The Federal Reserve once again decided on September 21 to hold off on raising interest rates.  That may not help the paltry interest you are receiving on your savings account or bank certificate of deposit, but it is something that can still make – or rather save you some money. Interest rates on home mortgages remain near all-time lows.  Bankrate.com lists the rate on a 30 year, fixed-rate mortgage refinance at 3.35% and the rate on a 15 year, fixed-rate mortgage refinance at 2.63% as of 9/29/16.  No one can forecast whether rates will go up or down, but it is highly unlikely they will go much lower.  That means now is a good time to consider refinancing. Consider someone who bought a $200,000 home 10 years ago with 20% down and took out a traditional 30 year mortgage for the remaining $160,000.  If the interest rate on the mortgage was 5.25%,...

If you are in a high deductible healthcare plan (HDHP), then you are eligible to utilize a Health Savings Account (HSA).  This is an often-ignored tool that can potentially produce large tax savings.  Your contributions are pre-tax, they grow tax-deferred, and they come out tax-free as long as they are used for qualified medical expenses.  Not even a 401k gives you that many tax advantages!  The maximum 2016 contributions are $3,350 for an individual and $6,750 for a family plan.  You can add another $1,000 to those numbers if you are age 55 or older. The following example shows just how much impact an HSA can have on your bottom line: Let’s say you are single, living in New York State, making $52,000 a year and eligible to contribute to an HSA through your employer-provided healthcare plan (commonly referred to as a Section 125 Cafeteria Plan). You know that you will have...