You might want to add one more thing to your to-do list for Tax Day: topping off your retirement savings for 2018. Even though that tax year has come and gone, you still have until April 15 to make your individual retirement account contributions for that year. In 2018, you were able to put up […]
Owe Uncle Sam on taxes? Paying with your credit card might help you rack up perks — if you do it right. The IRS takes checks and electronic fund transfers. The agency will also let you pay with plastic for a fee through a payment processing company. Be aware that in general, paying your taxes […]
Retirement is an expensive endeavor. After all, you’re going to have to support yourself for decades without a paycheck. Social Security will help, but it won’t be sufficient to give you the funds you need, as it’s intended to replace only around 40% of preretirement income when experts say you need at least 80%. Since […]
For an estimated 2 million people every year, the title to their car becomes a pawn in their bid to stay financially afloat — a move that doesn’t always work out. As the Consumer Financial Protection Bureau sorts through public input on its proposal to relax its pending so-called payday-loan rule, which covers auto-title loans, […]
Many workers look forward to retirement, only to wind up disappointed once it kicks off. If you want to enjoy your golden years to the fullest, be aware of these factors that could turn your retirement upside down. 1. Inflation A dollar today won’t have the same buying power 10, 20, or 30 years from […]
There’s a reason we’re supposed to save independently for retirement: Most seniors need 70% to 80% of their previous income to live comfortably, and Social Security will only provide about half of that for average earners. Without savings, it’s pretty tough to fill that gap. How much savings should you be aiming for? Retirement costs […]
As you’ve probably noticed, financial wellness is all the rage. According to one survey, about 90% of large and mid-sized companies are now offering financial wellness programs as an employee benefit. But what exactly is “financial wellness” and are you financially well? Financial wellness isn’t just about your income, your net worth, or even your credit score. […]
After years of declining sales, annuities are hot again. Part of the reason for the resurgence is that rising interest rates are increasing annuity payouts. But much of the credit for the rebound goes to the demise last year of the fiduciary rule — the U.S. Department of Labor rule that would have required brokers […]
The 401(k) is a popular retirement savings vehicle for a number of reasons, including its prevalence, potential for an employer match, and the income tax advantages — all of which are appealing to workers socking away wages for retirement. There was $5.6 trillion in 401(k)s at the end of last year. But with so many people using 401(k) […]
CCN spoke to Deloitte tax partner Jim Calvin about the problems and strategies associated with cryptocurrency for his clients, particularly when it comes time for them to submit their annual tax returns. DELOITTE TAX PARTNER SPENDS MORE THAN HALF HIS TIME WORKING ON CRYPTO Calvin got into cryptocurrency in 2014, when he was based in Asia. He says he […]
The Tax Cuts and Jobs Act made some major changes to the U.S. tax code when this tax reform law passed in 2017. Some of those changes are likely to save you money, including changes to tax brackets and tax rates. But the tax reform law also eliminated or reduced some popular tax breaks. Because […]
A diversified portfolio is one of the keys to a successful long-term investment strategy. But can your assets ever be too diversified? Technically, no—there are always new avenues for investors to explore to spread out risk. That said, because you likely don’t have the time and resources to commit to attaining the perfect mix of […]
