Managing Your Money
Is my money market a savings account or checking? This is why you need to know.
Money market accounts are officially classified as checking accounts according to bank rules. Clients traditionally use them for saving money, but money market accounts are unique.
Millennials Made Great Strides Financially. Why Don’t They Feel it Yet?
If you’re a Millennial, the 2008 economic recession certainly had an early impact, whether your career was just getting off the ground at that time or you were a pre-teen whose parents struggled financially. Despite a slow start, people born between 1981 and 1996 are now on better financial footing than previous generations were at that age. So why don’t you feel comfortable yet? Read on for the reasons behind Millennials' "phantom wealth" and some tips to enhance your assets “on paper” and in your wallet.
Federal Estate and Gift Tax: Planning for the Sunset of the Tax Cuts and Job Acts
As of 2024, the Federal Estate Tax Exemption is $13,610,000. While 2017’s Tax Cuts and Jobs Act (TCJA) made permanent tax changes for corporations, the tax benefits for individuals will sunset on December 31, 2025. If Congress does nothing, the exemption will significantly decrease. This presents an opportunity to save taxes by acting now.
Building and Repairing Credit
One important measurement of financial wellness is the credit score. It’s essential for renting an apartment or buying a car or home. So how do you build credit when you're starting from scratch? And if your credit score is low, what are some ways to build it back up? Our financial education program manager shares his tips.
Money Moves: Which method is best for which purpose
When you need to move money, it’s important to know the different ways you can do it, how quickly the transfer takes place and how much it will cost. Here’s a primer on the main ways to move the dollars in your personal accounts from place to place.
FDIC Insurance for Trusts
You may have heard that there’s a new rule effective April 1, 2024, for FDIC insurance of trusts. The official language of the new rule can be confusing, but we've outlined the basics.
Smart Use of Credit Cards
For the cardholder who can pay off the total balance each month or the savvy shopper who pays equal installments on a zero-APR promotional offer, the benefits of using a credit card could be worth it. But for anyone leaving a balance on a higher-APR card for longer than one or two 30-day cycles, the interest charges can really add up, and the balance can take much longer to pay off.
The Road to Better Health: What Qualifies as an Eligible Expense From Your HSA or FSA
Our Pinnacle | Health & Benefits participants often ask whether certain expenses can be paid for or reimbursed by their Health Savings Accounts (HSAs) and Health Flexible Spending Accounts (FSAs). Sometimes the answer is clear because the expense is listed in Internal Revenue Service (IRS) publication 502 as a common medical or dental expense. Other times, determining whether an expense is a “qualified medical expense” is not as simple. Around the New Year, many people make resolutions to add healthy habits and focus on wellness, so we’ve offered some guidance here related to HSA and FSA expenses that are or are not considered eligible by the IRS.
Classroom Resources for Teaching Kids about Money
While math is handy for counting money and making change, teaching students about money is about more than mathematics. The FDIC has developed a set of four grade-specific curriculums called Money Smart for Young People to deliver basic financial concepts to students in kindergarten through 12th grade.
