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 […]
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 […]
As of 2022, the average retirement age among Americans was 61, according to a Gallup poll. And it’s common for people to leave the workforce in their early or mid-60s. If that’s always been your plan, then you may not love the idea of working until 70 — at least at first. But here are […]
More than half of Gen Xers say they regret not saving more for retirement. Fifty-five percent of Americans born between 1965 and 1980 wished they had more saved, according to an Allianz Life study. But it’s never too late to start saving more aggressively for long-term goals. In fact, Gen Xers are at the perfect age to do […]
What the average couple gets from Social Security right now The average monthly retirement benefit as of May 2024 is $1,917 per month. If both spouses qualified for this amount, their household monthly benefits would be $3,834 per month, or about $46,000 per year. For most people, that’ll go a long way toward covering their annual retirement […]
When’s the best age to begin collecting Social Security retirement benefits? That’s a question the Social Security Administration (SSA) is asked frequently. The agency’s answer: “There’s not a single ‘best age’ for everyone and, ultimately, it’s your choice.” This response is correct. However, if you want to maximize how much money you receive from Social […]
If you have to participate in the program, you may as well make the most of it. Everyone should be looking beyond Social Security to fund their retirement. Consistently contributing even just a modest amount of money to an IRA, for instance, can result in a surprisingly big nest egg later in life. Even the […]
Commuting to work can feel like a chore, with traffic to battle and costly gas prices to fill up. But the right car can lessen the blow to your wallet and be a smooth, comfortable drive to the office. As a commuter, you’re likely in the market for an affordable, fuel-efficient car with great features. The good news is […]
July 3 was the last Social Security payment for those who retired before May 1997 or those getting SSI simultaneously. After these direct deposits, there will be three more rounds of payments. It is not unlikely that some retirees have received their July 3 payment on Independence Day, that is the 4th of July. Sometimes some banks or […]
If saving money were easier, more people would likely have overflowing savings accounts. But 2023 data from SecureSave notes that 63% of Americans could not cover a $500 emergency expense by tapping their savings. That leaves many people vulnerable to debt in the event of a financial emergency. If you’ve struggled to save money in the past, […]
