​​This page was created to give you answers to common personal finance questions we receive.

retirement / investment

1. What is a Traditional IRA and how does it work?
2. What is a Roth IRA and how does it work?
3. What are the differences between a 401k, Traditional IRA, and Roth IRA?
4. Should I contribute to a 401k or Roth IRA?
5. ​​​What is the “Backdoor” strategy for contributing to a Roth IRA?
6. I’m self-employed...what retirement plan options do I have?​
7. What should I do with my 401k account now that I've left my job?
8. What are Required Minimum Distributions (RMD's) and how are they calculated?
9. How does a QCD work (Qualified Charitable Distribution)​?
10. What is a 529 Plan?​
11. What options do I have for leftover funds in my 529 plan?
12. Should I payoff my mortgage, or invest instead?
13. Should I first save for my kids' college, or my own retirement?
14. When can I begin receiving Social Security retirement income?
15. What happens if I work while receiving Social Security?

insurance / estate planning

1. Do I need insurance if I live in a condo community with an HOA?
2. Should I get a term life insurance policy, or a cash value whole life policy?
3. ​Do I need a living trust?
4. Is pet insurance a waste of money?
5. ​Is mortgage life insurance a good idea?

credit scoring

1. What are the main factors involved in credit scoring?
2. ​How can I recover from a poor credit history?
3. How do I remove late payments from my credit?
4. ​What if my credit isn’t good enough to get a credit card? How do I build my credit scores?​

miscellaneous

1. How do I budget irregular income?
2. ​How do I budget irregular & unplanned expenses?
3. What is the "Snowball" approach to getting rid of debt?

View our other FAQ Pages:

• Tax FAQ's
• Home Loan FAQ's