The cost of sending money abroad can be expensive depending on the method you use. Some options cut a fixed percentage while others make money using interest rate differentials. In this article, we will look at some of the best tips to save costs when sending money abroad. Take advantage of introductory offers The online money […]
President Biden repeatedly pledged during the 2020 campaign to not raise taxes for Americans earning less than $400,000, but a new analysis suggests that nearly 60% of taxpayers would pay more under his proposals. Findings from the Tax Policy Center, a nonpartisan think tank based in Washington, show that while most of Biden’s proposed tax […]
If you’re still in financial pain from the COVID crisis, or if you could just use a few extra dollars, you’re in luck: An unexpected windfall may come your way next week. The IRS will send out another cluster of surprise tax refunds, courtesy of the pandemic relief bill President Joe Biden signed earlier this […]
Your Social Security income could get a nice boost next year if inflation continues to climb. Every year, Social Security considers changes in the price of goods and services to determine if Social Security recipients deserve a raise. Based on changes so far this year, the increase could exceed 4% in 2022. If so, then the increase […]
In January, Anna Brekken had finally made 120 student loan payments, the number at which borrowers are supposed to get the rest of their debt canceled under the public service loan forgiveness program. When she submitted her request for forgiveness, she looked forward to walking away from her $100,000 balance and no longer having a […]
Sometimes normal human instincts don’t lead to the best actions. That’s a basic finding of behavioral finance research, and it’s true of a lot of retirement planning. People often believe that taking more actions is better than doing less, but doing more often doesn’t improve retirement plans and often can make them worse. For example, […]
Many people know about their 401(k) perks, but their plan may have a hidden feature that allows for even more savings. When someone maxes out their 401(k) — $19,500 in annual contributions for those under 50 in 2021 — some plans may permit them to stash more money into their account. After-tax 401(k) contributions may […]
Retirement is becoming more expensive every year. With general living costs increasing, healthcare expenses skyrocketing, and financial safety nets like pensions and Social Security becoming less reliable, retirees will need to save more than ever. Saving $1 million for retirement may sound impossible, but it’s more realistic than you may think. Even if you’re not […]
Many Americans don’t save enough for retirement, but it’s entirely possible to save too much — at least according to the IRS. Tax laws limit how much you’re allowed to contribute to retirement accounts, and excess contributions can be penalized. Uncle Sam doesn’t want you to leave the money in the account too long, either. […]
For people who collected unemployment insurance during the pandemic in 2020, the IRS has been sending federal refunds if they paid taxes on that money. This is because the American Rescue Plan added that the first $10,200 of unemployment benefits ($20,400 for married couples filing jointly) received in 2020 isn’t taxable income. Now, roughly 13 million taxpayers who paid income tax […]
The age when older Americans must start making withdrawals from retirement accounts could change yet again. Under a provision in proposed retirement legislation pending in Congress, required minimum distributions, or RMDs, would start at age 75 by 2032, up from age 72 — which only took effect last year after the 2019 Secure Act raised […]
This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies. Gwen Merz was fresh out of college in 2014, working an information technology job she hated, when she decided early retirement was the answer. She socked away every dollar […]
