American consumers claimed $8.4 billion in Inflation Reduction Act tax breaks tied to boosting the energy efficiency of their homes in 2023, according to Internal Revenue Service data, a sum that exceeded officials’ projections. More than 3.4 million U.S. households claimed at least one of two tax breaks — the residential clean energy credit and the energy efficient home […]
Dating back to 1935, Social Security has become a popular, ubiquitous safety net for retirement-age Americans and their families. In fact, it’s indispensable. Yet this high-priority federal budget item stymies senators and congress members of every stripe. They’re reluctant at best to tinker with it, even though its funding is projected to run out by […]
Retirement accounts took a hit Monday amid a global market selloff. The S&P 500 closed down 3%, while the tech-heavy Nasdaq composite dropped 3.4% and the Dow Jones Industrial Average fell 2.6%. It was the biggest daily drop for the S&P and Dow since September 2022. While some investors may be worried about the state […]
Although Social Security’s COLA might achieve something unprecedented in nearly 30 years, this historic benefit increase is likely to fall short for millions of retirees in the United States of America. As of June 2024, more than 50 million retired citizens who got a monthly payment from Social Security were entitled to an average of $1,918. This translates […]
It’s simpler than you might think to make this critical decision. Social Security benefits can have an enormous impact on your retirement, and the age you begin claiming will permanently affect the size of your checks — often by several hundred dollars per month. Three of the most popular ages to file are 62, 67, […]
Most Americans don’t have a ton of money in the bank. The median balance in Americans’ transaction accounts is $8,000, according to the Federal Reserve’s Survey of Consumer Finances. That’s the combined total across all types of bank accounts, including checking, savings, and money market accounts. It’s a different story for the richest Americans. While you’d […]
Even though Social Security’s cost-of-living adjustment (COLA) may accomplish something not seen in roughly three decades, this historic benefit increase is liable to come up short for most retirees. In June, the more-than 51 million retired workers who received a monthly benefit from Social Security took home an average of $1,918.28, which works out to […]
Workers who pay into Social Security while they’re working should expect benefits from the program when they retire. Yet 72% of adults worry Social Security will run out of funding in their lifetimes, a new survey from Nationwide Retirement Institute finds. Meanwhile, 23% do not expect to receive even a dime of the Social Security […]
It’s common for people to have a number of concerns when confronting the necessity of saving for retirement. Fortunately, there are several tools people can use to combat these retirement worries, including 401(k)s, careful planning and consulting with financial advisors to develop effective strategies. One major fear people have is that they might run out […]
Debate over the potential renewal of the so-called Trump tax cuts of 2017 will be building as their expiration approaches next year. The focus will likely be on corporate and personal tax rates. But there’s a less-appreciated but consequential side effect of the Tax Cuts and Jobs Act: its impact on charitable giving. Simply put, […]
Are annuities catching on? The numbers seem to say so. Sales of these insurance products, primarily designed to convert assets into a guaranteed income stream, have increased for 15 consecutive quarters and reached a record $215 billion in the first six months of 2024, up 19 percent from the same period last year, according to […]
Knowing these tricks could help you reduce the tax burden of RMDs now and in the future. Saving money in a retirement account like an IRA or 401(k) is a great way to boost your savings. The tax deduction you receive upfront can help you save more today and build a big nest egg quickly. […]
