Personal saving

Your next quarterly 401(k) statement may be alarming. Here’s why
Finance

Your next quarterly 401(k) statement may be alarming. Here’s why

Your internal alarm bells may ring when reading your next 401(k) plan statement — at first blush, at least. Traditional 401(k) statements — regular notices that arrive by mail or online — show investors how much money they’ve saved for retirement, among other information such as investment allocations. Soon, they’ll also see how their nest […]

Read More
This 52-year-old early retiree left the U.S. for Portugal with his family—and spends ,450 a month: ‘We cut our expenses by 50%’
World

This 52-year-old early retiree left the U.S. for Portugal with his family—and spends $2,450 a month: ‘We cut our expenses by 50%’

In 2011, at 41-years-old, I retired early from my six-figure career in law. My wife joined me in retirement four years later after quitting her job as a nurse. By the time she retired in 2015, our portfolio of high-yielding stocks and mutual funds paid roughly $130,000 a year in dividends, which covered most of our living expenses in […]

Read More
Retirement tax breaks benefit higher earners, leaving middle-class savers behind, report finds
Business

Retirement tax breaks benefit higher earners, leaving middle-class savers behind, report finds

Fstop123 | E+ | Getty Images Tax breaks designed to boost retirement savings may primarily benefit higher earners, leaving middle-class workers behind, according to a report from the National Institute on Retirement Security. With most Americans receiving less than half of preretirement income from Social Security, many rely on employer-sponsored savings plans and individual retirement […]

Read More
House Democrats push Treasury, IRS for repeal of rule blocking state and local taxes cap workaround
Business

House Democrats push Treasury, IRS for repeal of rule blocking state and local taxes cap workaround

Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Three House Democrats are still pushing for relief on the $10,000 limit on the federal deduction for state and local taxes, known as […]

Read More
The IRS is working to increase its audit rates for higher earners
Business

The IRS is working to increase its audit rates for higher earners

Jeffrey Coolidge | Photodisc | Getty Images The IRS is working to boost its audit rates for the wealthiest Americans, according to a statement recently released with the agency’s annual Data Book, covering activities for the 2021 fiscal year. While plummeting audits have drawn scrutiny from Congress, percentages have doubled for filers making over $100,000 to more […]

Read More
Investors revisit muni bonds amid higher yields and strong credit
Business

Investors revisit muni bonds amid higher yields and strong credit

David Jakle | Image Source | Getty Images It’s been a tough year for municipal bonds, with investors cashing out amid rising interest rates. However, higher yields and strong credit may be sparking a shift, experts say. While investors piled a record-breaking $96.8 billion of net money into U.S. muni mutual and exchange-traded funds in […]

Read More
Need to tap your 529 college savings plan soon? Here’s how to handle a stock market downturn
Business

Need to tap your 529 college savings plan soon? Here’s how to handle a stock market downturn

Klaus Vedfelt | DigitalVision | Getty Images Months of stock market volatility may deliver a costly surprise to parents sending children to school this fall: smaller-than-expected 529 college savings plan balances.  The average 529 account size was $30,287 in 2021, according to the College Savings Plans Network, but families may now have lower balances, financial […]

Read More
This advisor started a financial non-profit to empower women. Here’s her top investing and entrepreneurship advice
Business

This advisor started a financial non-profit to empower women. Here’s her top investing and entrepreneurship advice

Stacy Francis Source: Stacy Francis Stacy Francis never planned to become a financial advisor, especially one for women going through divorce. But a candid talk with her grandmother shifted her career trajectory.  Her grandmother, Myra, was a victim of spousal abuse and, before passing, she confessed to staying in her marriage because she felt “financially […]

Read More
Rising gas prices and inflation overtake Covid as top travel concern, survey finds
Business

Rising gas prices and inflation overtake Covid as top travel concern, survey finds

After more than two years of largely staying home due to the pandemic, most Americans are ready to hit the road. Yet inflation and record-breaking gasoline prices are weighing on would-be vacationers, even more than Covid concerns, according to a report. Roughly 60% of Americans said they would take more trips this year compared to […]

Read More
Here’s the best way to use a health savings account, which offers a triple-tax advantage
Health

Here’s the best way to use a health savings account, which offers a triple-tax advantage

The Good Brigade | Digitalvision | Getty Images Health savings accounts can be a powerful way to build wealth and prepare for medical costs in old age — if they’re used the right way. HSAs carry a three-pronged tax benefit. Contributions and investment growth are tax-free, as are withdrawals if used for qualified health expenses. […]

Read More