Concerned about overpaying taxes on your IRA distributions? It’s a valid worry but one that you can address if you have the right information. First, you need to know what kind of contributions you made—pre- or post-tax—and to what type of account. Keeping good records is key. Key Takeaways Most contributions to an IRA are […]
Read More(Bloomberg) — The world’s richest nation is waking up to an unpleasant and unfamiliar sensation: It’s getting poorer. Americans’ collective net worth had been climbing at a dizzying rate for the past two years, even as families and businesses contended with the ravages of Covid-19. Households piled up an extra $38.5 trillion from early 2020 […]
Read MoreDean Rainer finds it hard to believe that anyone would think app-based gig workers can save for retirement. “I needed a good laugh today,” the 60-year-old who delivers for Uber UBER Eats said when asked about his retirement plans. “Thanks for that.” Rainer estimates that he made about $14 an hour on average doing deliveries […]
Read MoreRetirement is a topic that regularly makes headlines, and not all of them are encouraging. Americans are living longer than ever before. However, if you assume most people are saving more to prepare for their longer-term needs, you’d be mistaken. Here are some of the more startling truths about retirement in the U.S. Key Takeaways […]
Read MoreIf you want to get your new year off to a good start, try some quick and easy money moves to make yourself richer and fatten your retirement account. And don’t sweat the small stuff, because over time even minor savings can add up to big gains. Check out the chart above. It’s based on stock […]
Read MoreMosaymay/Dreamstime Linda Cooley of Florida has seen her nest egg grow dramatically since she retired more than five years ago as a lawyer. Cooley, 69, lives off pensions and Social Security and has yet to touch her retirement portfolio of several million dollars. Her financial advisor, Susan Elser of Indianapolis, frequently reminds Cooley she could […]
Read MoreAn Allianz survey found that Americans view rising inflation as the biggest risk to their retirement plans. Rampant inflation and rising consumer prices aren’t just impacting Americans’ finances today, it’s worrying them about tomorrow. Americans now view inflation as the biggest financial threat to their retirement plans, according to a recent survey conducted by Allianz […]
Read MoreEveryone knows the financial arguments for why we should wait as long as possible to Social Security benefits: Your benefits increase by 8% for every year from age 62 to age 70 that you postpone claiming. For those who have other sources of income during these years, increases this large are hard to beat. But […]
Read MoreThis isn’t my favorite topic. But it’s a necessary one these days, when a seemingly endless number of companies and individuals are intent on separating us from our money. Some of them will use any means, fair or foul. I’m going to share a story about a longtime friend (I’ve changed his name) whose kindness […]
Read MoreTo avoid the worst retirement mistakes, you have to be realistic about your future plans and think ahead. Unfortunately, it’s all too easy to make the wrong financial moves when preparing for retirement. According to the Federal Reserve, 37% of non-retired adults believe their retirement savings are on track. But none of the 44% who say […]
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