Find out which cities offer the best settings for pooch-friendly jaunts. Kzenon / Shutterstock.com
Editor’s Note: This story originally appeared on LawnStarter. Taking walks can give you and your pup a new leash on life — at least until the sidewalks end or where cars pose a hazard. Which cities offer the most ideal environment for roving with Spot? To mark National Walk Your Dog Month, LawnStarter ranked 2023’s Best Cities to Walk Your Dog. We compared the 200 biggest U.S.
SSDI benefits can be difficult to navigate. Read this now to understand how SSDI works, who qualifies, and how to apply. Krakenimages.com / Shutterstock.com
Editor’s Note: This story originally appeared on The Penny Hoarder. Someone born in 2000 has about a 1 in 4 chance of becoming disabled before they reach their full retirement age of 67. For a worker who becomes disabled during their working years, Social Security Disability Insurance (SSDI) is a lifeline. As with Social Security retirement benefits, Social Security disability benefits are…
It’ll cost you hundreds or even thousands of dollars.
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Many employers offer employees the option to invest in a traditional 401(k), a tax-advantaged retirement savings plan. Employees contribute with pre-tax dollars, meaning you’re not taxed until you withdraw the money — ideally, during retirement.
But folks don’t always have the luxury of waiting until retirement to withdraw cash from their 401(k) plan. In 2021, I was smacked by margin calls and decided to remove thousands of dollars from my traditional 401(k) account.
The results were brutal: early withdrawal penalties and loss of tax-deferred growth. Here’s what happens when you withdraw money from a traditional 401(k) before retirement.
You’re hit with significant penalties if you withdraw money from a traditional retirement account before age 59 ½. I had to pay hundreds of dollars to withdraw my funds. Here is what you’ll have to pay when withdrawing money from a traditional 401(k) before retirement:
Regular income tax (varies by tax bracket)10% early withdrawal penalty
For example, I withdrew $5,000 from my 401(k) before I turned 59 ½, and I was in the 12% tax bracket, so I paid $600 in taxes and an additional $500 in early withdrawal penalties. Not great.
When you withdraw early from a traditional 401(k), you miss out on the tax-deferred growth of your investments. The longer your money stays in the account, the more time it has to grow and compound, which boosts your retirement savings.
By withdrawing your money early, you’re giving up that potential growth. You may have to retire later or save more aggressively to meet your retirement goals.
Some plans allow you to take out a loan from your 401(k). While you will have to pay back the loan with interest, you won’t incur taxes or penalties as long as you repay it on time and remain with your employer for the duration of the loan.
Reasons you might potentially take out a 401(k) loan include:
To pay off a tax billTo pay for a houseTo pay off a higher-interest loan
Generally speaking, you don’t want to withdraw early for any reason. Loans incur interest, and if you don’t pay 401(k) loans back in time, you’re slapped with an additional 10% early withdrawal penalty. Don’t invest in a 401(k) with the intention of withdrawing funds early.
Other sources of funds: personal savings, emergency funds, or even low-interest credit cards or personal loans. While these options may not be ideal, they may be a better alternative to early withdrawal from a 401(k) if you’re in a financial pinch.
Withdrawing money from a traditional 401(k) before retirement has consequences: taxes, penalties, and loss of potential growth. While early withdrawal is sometimes necessary, it’s essential to consider all your options and the long-term impact of your decision.
Consider putting money into an emergency fund to pay for unexpected financial hardships. If I’d had emergency savings, I wouldn’t have withdrawn thousands of dollars from my 401(k) and paid the price. The best high-yield savings accounts offer generous interest on your cash and are a great place to keep your emergency fund.
Looking for a place to park retirement savings? You can set up an individual retirement account (IRA) without an employer, for any reason. You can roll over money from a 401(k) to an IRA without incurring financial penalties.
To transfer money from a 401(k) to an IRA, contact the financial company managing your 401(k). They’ll let you know any requirements you need to meet before they transfer the money to an IRA. The best IRA accounts offer low fees and other perks.
Withdrawing money from a traditional 401(k) before retirement is expensive. You pay taxes and penalties, and lose out on potential growth. While sometimes it’s necessary to withdraw early, consider alternatives like using money from an emergency fund before making the decision.
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It will likely be cheaper and easier.
