FINANCIaL
FIELd NOTES
How Underpaying in Taxes is Now Costing You More
When it comes to taxes, underpaying the IRS can be costly. In recent years, the cost of underpaying has gone up substantially.
One primary reason underpaying taxes is more expensive is the rising interest rates on unpaid taxes. The IRS charges interest on any tax owed, just like a loan from a bank. These rates are adjusted quarterly and are tied to current interest rates.
As with other forms of debt, this rate has also increased. As of January 2025, the rate is 7%, up from 3% a few years ago…
Most-Read Blog Posts From 2024
Happy New Year! Looking back on this year, I wanted to share my three most-read blog posts in case you missed them. Below are links to the articles and a short excerpt from each…
The Most Searched Financial Terms of 2024
2023 was a year that brought us no shortage of interesting news, from bank failures to spiking mortgage rates to yet another debt ceiling showdown. As we approach the end of the year, let's review five of the most searched financial topics of the year…
Why I’m Skipping Black Friday
When my wife and I first got married, Black Friday felt like a golden opportunity. Money was tight, and the promise of saving big on gifts and essentials was hard to ignore. I remember us making a detailed list, then heading out to the stores at midnight, energized by the thought of scoring great deals. We were shopping for Christmas gifts, furniture, clothing—pretty much anything we thought we could stretch our dollars on. And sure, we probably saved a little here and there.
But as the years went on, life got busier. The thrill of late-night shopping started to feel more like a chore…
The Barbell Approach to Social Security
Couples in retirement often face a dilemma: Should they take Social Security early, or should they delay to full retirement age, or even age 70, to maximize their payouts? The "Barbell Strategy" offers a creative middle ground, balancing immediate cash flow with long-term financial security.
Having one spouse claim benefits early while the other waits until age 70 to maximize their benefit ensures stability in the present and protection for the future since a surviving spouse only keeps one Social Security benefit, whichever is largest…