While inheriting money is typically a good thing, newer individual retirement account rules may leave some heirs with a smaller windfall. Thanks to the Secure Act of 2019, certain heirs now have less time to take IRA withdrawals. The law stopped the so-called stretch IRA, which allowed non-spouse beneficiaries to “stretch” distributions over their lifetime. […]
It’s easy to roll our eyes at outlandish spending from billionaires – say, buying NFTs or yachts – but their spending is good for the overall economy. Their savings, however, are not so good, according to new findings published in the Chicago Booth Review, which reports that the 1% has “buried” the middle class in […]
If you’re sitting on $100,000, congrats: That’s more money than a lot of people have to their name. And $100,000 is, indeed, a very nice start on the road to building a retirement nest egg. But chances are, you’d like to retire with more than $100,000 after all is said and done. In fact, you […]
Retirement is the culmination of decades of financial decisions, and the unfortunate truth is that some of those decisions aren’t always good. This is exceedingly common, in fact. At present, millions of Americans are making financial choices that will hurt them down the road. According to a GOBankingRates survey, an alarming 64% of Americans will […]
When Sharon Epperson, CNBC Senior Personal Finance Correspondent, saw her VantageScore jump more than 50 points, from 753 to 805, in the span of a little more than a month, she was surprised because she hadn’t set out to achieve a near-perfect credit score. Epperson’s FICO credit score is even more impressive. During our interview, she told me her […]
State lawmakers around the country are increasingly tackling the retirement-savings gap head on. Maine has become the latest jurisdiction to enact a law to require most employers that don’t offer a retirement plan to automatically enroll their workers in an individual retirement account through a state-administered program. The New York state legislature passed a bill […]
Boeing named Brian West, a former executive at General Electric’s aviation arm, as its new CFO, after its current finance chief earlier this year announced his retirement. West will be tasked with leading Boeing out of the coronavirus crisis, which drove the aircraft maker to a record loss in 2020. He replaces Greg Smith, who […]
From my perspective as investment counsel focusing on retirees, I want to see everyone paying themselves first by automating the savings process. And, the further retirement is away from today, the more impact those saved dollars have when invested properly. Of course, things can intervene, like losing a job, or being hit with the unexpected […]
While no one expects emergencies, many people still find themselves facing unexpected or catastrophic events. Having the proper financial documents and information in place can be a huge help to your family in the event of your death or could even help you navigate the aftermath of a disaster you survive. “It’s an act of […]
German travel booking site GetYourGuide marked its expansion into the U.S. market Tuesday with the announcement that it now accepts dogecoin for payment. The Berlin-based firm, which says it’s booked 45 million-plus tours in 170 countries to date, is offering activity, attraction and tour bookings in major American destinations such as Hawaii; Las Vegas; Los […]
Savings accounts are federally insured, just like a checking account is. However, they offer high annual percentage yields (APYs) to grow your money over time, low minimum opening deposit requirements, and few monthly fees. High-yield savings accounts offer even higher APYs than traditional savings accounts, making them desirable to reach personal finance goals. A high-yield […]
The stock market’s all-time highs are doing wonders for workers’ 401(k)s, with the largest number of 401(k) and IRA millionaires in history, according to Fidelity data. As a result, many people are dropping out of the workforce to retire earlier than planned, turning their backs on a job seeker’s market. The Federal Reserve is letting […]
