Savings Corner
DECEMBER 25, 2023
In a 401(k) plan, the money you contribute each paycheck will grow tax-free until you begin withdrawals upon reaching retirement age. A Roth 401(k) allows you to withdraw your money tax-free – after years of gains – but you have to pay tax on contributions. Look to your employer for guidance.
Savings Corner
APRIL 4, 2024
Key takeaways Home equity loans and HELOCs are both financing tools that allow you to borrow against your ownership stake in your home. Both act as second mortgages, using your home as collateral, and may offer tax deductions if the funds are used for substantial repairs or upgrades. Read the fine print on the site to confirm.
Savings Corner
APRIL 4, 2024
Home equity loans are best used for five-figure renovation or repair projects — which can garner you a tax deduction on their interest — or to consolidate other debts. You can use the funds from a home equity loan for any purpose, but there’s a possible tax benefit if you use the money to improve your home. to 10 percent.
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