Common wisdom dictates that as we steer our savings toward retirement, we should gradually bulk up on bonds. Bonds are supposed to be safe, predictable, and boring: the perfect antidote to mercurial stocks. Lately, though, bonds have felt anything but safe. Between August 2020 and October 2022, a benchmark Bloomberg bond index plunged 18%. Even now, the […]
In a recent discussion on retirement savings with Vox, labor economist Teresa Ghilarducci laid out some stark benchmarks: by age 30, you should have saved one times your annual salary; by 40, two and a half to three times; and by 60, eight to 10 times. These numbers left many New Yorkers, like Vanessa Longshaw, […]
Understanding the Social Security payment schedule is essential for recipients in the United States. Although the schedule is usually set, there can be times when beneficiaries are unsure about when they will receive their payments. However, there’s no need to worry. Rest assured, each month you will receive your Social Security payment without any issues, […]
Up to $9 trillion is expected to be passed along to spouses and partners in the coming years as part of what’s being called “the horizontal wealth transfer,” according to a new report. Over the next 20 to 30 years, aging baby boomers and older generations are expected to pass down $84 trillion in wealth […]
When it comes to retirement savings, members of Gen Z are doing better than their elders. In a recent survey from the investment advisory firm BlackRock, more than three quarters of them — 77% — say they’re on track to retire and maintain their current lifestyle. Millennials and baby boomers are close behind at 72% […]
Roth individual retirement account conversions are a popular way to reduce future levies on pretax 401(k) or IRA withdrawals — and you can smooth out the upfront tax hit with a “Roth conversion ladder,” experts say. Roth conversions transfer pretax or nondeductible IRA money to a Roth IRA, which offers future tax-free growth. The trade-off […]
Americans have already cut back considerably on their spending due to the cumulative 20% inflation of the past three years. How could it be possible to cut back more, you may ask. There are seven relatively painless areas you may not have thought of that could save you as much as $5,400 a year, GOBankingRates reports. […]
Inflation is still causing financial stress for most Americans, and surveys show that many people also blame a lack of savings and mounting credit card debt for their anxiety over their finances. Earning greater income to cover your spending can relieve some of your worries, but keeping close track of your money can be a simple way to improve your […]
While inflation continues to put the punch on our wallets, AARP has dropped its annual 99 “Great Ways to Save” list. The list features new tips on everything from home improvement to car care, travel, groceries and more. This is the 15th year the non-profit has released its list of tips. You’ve probably heard not […]
People in their 30s may be a long way off from their retirement savings goals, but they have plenty of time to get on track. On average, Americans say they’ll need around $1.46 million saved up to retire comfortably, according to Northwestern Mutual’s “2024 Planning and Progress” study. And for millennials, the majority of whom […]
Whether you’re mid-career or nearing retirement, it’s important to know where you’re investing — and how those accounts could impact future taxes, experts say. Many workers are heavily concentrated in tax-deferred savings via a pretax 401(k) plan or traditional individual retirement accounts, which incur regular income taxes on future withdrawals, based on federal tax brackets. […]
A recent Fidelity study found that record numbers of people have become millionaires thanks to their 401(k) investments in 2024. GOBankingRates recently reported that this year introduced 485,000 new millionaires to the world via their 401(k) funds. But that doesn’t mean that everyone who follows the traditional advice of investing in a 401(k), especially if […]
