My Korean-American Life

  Present vs Future Value When planning for retirement, choosing the right retirement account is a common dilemma: a Traditional IRA or a Roth IRA? Both types of IRAs offer tax advantages, but they serve different purposes and can benefit individuals differently based on their income, age, and financial goals. There are a lot of useful articles on this topic, such as  this , so I’m going to go beyond the general and basic information and deal with a more realistic story. The fundamental difference between these two is when you harvest the tax savings: present vs. future. With a traditional IRA, when you contribute $7000 for 2024, you can harvest the tax saving of $1,680 now, assuming your marginal tax rate is 24%. In the case of a Roth IRA, your contribution of $7000 is included in your taxable income, (hence, you have to pay tax of $1,680 for the tax year of 2024), however, in the future after retirement (or anytime after your age of 59 ½), its distribution is tax-free. How m...

  The end of the year is fast approaching. Just as we get a health check-up every year, it’s advisable to review your financial situation and plan for taxes as the year changes. Saving for retirement is a critical step in ensuring a stable financial future. The U.S. offers a range of retirement accounts and savings options, each with unique benefits, tax advantages, and suitability for different employment situations. 1. Individual Retirement Accounts (IRAs) IRAs are retirement accounts designed for individuals. They can be opened independently of your employer and offer flexibility in terms of contributions, investments, and tax advantages. (1) Traditional IRA Tax Advantages: Contributions are tax deductible, which means they can reduce your taxable income for the year. However, distributions in retirement are taxed as ordinary income. Contribution Limits: For 2024, your earned income or $7,000 (or $8,000 if you’re 50 or older), whichever is lower. Phase-out: If you’re covered by ...

I spend a lot of time outside tending vegetables in my garden. As I'm particularly susceptible to mosquito bites,  I thoroughly spray mosquito repellent on my hands, ankles, and neck even though I wear long sleeves and pants. A pack of three mosquito repellent bottles I bought even before the season had begun and I used them all in the midst of summer. I wondered  how this repellent is made and searched how to make it easy at home. Then, I found a very easy way: a lemon mosquito repellent. All you need is lemon and water. At first, I was skeptical. As I had two wilting lemons in the fridge, I decided to give it a try. I squeezed the juice of the lemon, poured a cup of water, boiled them together, cooled and put them in an empty spray bottle. To test it, I put it on my arms and neck and went out into the garden. The mosquitoes pierced my socks and bit my feet and ankles, but to my surprise, no mosquitoes bit me at all on my arm that was covered with the lemon spray. I was so cu...

 How to make Namul (Korean Vegetable Side Dishes) in 3 steps Korean Yam (sweet potato) flowers bloomed in the backyard garden. When I heard that the lavender-colored sweet potato flowers are beautiful, I determined to grow and see them. I cut off some withered sweet potatoes, placed them in water to root, and once the leaves grew lush, I planted them outside about a month ago.  Korean Yam flowers After I posted a photo of the flowers in a gardening group chat, a farmer poet replied that cutting the flowers would allow nutrients to be directed to the roots, making the sweet potatoes grow larger. I cut the flowers, put them in a vase, and also harvested the lush leaves and stems to make Korean side dishes. It is said eating sweet potato greens as a side dish improves skin texture, alleviates constipation, and strengthens digestive function. Additionally, sweet potato leaves are rich in various nutrients, with protein levels comparable to pork and beef, and carotene levels three ...

July 15, 2024 Just the other morning, I had captured a photo of the ripening grapes hanging in bountiful clusters from the vine. Their lush green hue was transforming into a deep, luscious purple, a testament to the approaching harvest. I sent the photograph to the poet who had gifted me the vine a few years ago, eager to share the progress and the beauty of the fruit. The lowest bunch, in particular, caught my eye; it was almost ready for picking, its grapes gleaming with a promise of sweetness. Early this morning, with garden shears in hand, I approached the vine to harvest that very bunch. Anticipation bubbled within me as I imagined the taste of the first grape of the season. But when I reached the vine, I froze. I rubbed my eyes and looked again. The grapes were gone. All that remained were the empty stems. Thinking the grapes might have ripened and fallen to the ground, I looked down to check. Their skins were scattered beneath the vine. Someone must have eaten them just there un...

 I used to buy Kimchi from a Korean market or even Costco; I still do in winter when I don't have crops from my garden. Since I started vegetable farming in my garden, I made various Kimchi by learning from online recipes or Youtube videos. I tried some tricks to make kimchi more easily. Here's my secret. 1. Radish Kimchi Radishes mature remarkably fast! They grow well without requiring much effort and are ready to harvest in a month. 2. Napa Cabbage Fresh Kimchi (Geotjeori) Napa cabbage in my garden was a suprise to me in the first year of my homesteading. I exclaimed, "Oh, napa cabbage leaves are like flower petals!" They were all loosely spread out unlike those I used to buy at a market. To me as a novice farmer, growing napa cabbages has not been easy as they are susceptible to slugs, aphids and other bugs. Since I experienced how hard to grow those handsome napa cabbages, I'm amazed at how cheap they are at a Korean market. I bought over 900g napa cabbage for...

  by Sarah Song in February 2023 It was two years ago. I had written a piece titled Obituary for a Whale upon seeing a picture of a 30-ton humpback whale lying dead on the beach. Tears flowed as I looked at the sight of the lifeless whale, lying on the sandy shores of Assateague Island in Maryland, where my family used to go every summer. It was a 15-year-old female humpback whale named Pivot. Considering that humpback whales typically live around 90 years, its death at such a young age felt like dying in the prime of human life. The humpback whale had also made appearances in "Strange Lawyer Woo Young-Woo," a Korean drama that gained popularity last year. Despite their imposing size that might seem threatening, they are often called the "Guardian Angel of the Sea" and known to save seals and humans from being chased by other whales and sharks. Occasionally, such stories find their way into news articles. Once again this January, news emerged of dead humpback whale...