Rocky Mengle

2 weeks ago | wealthup.com | Riley Adams |Kyle Woodley |Rocky Mengle

Most parents want to do everything they can to set their children up for future financial success. One way to help is to save money for a college education, since college graduates typically make more money over their lifetime than those without a university degree. But college is expensive. And saving enough money for a child’s higher education can place a huge strain on a family’s overall finances. This is particularly true for parents with more than one child under their roof.

2 weeks ago | wealthup.com | Rocky Mengle |Kyle Woodley |Riley Adams

Wondering whether you’ll need to pay taxes on your Social Security benefits is a very common concern for many seniors and individuals nearing retirement. The answer, though, is not so straightforward, as your own personal financial circumstance will largely dictate the answer. The good news is that, generally speaking, retirees who rely solely on Social Security for their retirement income needs often don’t have to concern themselves about federal taxes on these benefits.

2 weeks ago | wealthup.com | Rocky Mengle

There’s a new rule in place that makes 529 plans an even more attractive way to save for your child’s education. As of last year, unused funds in a 529 plan can be transferred into a Roth IRA. As a result, parents don’t have to worry as much about having leftover funds in a 529 plan if their child doesn’t attend or finish college, earns a scholarship, picks a less expensive school than expected, or otherwise doesn’t need all the money saved over the year in a 529 plan.

3 weeks ago | wealthup.com | Rocky Mengle

You stashed thousands of dollars in a 529 college savings plan so your child can attend college. But what happens to the unused 529 funds if your child decides not to go to college, gets a full scholarship, picks a much less expensive school than you expected, receives an appointment to a military academy, or otherwise doesn’t need all the money you saved? If you’re not careful, you could be hit with a big federal income tax bill and an IRS penalty if you have leftover 529 funds.

3 weeks ago | wealthup.com | Rocky Mengle

Here’s some good news for workers who are using a 401(k) plan to save for retirement: You can stuff more in your account next year than you can this year. That’s because the cap on how much you can put in a 401(k) plan is adjusted each year to account for inflation, and that’s pushing up the 401(k) contribution limits for 2025. That helps employees who can max out a 401(k) account each year. They can put an extra $500 into their account in 2025.