6 great money strategies for the coming year
Consider, for example, the Vanguard Target Retirement 2030 Fund, a mutual fund intended for people expecting to quit work between 2028 and 2032. It’s moderately aggressive, with a 75% allocation to stocks and 25% to bonds. This blended portfolio is a fine choice if you happen to have it on your 401 menu. If you don’t, try a knock off.
Self-employment is a tough go as a principal career. But as an adjunct to a salaried job, it’s a winner at tax time. What’s left after all these deductions is potentially eligible for the new 20% deduction for unincorporated businesses. There are limits keyed to your taxable income and your line of work. Talk to your accountant about whether you qualify.
Then there’s a useful trick for donors who give a substantial amount but not quite enough to put them over the hurdle for the standard deduction. Bunch your philanthropy for several years into a single donation to a donor advised fund. Such funds, available at the big brokerage firms, allow you to parcel out gifts over a period of years while claiming a deduction for the full deposit when you make it.
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