The IRS has again waived required withdrawals for certain Americans who have inherited retirement accounts since 2020. It may not be a good thing for heirs, experts say. Before the Secure Act of 2019, heirs could “stretch” retirement account withdrawals over their lifetime, which reduced year-to-year tax liability. Now, certain heirs have a shorter timeline due to changed rules for so-called required minimum distributions, […]
The average millennial is 30-something, an age by which most of us are well-versed in the ups and downs of financial life. It may come as a surprise, then, that the average millennial expects to retire before 60, a goal not many of us can afford to attain. In a February poll, YouGov asked millennials […]
For many around the world, retirement can be a mixed bag. Australian retirees rate their retirement happiness at 70 out of 100, according to a survey of 1,000 Australians over 60 in February by the independent researcher YouGov and investment management company Challenger Limited. Money was ranked behind good physical health as the key to […]
Google Flights is among the best apps for cheap travel. It’s the one-stop search engine for airplane trips and consolidates hundreds of top online travel agencies (OTAs). You can search for the best ones in a central hub from your mobile phone or personal computer. You won’t have to visit multiple websites, and you can […]
Hope Murray retired in 2013 after a 50-year career that ranged from game show producer to Hollywood party planner to casino executive. She settled into a life of golf, game nights and pickleball in her San Diego community, her daughter living nearby. Then things got more expensive. Gas was nearly $5 a gallon, medication costs […]
The state pension went up 8.5% in April – hitting £11,502 per year for someone on a full new state pension. This is great news for people’s beleaguered budgets, after the cost of living crisis laid waste to their finances. With inflation finally on the wane, this increase introduces some much-needed breathing space. However, many […]
When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to new research from Northwestern Mutual. That estimate is up 53% since 2020, when Americans said they would need $951,000, as the cost of living has surged […]
Millions of older Americans at risk of defaulting on student loan payments may lose some of their Social Security benefits, Democratic lawmakers said in a letter urging President Joe Biden’s administration to act. Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., were among several lawmakers who wrote to President Joe Biden about the risk student […]
People in their 50s are often juggling a number of financial responsibilities, from paying for kids’ tuition to caring for elderly parents — on top of saving for their looming retirement. You might feel like your life, retirement savings and finances are set in stone at this age. But this mindset can be one of […]
A recent survey by Intuit found that U.S. high school students want to learn about personal finance in schools but that many lack access to such courses at school, while parents may be reluctant to teach their children about financial literacy. Intuit’s Financial Education survey found that 85% of U.S. high school students said they’re […]
The most-popular solution to Social Security’s $22 trillion long-term funding shortfall would itself come up short. For a majority of our nation’s retirees, Social Security income is a necessity to make ends meet. Estimates from the Center on Budget and Policy Priorities show that 22.7 million people are lifted above the federal poverty line annually via their […]
Two high-profile economists recently stirred up controversy by recommending that the IRS eliminate tax-deferred contributions to 401(k) accounts. Sweeping changes are unlikely to happen anytime soon, and your nest egg isn’t in jeopardy of going away, so don’t panic about the headlines. Still, it’s important to understand the challenges and potential solutions that policymakers are facing […]