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Getting a life insurance policy is one of the kindest things you can do for your loved ones. If you have people (or even beloved pets) in your life who depend on your salary or care you provide, life insurance can ensure they’ll be able to get by if you pass away.
Thankfully, life insurance isn’t hard to come by. The best life insurers offer many policy options, and you’ll have your pick of life insurance types. You might even be able to purchase a policy through your employer as part of a slate of benefits offered, like health insurance and a 401(k) plan. Is it a good idea to sign on for group life insurance, though?
If your employer offers life insurance as a benefit, it will be as part of a group life insurance policy. The company purchases the policy on behalf of staff, and you’ll each receive proof of insurance. The very nature of these policies makes them pretty one-size-fits-all, and they are generally either free or very low cost to the employees.
The policy itself will be for a set dollar figure, or it will cover a multiple of your salary, and you just select your beneficiaries (those who will receive the money in the event of your death). Unlike private life insurance, you won’t need to fill out a medical questionnaire or go for a medical exam to qualify. If you have health conditions that might make it costly or difficult to get a private life insurance policy, group life insurance can make it so you can get coverage. And you might even have the option to pay a little extra and tack on a voluntary life insurance policy as well. This would provide even more coverage. Group life insurance through work is inexpensive and convenient. But it has some downsides.
If your employer offers life insurance through one of these policies, it likely makes sense to sign on for it, especially if it comes at no cost to you. But you may also want to explore additional coverage options beyond just this, rather than relying on it to serve all your life insurance needs.
Group life insurance is usually term life insurance, meaning it will only cover you for a certain period of time before expiring. It also doesn’t build a cash value. If you would prefer a whole life insurance policy (much more costly, and builds cash value, so you may be able to borrow against it), you’ll have to seek that out on your own.
Also, the life insurance offered may not amount to much money. Common wisdom is to buy enough life insurance to replace 10 times your salary, and it’s unlikely that your employer will offer this much coverage, especially for free or at a very low cost to you.
If your life insurance is tied to your employer, it will end when you leave that employer. Gone are the days when any of us could expect to spend all our working years with the same company, so even if you take the life insurance through your job, it makes sense to purchase an additional policy on your own to be sure you always have coverage. If you quit your job or are laid off, you’ll have enough to worry about without also immediately lining up more life insurance coverage. And you could lose your job at any time and with no warning.
All in all, it might be a good idea to get on a group life insurance policy through your employer. But to ensure you have enough coverage and that it will last as long as you need it to, you might consider supplementing it with a policy through a private insurer.
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Would you pay that much for a single box of cookies?
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As a parent of two daughters in Girl Scouts, I have mixed feelings about the whole cookie-selling extravaganza. On the one hand, I like that selling cookies teaches my girls some valuable lessons, like the importance of good customer service and budgeting. On the other hand, like many parents, I sometimes can’t help but feel like I’m the one doing lots of the selling, whether by blasting out emails or shuttling my daughters around town for deliveries and booth sales.
Girl Scout cookies can be purchased a couple of different ways. You can arrange for a Girl Scout you know to deliver them to your door (and either pay cash on the spot or pay with a credit card ahead of time), or you can order your cookies online through a participant’s link to be shipped to your door. The latter option is a good one for friends and family members who aren’t local but want to support a specific Girl Scout or Girl Scout troop.
Meanwhile, this year, there was a new Girl Scout cookie thrown into the mix as an online exclusive — the Raspberry Rally, which is basically like a Thin Mint with raspberry flavoring. Not shockingly, Girl Scout cookie fans rushed to scoop up boxes of this new offering, so much so that Raspberry Rallys sold out in just hours.
If you missed out on buying a box of Raspberry Rally cookies, you may be disappointed. But you’re not necessarily out of luck.
It’s still possible to get your hands on the newest Girl Scout cookie offering. You just need to be willing to pay a premium for it.
Girl Scout cookies commonly retail for $5 or $6 per box. Of that, individual troops get to keep a small percentage to fund different activities and outings. That percentage hinges on factors like the number of boxes sold in total per troop.
When Girl Scout cookies are purchased online through an official troop member’s site, that participant is credited for the purchase — meaning, their troop gets to keep a cut of the proceeds. Participants can also earn prizes for meeting certain sales thresholds (though if I’m being honest, unless you’re really going to sell a lot of cookies, those prizes aren’t too exciting).
