every time a client said that, I could retire today. But that approach to funding your old age only works if…. Sell your house to retire The value in your house makes your balance sheet strong, but doesn’t put food on the table […]
Annual IRA Contribution: Use It Or Lose It
Tax day approaches. Only a few days remain to make an important decision. You expect to live for decades after you’re eligible for Social Security, don’t you? Then, you have only until April 15th to use the 2018 allowance for contributions to a tax-advantaged IRA. Miss making that 2018 contribution and it’s gone for […]
Double Dipping On Retirement Savings
Any time you can double your savings and protect your money from creditors is a good time of the year. The period between New Years and Tax Day is my favorite time of the year, just for that reason. You can make contributions to your IRA last year AND contribute to this year’s IRA allowance. […]
The Most Compelling Reason To File Bankruptcy
Shedding debt so you can save for retirement is the most compelling reason to file bankruptcy in my book. Get rid of the debt that’s dischargeable so you can fund your retirement, I exhort. Between the crippling cost of housing in the Bay Area and parent loans for college, there is so little margin for […]
