“Dear Kelly” Financial Advice

In 2024, have there been any changes in tax rules pertaining to how much I can save into my 403(b) and Roth IRA? I’m nearing retirement and want to make sure I’m putting as much into these accounts as possible. Kelly’s Response

I just received a promotion and a raise at work and would like to use my extra income to pay off my debts. Can you recommend how to consider my methods of paying them off? Do I pay off one at a time, or should I pay them all off little by little? Kelly’s Response

I’d like to do some ‘financial spring cleaning’ soon. I have a spattering of accounts, each has (or had) it’s own purpose when I set them up, but I am not sure if they are all necessary at this point, or if they are all working together to help me reach my goals. What would you recommend? Kelly’s Response

Last year I waited until the last minute to buy holiday gifts for my friends and family and found it stressful for my life and my wallet. I want to make a change so this isn’t the norm. Do you have any advice for holiday gift-giving planning when it comes to finances? Kelly’s Response.

Lately, I am finding myself financially strapped. Kids, inflation, holidays, I just don’t have the wiggle room month to month that I had before, and I’ve accrued some debt. Despite my best efforts, my credit card balance has continued to creep up. How do I get myself back on track? Where do I get started? Kelly’s response.

I typically have about $3k in my savings account and the rest goes to my retirement account or bills. A friend of mine was recently laid off, and it got me thinking about safety nets. Do you recommend people have an emergency fund? If so, how can I know the amount I should have saved as ‘just in case’ money? Kelly’s Response

Next year my daughter is getting married. I am 5 years within retiring and have taken on many extra-curricular activities at school as a way to earn extra income to put towards the wedding. Will my extra income affect my eventual NYS Pension payout? Kelly’s Response