Saving money doesn’t have to feel like an uphill battle. With the right strategies and tools, small changes in your financial habits can lead to significant savings over time. Whether you’re planning a vacation, building up your emergency fund or simply looking to stretch your paycheck, these nine tricks for saving money will help you […]
Tax-advantaged accounts — think traditional IRAs and employee sponsored plans like a 401(k) — are incredible tools to build wealth over a lifetime — wealth you will need to carry you in retirement. The IRS still wants its cut Since you don’t pay tax on the money going in, you have to pay it on required […]
If you will be 60 to 63 in 2025, a super catch-up contribution may be just the retirement planning hack you need. It’s an effort by the Government to address Americans’ retirement savings problem, with workers over 50 most needing help. A recent AARP survey found one in five adults age 50 and over have […]
A few years ago, Wes Bellamy, 38, took stock of his investment accounts in preparation to buy a home in Charlottesville, Virginia. It was then that he noticed significant gains in his 401(k). Although Bellamy, who is the chair of the political science department at Virginia State University, had been saving diligently for nearly a decade and making […]
As 2025 approaches, another round of people will become eligible for Social Security benefits — and some will hit their full retirement age. The minimum eligibility age for Social Security differs from the program’s full retirement age, which is increasing in 2025. It’s up to retirees when they begin to claim benefits, but holding off […]
WASHINGTON – Congress on early Saturday passed a bill that would increase Social Security benefits for public sector workers. The Social Security Fairness Act, would eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which reduce Social Security benefits for certain retirees who also receive pension income. Together, WEP and GPO affect […]
The clock is ticking on taking your Required Minimum Distributions from Individual Retirement Arrangements. The last day of the year is the deadline. If you are 73 or older you have to withdraw annually from IRA accounts to avoid paying a fee. It’s 25% of the RMD plus other taxes you might owe. It’s a […]
This time of year is full of to-dos, but there’s one in particular you should be sure to check off your list: getting your year-end finances in order. Taking some key steps now will set you up for financial success in the new year — and not doing them means you could miss on some […]
If you want to sober up quick on New Year’s Day, open your credit card statement. Americans are worried about money. They’ll probably be more worried in the new year, when they wake up, bleary-eyed, after a month of binge-shopping on gifts. You may not be surprised, then, to hear the most popular financial New […]
Reaching $50,000 in savings is a huge milestone for the average person. It’s the kind of lump sum that makes you feel invincible. While you’re likely tempted to do something with that amount of money, experts caution against making certain money moves. “As a certified financial planner, I have seen how liberating this moment can […]
A new year, a new number for Social Security and the benefit program’s full retirement age. Most people associate the age of 65 with retirement – although there’s data suggesting the average American retires at 62. That’s the age at which you can begin to take Social Security, but you can boost the size of […]
The IRS is delaying until 2026 the closing of a key loophole that caused confusion for a subset of employees in a regulation that allowed workers to keep money invested in their workplace retirement plans longer. Tax regulators issued a notice Wednesday deferring the anticipated effective date of a separate supporting regulation applying to workers […]