Meanwhile, the price you’ll pay per box of Girl Scout cookies for shipped products is generally the same price you’ll pay for boxes hand-delivered to your door. The only difference is that shipping charges will apply.
Now, some might argue that $5 or $6 for a relatively small box of cookies is a rip-off (especially when you can buy a larger package of cookies at your local supermarket for half the price, at least in my neck of the woods). But if you think $5 or $6 per box is steep, try $30. That’s the amount of money you might pay to buy a box of Raspberry Rally cookies from a third-party seller on sites like eBay, according to CNN.
If you’re wondering why on earth someone would be willing to take $30 out of their bank account for a single box of Girl Scout cookies, the answer boils down to FOMO — fear of missing out.
Since these Raspberry Rally cookies are new, and we don’t know if they’ll be back next season, many Girl Scout cookie fans are willing to pay up rather than lose out on the chance to sample them. But doing this is not only the opposite of economical, it’s also something that’s making the Girl Scout organization pretty upset.
The Girl Scout cookie program is based on the concept of teaching participants valuable skills and encouraging entrepreneurship. Selling cookies on third-party sites clearly doesn’t lend to that goal, which is why the organization is less than pleased to hear that Raspberry Rally cookies are being sold on sites like eBay.
As of now, there are no plans to ramp up production on Raspberry Rally cookies. So if you didn’t manage to score a box this season, you’re probably out of luck until next season.
If the idea of missing out on this specific cookie is keeping you awake at night, then by all means, pay a third-party seller an exorbitant price for a box. But if you can make your peace with waiting another year to try a Raspberry Rally, then you’re probably better off doing so rather than shelling out $30 — especially given how expensive groceries are these days.
Thankfully, the Girl Scout cookie lineup is loaded with other delicious offerings. And if you don’t have a source for Girl Scout cookies, guess what? Many troops hold booth sales in front of local businesses throughout the month of March. So a quick trip into town might make it possible to load up on all of your favorites — without having to spend more than $5 or $6 a box.
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There’s a reason tax-filers aren’t seeing the same numbers they did last year.
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Filing taxes can be a drag. The good news, though, is that there’s often a silver lining for many taxpayers — seeing a refund hit their checking accounts after submitting their returns to the IRS.
But this year, tax-filers may not be as happy with their refunds — namely, because they might end up with less money than they did in 2022. And at a time when inflation is surging and driving living costs upward in a very big way, a lower refund could be a huge source of financial stress.
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The IRS reports that as of the week of Feb. 24, the average tax refund is $3,079. A year prior, the average tax refund was $3,473. That’s a difference of 11.3%. And it’s a notable one at a time when so many people are no doubt counting on their tax refunds to do things like pay bills, tackle lingering debt, or cover necessary purchases they’ve been putting off, like new appliances to replace failing ones.
It’s actually not so surprising to see lower tax refunds so far this year. In 2021, lawmakers passed the American Rescue Plan, a massive stimulus bill that boosted a number of key tax credits, including the more well-known Child Tax Credit. That bill also put stimulus checks in Americans’ pockets.
Last year, filers got to benefit from those expanded credits in the form of higher refunds. And those who didn’t receive stimulus funds in 2021 were able to claim that money on their tax returns last year for a higher payday, too.
But in 2022, the U.S. economy recovered from the pandemic. And so federal lawmakers couldn’t justify another stimulus round and therefore didn’t send out more checks. Meanwhile, the pandemic-era tax breaks that applied to several credits went away, so a number of credits, including the Child Tax Credit, were worth less in 2022 than in 2021.
A smaller tax refund can be a blow when it’s money you’re counting on. Now to be clear, it’s actually not a great practice to count on a refund, or a specific one, to pay bills. So going forward, it could pay to change your mindset there. But for now, you may be reeling over the smaller IRS payday that’s coming your way.
Before you resign yourself to that, though, consider having a tax professional look at your return before submitting it to the IRS. A professional might be able to identify tax breaks you didn’t know about that result in a higher refund amount.
If you don’t want to pay a professional, do a little research yourself on credits and deductions to make sure you aren’t missing any important ones. At a time when inflation is still raging, getting a few extra hundred dollars in refund form could go a long way, so it pays to do some legwork to make sure you’re not leaving money on the table.
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