Kelly Kranstuber

Baby Step 4 of the Ramsey Plan recommends saving 15% of your gross income for retirement. This guide explains how to structure those savings using a 401(k), Roth IRA, or taxable brokerage depending on your income, filing status, and employer plan access. Key rule: “Match beats Roth, Roth beats Pre-Tax.” Whether you're single or married, with or without a plan, there’s a strategy to fit your situation. Consult a financial advisor to create a plan that works for you.

For self-employed individuals and small business owners, SEP IRAs and Solo 401(k)s offer powerful, tax-advantaged retirement savings beyond traditional IRAs. SEP IRAs are simpler to set up and ideal for businesses with employees, while Solo 401(k)s allow higher contributions and catch-up options for owners with no employees. Each has unique rules and benefits—consult a Whitaker-Myers advisor to choose the best fit for your retirement goals.

Basic Insurance In addition to health, home, umbrella, and auto insurance, each family and most individuals should consider a few other types of insurance to protect their assets and overall financial plan. Planning for the unexpected is important, and insurance serves that purpose. It's a safety net that provides relief in times of crisis, ensuring your financial plan stays on track. It's not an investment that grows over time; it's a shield that protects your financial plan from being...

Saving for Retirement Many people have an opportunity to save for retirement through an employer-sponsored 401(k). This is a great way to save for retirement. Many plans now offer Traditional 401(k) contributions AND Roth 401(k) contributions. But what is the difference between them, and which one is better? This article will explain the similarities and differences between a Roth 401(k)  and a Traditional 401(k) and why I feel most people should save to a Roth 401(k) over a Traditional...

What is a Roth IRA A Roth IRA is an investment vehicle  that allows people to save for retirement using after-tax dollars. Those dollars are then invested into securities like mutual funds, individual stocks, bonds, or other investable securities. The advantage of a Roth IRA is that the investment grows tax-free, and distributions can be taken tax-free after age 59 ½. This is a great way to get tax-free savings and control your tax liability in retirement. The downside is that there are some...

A Quick Backstory People told me growing up that I needed debt in my life and that debt was good. “I can’t get a mortgage without a credit score,” “I need a good credit score to get a personal loan,” “I can use credit cards for reward points,” and, of course, “I will just pay my card off every month,” are just a few examples that I and many others have used before. I always had a personal credit card to use for gas or small expenses and pay off the entire balance (almost) every month. I also...

An In-Service Rollover Might Be Right for You Suppose you ever left an employer with a retirement plan you contributed to. In that case, you probably have been given information on how to rollover your old employer’s plan to another eligible retirement plan, like an IRA. A rollover occurs when you withdraw funds from an eligible retirement plan, like a 401(k), to another eligible retirement plan, like another 401(k) or an IRA, within 60 days. This typically occurs when you leave an employer,...

Investing Terminology Overview Getting started with investing can be intimidating for many people simply because they do not understand the jargon used in the investment world. News media hosts and financial advisors are notorious for using acronyms and terms that average or new investors are unfamiliar with. A common word for this is “Finglish” or “Financial English.” Whether it is to try and impress their audience or sound more intelligent than they are, using “Finglish” more often than not...

You recently left an employer where you were contributing to their 401(k), 403(b), or some other qualified retirement plan. Now what? This article will outline your options and point out some pros and cons of each option. Option 1: Leave the funds in the former employer’s plan You can leave your savings in the old plan if its terms allow it. While most plans will let you do this, that is not always true. Many plans will automatically roll your savings into an IRA if it is under a certain...

Rules for Investing Investing in the stock market can be profitable, but it also comes with several complexities and rules that investors must know. The rule we are writing about today is the wash sale rule. The wash sale rule can significantly impact an investor's taxes and investment strategy. What is the “Wash Sale” Rule The wash sale rule prohibits investors from claiming a loss on the sale of a security if they purchase or acquire a substantially identical security within 30 days of the...

Despite all the apocalyptic talk these days, there are several reasons why the world is not ending financially.

Over time, the investments in a portfolio may shift, creating imbalances and potentially increasing risk.