For more than eight decades, the Social Security program has played a critical role in providing a financial foundation for our nation’s retired workers. According to the Centers for Budget and Policy Priorities, it singlehandedly pulls more than 15 million retirees out of poverty every year. But it’s also a program that’s facing serious financial […]
The coronavirus pandemic has been incredibly costly for millions of people across the country. More than 45 million Americans have filed for unemployment benefits since the start of the pandemic, and although some states have started slowly reopening businesses, many people are still struggling to make ends meet. The CARES Act aimed to help those […]
There are certain expenses that are pretty much unavoidable during retirement. You’ll need a roof over your head, a means of transportation, food, and access to utilities. You’ll also need to absorb the oft-astronomical cost of healthcare. But while all of these expenses may be obvious, here’s one that tends to catch seniors off-guard: taxes. […]
Earlier this month, economists declared that the U.S. is officially in a recession, and believe it or not, that means it’s a great time to invest. The reason? Stock values tend to drop during a recession, which means you have an opportunity to score some quality investments on the relative cheap (though to be clear, this […]
The secret to building sustainable income in retirement is right in front of you — and the IRS has had it all along. Retirees generally know all about required minimum distributions. This is the annual withdrawal that you must take from your individual retirement account and 401(k) plans after you turn 70½ — or, starting […]
IF YOUR EMPLOYER OFFERS a flexible spending account, you can set aside tax-free money to pay for medical expenses and child care costs. These accounts can offer valuable tax breaks, but you need to plan carefully. You usually have to use the money by the end of the year or you’ll lose it, and you […]
With coronavirus cases swelling across the country again, many offices won’t be opening up any time soon. More than 60% of employees say they’re working remotely during the pandemic — and more than half hope not to return to the days of commutes and cubicles. But some remote jobs pay better than others. As the […]
Up until recently, an old-fashioned certificate of deposit was a reliable way to lock in a decent return. Now, some CD rates are hitting all-time lows and could still fall further, according to Ken Tumin, founder of DepositAccounts.com. “Since March, rates have taken a nosedive,” he said. “I’m not sure where they will bottom.” In the wake of […]
COMPARED TO THE previous year, the prices of meat, poultry, fish and eggs were up 10% in May 2020, according to the Consumer Price Index. The Bureau of Labor Statistics reports that’s the largest 12-month increase in those prices since 2004. It’s not all bad news though. “I actually think we’re on the downward slope […]
Probably the last thing you want to think about during a crisis is working on healthy financial habits like saving money. But if you’re able to save, you can make your eventual recovery easier. “Every time you put some [money] away, you’re looking out for your future self,” says Saundra Davis, founder and executive director […]
The easiest way to start saving money is to heed the time-honored adage to live below your means, said Gene McGovern, a certified financial planner with McGovern Financial Advisors in Westfield. In other words, he said, find ways to keep your living expenses less than your after-tax income, and then save or invest the difference. […]
When I was making extra income, it seemed easy to save money. However, the pursestrings have tightened up lately. It’s not nearly as easy to save money on a tight budget. It feels like every penny that comes in is already budgeted to go pay for something. It feels challenging. But if you want to be smart about […]
