It’s that time of year. My accountant sent my husband and me a note yesterday asking how much we planned to contribute to our retirement accounts for 2020. Obviously, that makes a difference in our pending tax bill. I sighed. Our contributions are fully deductible since neither of us has an employer-provided plan. But last […]
When faced with a quiz on Social Security claiming rules, many people who are on the brink of retirement fail. MassMutual recently gave a 12-question true/false quiz to 1,500 people ages 55 to 65 who have not yet claimed their benefits. Just 3% of the respondents were able to answer all of the questions correctly. […]
Kinsha Sidibe is a freshman in high school and she’s already learning about personal finance. It’s not because the state she lives in, Pennsylvania, mandates the education. It’s thanks to a program run by a nonprofit, Niche Clinic, through her high school, Mastery Charter School’s Hardy Williams High in Philadelphia. “Before this, I really didn’t […]
The IRS is automatically recalculating and refunding money to Americans who filed their tax returns without claiming a new tax break on unemployment benefits. However, taxpayers will have to file an amended tax return, in some cases, to get their maximum refund. That situation applies to people who, thanks to the unemployment tax break, become […]
Even if you dutifully pay off your credit card balance each month, there’s an oft-overlooked way to optimize your credit score—by making debt payments before your balance is reported to the credit bureaus. Many people assume this is the payment due date, but it’s actually the closing date, and not knowing the difference between the two can […]
Saving for retirement should be one of your primary financial goals. After all, almost everyone needs to quit work someday, and Social Security alone isn’t enough to support you through your later years. Unfortunately, many people inadvertently make mistakes that jeopardize their ability to save up the nest egg they need. Here are four common […]
The current juggling of interest rates by the Federal Reserve is an effort to jump-start a sluggish economy and lower unemployment numbers due to COVID-19. Mortgage rates still remain low, although they have inched up slightly as the economy begins to show signs of gaining strength. If you’re considering refinancing your mortgage, visit Credible to […]
Housing is generally working Americans’ greatest monthly expense. For seniors, however, it can be a toss-up between housing and healthcare. Many people enter retirement with their homes already paid off. At the same time, health issues have a tendency to arise as people get older, so seniors are often burdened with medical bills at a […]
According to a recent survey of U.S. households by Schroders, only 27% of respondents who were still working reported ‘very good’ and ‘fully on track’ when asked how they feel about their retirement planning. Even more alarming, only 18% of workers between age 60 – 67 say the same. But how can you tell if you’re on […]
Going from two incomes to one? Here’s how to make it work. As a parent of school-aged children, I know a lot of people who became stay-at-home parents once kids came into the mix. And while a number have fared well financially despite losing part of their household income, others have struggled. No matter the […]
There’s a strong chance Social Security will wind up playing an important role in your retirement. Maybe you’ll need that money to cover your essential bills, like housing and healthcare. Or maybe you’ll kick off your senior years with enough money in a savings plan to tackle your basic expenses, but you’ll need Social Security […]
You may find that you’re getting less money than you expected from the third stimulus check or that you’re not eligible at all, even though you qualified in the first two rounds. That’s because the third round has a much narrower phaseout range for people earning above the income limits, which are $75,000 for singles, […]
