If your New Year’s Day celebration ends up including a $220 million Powerball jackpot win, remember that Uncle Sam tends to be a party crasher. After more than eight weeks with no jackpot winner, the lottery game’s top prize has climbed to $220 million for Wednesday night’s drawing. And while the odds are stacked against […]
Many Americans hold multiple retirement accounts — and there are many reasons why they should consider combining those nest eggs instead of letting them gather dust. Around 25 million Americans left behind money in a 401(k) account when separating from an old job, according to the Government Accountability Office, which analyzed 10 years’ worth of […]
Saving money for your golden years is crucial. Without a solid nest egg, you’ll risk struggling to pay the bills once your career ends. Most seniors need about 70% to 80% of their former income to live comfortably in retirement, and Social Security will only provide around half that amount, if you’re an average earner. As such, […]
You can’t escape the future, but you can make it easier by switching your spending habits to saving habits. There’s no shortage of studies reporting that Americans are drowning in debt. We’re having trouble paying our monthly bills, taxes, and student loans. We are a nation of spendthrifts, folks who want what they want — […]
Living in another country is a save-your-retirement move that few people consider. For Edd and Cynthia Staton, it was a lifesaver. During the 2008-2009 financial crisis, they took a hard look at what retirement might look like if they remained in the U.S. Staying would have meant severe belt-tightening. After some research and an exploratory […]
Raising the retirement age is an emotional issue. For evidence, just look at proposals to move up the full retirement age for Social Security. Even the idea upsets advocates who want to see the program expanded and individuals receiving benefits. Because of that, lawmakers tend to tiptoe around the issue. Outside the U.S., French citizens […]
Taking steps to defer your federal income bill is usually a good idea, especially if you expect to be in the same or lower tax bracket in future years. If that assumption pans out, making moves that lower your current-year income will, at a minimum, put off the tax day of reckoning and leave you […]
Economists say that 2020 will be a positive — though not exactly stellar — year for the housing market. And that could be good news for renters and home buyers alike. But that’s assuming experts’ forecasts are right. “If interest rates go up 100 basis points, we’ll be off,” Doug Duncan, chief economist at Fannie […]
When the clock strikes midnight on Dec. 31, it will not only usher in a new decade. It will also bring in a host of retirement changes. And that could have big implications for your money. The good news is that you will be able to save even more in your retirement accounts next year, […]
If there were a single number that guaranteed financial security in retirement, we’d all know how much savings to aim for. But there are numerous factors that dictate how large a nest egg you’ll need to live comfortably once you stop working – things like the home you expect to reside in, the things you […]
Chances are, making better money choices is one of your goals for 2020. Almost 99 million people will make a financial resolution this year, according to a recent survey from personal finance website WalletHub. For many, there are two burdens they want to eliminate in 2020: low savings and high debt. Putting aside more money […]
There’s a reason 401(k) plans are regarded as a valuable retirement savings tool: Their generous annual contribution limits make it feasible for workers to retire with more than enough money to live on for decades. Currently, the annual contribution limits for 401(k)s are $19,000 for workers under 50, and $25,000 for those 50 and older. […]
