The end of the year is a new occasion to boost your retirement savings. As part of your year-end planning for 2024, it’s important to look ahead to the new 2025 IRA contribution rules from the IRS. Each year, the IRS sets new limits on how much you can contribute to traditional IRAs and Roth […]
If you’re weighing a year-end Roth individual retirement account conversion, waiting too long could be risky, financial experts say. Roth conversions move pretax or nondeductible IRA funds to a Roth IRA, which can start tax-free growth. The trade-off is upfront taxes on the converted balance, which boosts your adjusted gross income. The strategy has become […]
Standard Chartered on Wednesday upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management business. Here are StanChart’s results for the quarter, compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate: The lender, which derives […]
This might be a good time to consider the types of stocks most investors haven’t been focused on in a while. Bad news for investors who are expecting the stock market to maintain its incredible growth streak — it’s not gonna happen. That’s the word from Goldman Sachs, anyway. In its most recent long-term outlook, the investment […]
Millions of Americans rely on their 401(k) plans to ensure a comfortable retirement, but recent research from Vanguard has found that many workers may be falling prey to a common pitfall that could cause them to miss out on thousands in savings – even as much as $300,000. The issue revolves around a typical experience […]
Building sufficient retirement savings remains a significant financial challenge for many Americans. Personal finance expert and co-host of Smart Money Happy Hour George Kamel joins Wealth! to discuss common mistakes and offer advice for individuals looking to build their retirement savings. Kamel suggests that before investing, individuals should first focus on eliminating consumer debt “because […]
A woman who has sold doughnuts and ice creams in a town centre for nearly 50 years said she was “overwhelmed” by the kind messages she had received since her retirement. Lina Ognissanti, 83, was stationed on Midland Road in Bedford since 1975 until her last shift on 30 September. She said she missed “being […]
Post-pandemic spending methods could be detrimental to your retirement savings. According to Bankrate, more than half of Americans fell behind on their retirement savings, and 37% owe more on credit cards than they have saved for their golden years. Personal finance expert George Kamel is sounding the alarm about this looming “crisis,” arguing that America […]
The Social Security Administration has announced the cost of living adjustments (COLA) for 2025 and it’s the lowest increase recipients have received in years. Social Security benefits and Supplemental Security Income payments will increase for more than 72.5 million Americans by 2.5% in 2025, the SSA announced in a release. Social Security retirement benefits will […]
As October arrives and Halloween season kicks in, Social Security is gearing up for another round of payments for millions of beneficiaries. These payments, which include retirement pensions, disability benefits, and Supplemental Security Income (SSI), are essential for those who rely on this monthly income. This month, some recipients may receive payments exceeding $4,000. As the year comes […]
Social Security is one of America’s most popular programs, with 86% of Americans reporting a positive view of it, according to a survey commissioned by the University of Maryland’s Program for Public Consultation. Unfortunately, many are worried about its future, with over half of the survey’s respondents saying they’ve heard about its financial troubles. Those […]
The phrase “the one percent” gets tossed around a lot in conversations about wealth and inequality, whether in politics, protests, or everyday chats. But what does it mean to be in the top 1%? Let’s break it down by income and net worth to get a clearer picture of who’s part of this exclusive group. […]
