Nobody likes paying more tax than they have to, and tax credits are one of the most effective ways Americans can reduce their tax liability and boost their tax refunds. In fact, Americans use tax credits to save billions of dollars on their taxes every year. However, some of the most common tax credits aren’t […]
Becoming a millionaire is totally possible. Yes, even if you aren’t making six figures a year. The bad news is, it might not happen until you hit retirement, and even then, it’ll only happen if you plan diligently throughout your working life. But don’t let that dampen your spirits. The road to becoming a retirement […]
A hot tax-advantaged opportunity is making the rounds among financial advisors. Just make sure you don’t overlook the risks. The Tax Cuts and Jobs Act, which went into effect in 2018, established so-called qualified opportunity zones — economically disadvantaged areas across the country. Funds specializing in qualified opportunity zones allow people to invest in these […]
Americans are working longer than ever, with 54% of U.S. adults saying they plan to continue working past age 65, according to a report from the Transamerica Center for Retirement Studies. Baby boomers, in particular, are most likely to delay retirement, with nearly 70% saying they don’t intend to retire by age 65. However, workers’ […]
Mike Bloomberg released plans to shore up Americans’ retirement on Sunday, promising to increase Social Security retirement benefits and create a government-backed savings plan for workers at all income levels. “Americans who have worked for decades deserve the opportunity to retire without facing constant financial pressure, and, as president, I will strengthen Social Security to […]
You may not realize it, but there’s a very good chance that you’ll be reliant on Social Security, to some degree, to make ends meet during retirement. According to Gallup’s April 2019 surveys, a record-tying 90% of current retirees lean on Social Security as a necessary part of their monthly income, while a near-record 83% […]
You gotta live your life and pay your rent. But by this point, you’ve also (hopefully!) prioritized saving. But how much of your paycheck should you save? We checked in with Ashley Feinstein Gerstley, founder of the Fiscal Femme and author of The 30-Day Money Cleanse, to get her take. Her answer is that it varies. After all, […]
You have two choices for claiming deductions on your tax return: You can go with the standard deduction the IRS allows you to take or itemize your deductions in the hope of scoring a higher tax break in the process. For your 2019 tax return (the return you’re filing this year), the standard deduction is: $12,200 […]
Getting a hefty chunk of change from an inheritance is a nice way to boost your retirement savings. But is it enough to live off of when the time comes for you to retire? If you’ve received about $200,000 and you’re wondering if your windfall will put you in the “I’m set” category for retirement, you might need […]
Retirement is a scary prospect. Think about it: It’s basically several decades of unemployment, assuming you don’t work in some capacity during that time, coupled with a host of potentially unknown expenses, like repairs on your aging home or medical costs that come in higher than anticipated. If you have concerns heading into your senior […]
Sandy Nurse doesn’t see why she needs to be $120,000 in debt “just for trying to improve my understanding of the world.” And so, after a decade of struggling to repay her student loans, she plans to stop trying. She hopes others will join her, too, in a national strike against the country’s outstanding student […]
Thanks to record-breaking markets and more retirement savings, the number of 401(k) and IRA millionaires has reached a new record, according to Fidelity. Fidelity, the largest 401(k) provider in the United States, released its quarterly analysis Thursday. The report on retirement trends has become increasingly relevant as baby boomers retire in record numbers. The study […]
