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The IRS has released updated retirement contribution limits and income phase-outs:
2015 Contribution Limits for 401(k), 403(b), and most 457 plans
Your pre-tax contribution is capped at $18,000 in 2015. Those who are 50 years or older can increase the number by $6,000 (catch-up contribution).
2015 Contribution Limits for traditional IRA
The average American does not have as much opportunity to save outside of an employer sponsored plan. Singles making $61,000 a year can save the full amount, $5,500 in 2015, as well as married-filing-jointly people earning a combined income less than $98,000.
2015 Contribution Limits for a Roth IRA
Similar to the traditional IRA, you can save up to $5,500 into a Roth IRA. However, the maximum income limits for a Roth are much greater: Singles can earn up to $116,000 and still stash away the full allowed amount and couples earning up to $183,000 can do the happy dance.
Are you a debt-a-holic?
The most compulsive debtors will answer “yes” to at least 8 of the following 15 questions.
1. Are your debts making your home life unhappy?
2. Does the pressure of your debts distract you from your daily work?
3. Are your debts affecting your reputation?
4. Do your debts cause you to think less of yourself?
5. Have you ever given false information in order to obtain credit?
6. Have you ever made unrealistic promises to your creditors?
7. Does the pressure of your debts make you careless of the welfare of your family?
8. Do you ever fear that your employer, family or friends will learn the extent of your total indebtedness?
9. When faced with a difficult financial situation, does the prospect of borrowing give you an inordinate feeling of relief?
10. Does the pressure of your debts cause you to have difficulty sleeping?
11. Has the pressure of your debts ever caused you to consider getting drunk?
12. Have you ever borrowed money without giving adequate consideration to the rate of interest you are required to pay?
13. Do you usually expect a negative response when you are subject to a credit investigation?
14. Have you ever developed a strict regimen for paying off your debts, only to break it under pressure?
15. Do you justify your debts by telling yourself that you are superior to the “other” people, and when you get your “break” you’ll be out of debt overnight?
If you aren’t a subscriber to my newsletter then you could have fallen victim to this Black Friday sale:
Read the full article here: http://www.enemyofdebt.com/a-black-friday-deal-you-wont-believe/
Other mentions on the show:
The perfect credit score has been achieved. You won’t believe what they found out!
New show: Financial Wellness Show:
I answered “yes” to 5 of those questions. In the past, it would have been more, and I hope I’m getting to a point at which I’ll answer “no” to every single one. I really respect Debtor’s Anonymous!