The Latest Breaking News from The Free Financial Advisor

A Major 401(k) Tax Change Takes Effect in 2026 — Higher Earners Over 50 Need to Check Their Contributions

For some workers over 50, 2026 changes the tax treatment of 401(k) catch-up contributions. If prior-year wages from the employer sponsoring the plan exceeded $150,000, catch-up contributions generally must go into the plan’s Roth side rather than the traditional pre-tax side.

The Free Financial Advisor · Oct 3

8 Ways to Tell if Your Financial Advisor is Trustworthy

A trustworthy financial advisor should make your financial life clearer, not leave you decoding mysterious fees and impressive-sounding credentials. The real test goes beyond a friendly personality or a polished office. You can check how an advisor gets paid, what services they provide, what conflicts they face, and whether regulators…

The Free Financial Advisor · Oct 2

10 Characteristics of Families Who Build Wealth Without Looking Rich

Families who build wealth often do not look wealthy at all. Their homes may look ordinary, their cars may have several years on the odometer, and their vacations may never inspire a jealous group chat.

The Free Financial Advisor · Oct 2

You Win $1 Billion Tomorrow — What Should You Do in the First 24 Hours?

Winning a $1 billion lottery jackpot creates an immediate problem that most people never prepare for: deciding what not to do with an extraordinary amount of money. Before buying a mansion, calling relatives, or announcing retirement, the winner needs to protect the ticket, personal information, and financial future.

The Free Financial Advisor · Oct 2

Carrying $10,000 on a Credit Card? Here’s What a Year of Interest Can Cost

Carrying a $10,000 credit card balance for a year can cost thousands of dollars in interest, even if the cardholder never adds another purchase. The exact amount depends on the card’s APR, payment schedule, and how the issuer calculates interest.

The Free Financial Advisor · Oct 1

How Much Money Does Someone Need Before Americans Consider Them Wealthy?

Americans surveyed in 2025 put the threshold for being considered wealthy at about $2.3 million in personal net worth. That figure comes from Charles Schwab’s annual Modern Wealth Survey, which asked 2,000 Americans ages 21 to 75 how much a person in their area would need to qualify as wealthy.

The Free Financial Advisor · Oct 1

The $2 Bill Isn’t Rare — So Why Do People Keep Saving Them?

A $2 bill can make an ordinary cash transaction feel oddly memorable. People often pull one from a wallet, notice the portrait of Thomas Jefferson, and decide it looks too unusual to spend. That reaction helps explain the strange reputation of the denomination: the $2 bill remains legitimate U.S. currency,…

The Free Financial Advisor · Oct 1

When Should You Start Saving For Next Summer’s Family Vacation?

The best time to start saving for next summer’s family vacation is usually the fall before you plan to travel. Starting in September or October gives families several months to build a travel fund before airfare, lodging, meals, and activities begin competing for their attention. Waiting until spring can turn…

The Free Financial Advisor · Oct 1

Earn More Than $150,000 and Over 50? Your 401(k) Catch-Up Rules Changed in 2026

Turning 50 used to open the door to extra traditional 401(k) contributions without much fuss. In 2026, higher earners face a new wrinkle: workers whose wages exceed a federal threshold generally must make their catch-up contributions on a Roth basis.

The Free Financial Advisor · Oct 1

Social Security Says You Owe $10,000 — What Happens If You Can’t Pay It Back?

A $10,000 Social Security overpayment notice can turn a routine mail delivery into a financial emergency. If your monthly benefits cover groceries, rent, medication, and utilities, repaying that amount may seem impossible. However, Social Security has procedures for disputing overpayments and requesting relief when repayment would cause hardship. You do…

The Free Financial Advisor · Oct 1