Everyone’s hoping that 2021 will be a lot different from how 2020 was. But when it comes to your 2021 income taxes, the IRS isn’t planning on a huge transformation like we saw back in 2018. Even without major tax reform, however, you still have to go through the minor changes that happen to your taxes […]
Category: Personal Finance
Tiny Changes Can Help You Achieve Savings Goals for Retirement
Here’s a suggestion for those planning to make big changes in the new year: Consider making them small instead. This approach is likely to be especially helpful in 2021, after a year when many have been under financial strain. People who are stressed or overwhelmed, “cannot make big changes and aren’t likely to even try,” […]
Want To Boost Your 401(k) Balance By $68,723? Read This
Looking for a way to make your new year happier? How about a way to easily boost your retirement savings balance by 10%? For many savers, that adds $68,723 to their nest egg. All you’ve got to do is contribute just an extra percentage point to your 401(k). That’s a 10-for-one payoff. How does this […]
If I Could Do It All Again: Retirees’ Investing Advice for Their Younger Selves
If you’ve ever taken the time to speak to retirees about their lives, you know they can have some great stories and sometimes great advice about everything from relationships to money. A recent Principal study asked retirees to share some of the financial advice they wish they could give to their younger selves, and the […]
Average Life Expectancies Are Up. Here’s How That Could Affect Your Retirement
The CDC has found that average U.S. life expectancies have risen for the fifth year in a row. Specifically, that number has climbed from 78.7 years in 2018 to 78.8 years in 2019. This is good news in theory — we should all want to live as long as possible. But extended life expectancies pose […]
This retirement rule will be back with a vengeance in 2021
The money in your retirement savings account generally can’t sit there forever. Unless you have a Roth IRA, you’re obligated to remove a portion of your account balance each year once you turn 72. These obligatory withdrawals are known as required minimum distributions, or RMDs, and they’re calculated based on your savings balance and life […]
What Are the Penalties for Filing Your Taxes Late, or Not Filing at All?
Filing taxes can be a drag, but unless your earnings fall below a certain threshold, it’s something you’re required to do. But what if you’re late with your taxes? Sometimes that happens to the best of us. Your accountant blows you off, your financial institutions are late with some forms, or life just gets busy. […]
You Can’t Even Begin to Plan for Retirement Without This Number
One of the hardest truths of retirement planning is that you’re never going to get it right. Just like today’s retirees never could’ve foreseen the pandemic and recession we’re currently living through, there will be surprises that come up for you in your senior years, some of which may cost you a lot of money […]
3 Social Security Mistakes Married Couples Make
Being married isn’t always easy. It takes compromise and a lot of work. And being a married couple while retired can pose a whole new set of unique challenges, from striking the balance between spending time together and alone time to managing your money. And speaking of the latter, there’s a good chance that Social Security will […]
Here’s the average Social Security benefit by age
For many Americans, Social Security isn’t just a paycheck they receive in their golden years. It’s a much-needed financial lifeline that helps them make ends meet during retirement. According to an April survey from national pollster Gallup, 89% of current retirees lean on their Social Security payout as either a major or minor source of […]
How the 52-Week Saving Challenge Could Make You Much Richer by the End of 2021
Saving money often seems like hard work. But there are ways to make it simpler and more fun. The 52-week saving challenge is one of the best. With a new year starting, completing this challenge could be just the ticket to ending 2021 with extra money in the bank — without a lot of sacrifice. How does […]
Financial Planning Resolutions That Only Take Minutes
Procrastination is a uniquely insidious trait in many humans, at least as it relates to the rest of the wild kingdom. While I could certainly attest to my cat being lazy, most creatures of the wild recognize waiting for tomorrow to be the difference between surviving and starving. So, we resort to New Year’s resolutions […]