Social Security serves as a financial lifeline for millions of retired seniors, and if you want your benefits to do the same once you’re no longer working, then you’ll need to claim them at the right time. Although those benefits are based on the amount of money you earn during your top 35 working years, […]
We all need savings, whether it’s for emergencies, retirement, college, or another purpose. But if you can’t remember the last time you had money left over at the end of a given month after paying all of your bills, then it’s clear that you’re seriously lacking in the savings department. And chances are, it’s due to […]
Congress passed new legislation that would give retirement savers more time to grow their nest egg. Currently, the IRS requires savers to start drawing down their accounts by 70½. The bill, which passed the Senate on Thursday, would raise that age to 72. The measure now will head to President Trump, who is expected to sign […]
Last year was a tough one for taxpayers, because new laws took effect that dramatically changed how people had to file their tax returns. Even the returns themselves looked different, with the old 1040A and 1040EZ forms going away and requiring everyone to use the same main 1040 form. However, even though there wasn’t a […]
Here’s some good news for your eventual retirement: Congress is trying to make it easier for you to save for that day when you can finally leave your briefcase behind and kick back on the beach. The Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act, got lumped […]
Entrepreneurs hoping to pocket some tax deductions for 2019 shouldn’t forget a new 20% break. The qualified business income or QBI deduction made its debut in 2018, a feature of the Tax Cuts and Jobs Act. The new write-off allows owners of “pass-through” entities, including S-corporations and partnerships, to deduct up to 20% of their […]
Credit card debt is expensive and diverts cash that could be used to build an emergency fund or make contributions to a retirement account. And low minimum payments can trap you into decades of debt. Bankrate.com released a survey this past week about who is carrying the most credit card debt, and the findings were […]
The biggest legislative changes to America’s retirement system in 13 years are on their way. On Thursday, the U.S. Senate approved a spending bill that includes the bipartisan Secure Act, which aims to increase the ranks of retirement savers and the amount they put away. The measure — which passed the House earlier this week […]
Tax-deferred accounts are great, until they aren’t—when we have to pay taxes on our withdrawals. Millions of Americans have tax-deferred accounts, pundits laud them, companies help fund them, institutions service them and markets help them grow. But when it comes time to empty them, often the only person to guide us is Uncle Sam, who’s […]
There’s no more popular time than the end of a calendar year, or the start of a new one, to contemplate personal finances and resolve to do better. And there’s good news from investment giant Fidelity in this regard: An estimated 78% of Americans expect to be better off financially in 2020 than they are right now. […]
If you search the internet looking for how much cash you need to retire, you’ll find estimates ranging from $1 million to $10 million. That’s about as helpful as a mechanical pencil with no lead, particularly if your retirement savings are currently well short of seven figures. A definitive, realistic savings target for retirement is […]
Few things in life are guaranteed. The old adage says only death and taxes are promised us. Besides that, the future is never guaranteed — even when you solemnly swear “’til death do us part.” No one plans to get divorced. We can, however, rescue our retirement plan after a divorce. There are many factors […]
