Ella Vincent

3 days ago | kiplinger.com | Ella Vincent

A health savings account is a remarkable tool to help pay for out-of-pocket medical expenses. HSAs offer a triple tax advantage: Contributions are tax-deductible (up to $4,300 for self-only coverage and $8,550 for family coverage in 2025, plus an extra $1,000 if you’re 55 or older), growth from the account’s investments is tax-deferred, and withdrawals are tax-free for eligible expenses. You must have a qualifying high-deductible health insurance plan to fund an HSA.

2 weeks ago | theepochtimes.com | Ella Vincent

By Ella VincentFrom Kiplinger’s Personal FinanceQuestion: My son and daughter-in-law would like us to lend them money to make a down payment on a house. How do we do this, and what are the pros and cons? Answer: If your adult child or another family member asks you to lend them money—say, to pay for a wedding, a down payment on a house or some other major expense—you may be eager to assist.

1 month ago | kiplinger.com | Ella Vincent

If you have a family member with a disability, you’re probably aware that a disabled person’s financial situation can easily become precarious. The maximum Supplemental Security Income benefit, which is available for low-income individuals who have a disability, is just $967 a month, according to the Social Security Administration. And your loved one may be ineligible for the benefit if they have more than $2,000 in assets.

2 months ago | kiplinger.com | Ella Vincent |Greg McBride

According to the National Institute on Aging, six million Americans age 65 and older are living with Alzheimer’s disease. If dementia or other health issues prevent an elderly parent from paying their bills or monitoring their financial accounts, opening a joint bank account could help you protect them from fraud and manage their money. Most banks will allow you to become a joint owner on a parent’s existing bank account. Otherwise, you may choose to open a new account.

2 months ago | kiplinger.com | Ella Vincent

Appliance repairs are expensive. Fixing your washing machine may cost as much as $450, and replacing complex parts, such as refrigerator compressors, may run up to $1,250, according to home-services website Angi. A home warranty could offset those expenses, but it’s important to understand what it includes and whether purchasing one makes sense for you. A home warranty is a service contract that covers the cost of repairing and replacing major appliances that have been damaged by wear and tear.