The Biden administration on Tuesday finalized a new rule to crack down on retirement advice given by financial professionals, a move that has already drawn fierce backlash from Wall Street. The Labor Department regulation aims to ensure that financial advisers, brokers and insurance agents work in the best interests of their clients. It purports to […]
Retirees should be prepared to cover all of their costs from their Social Security and savings. Most people think about expenses like housing, cars and travel when they predict their future financial needs. But, there’s another important expense you cannot overlook: healthcare. While you may assume Medicare will pay for everything you need, that couldn’t […]
If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called “non-eligible designated beneficiaries,” have a 10-year window to deplete […]
Forget the traditional picture of retirement filled with rocking chairs. A recent YouGov survey reveals a fresh perspective on retirement for Gen Z and millennials, highlighting some intriguing trends and contrasting viewpoints. The survey dives into their desired retirement age. Both generations share a surprising ambition, with roughly 3% aiming to retire before 40. However, Gen […]
With inflation picking up again and highly anticipated Federal Reserve interest rate cuts delayed, it may be a good time for Americans to tweak their investment and retirement portfolios, financial advisers say. While U.S. rate cuts are on hold, the European Central Bank (ECB) suggested last week that its first rate cut could come in […]
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, […]
Future retirees are being urged to familiarise themselves with certain retirement rules or risk losing vital Social Security benefits. A Social Security Advisory Board (SSAB) report is reminding older Americans of why it is important to understand the Retirement Earnings Test. RET impacts those who are approaching the full retirement age (FRA) who are working […]
If you’re heading into retirement with a $5 million nest egg, congratulations. Northwestern Mutual’s 2024 Planning and Progress Study found that the average American believes they’ll need $1.46 million to retire comfortably. However, according to the Federal Reserve, the median retiree closes out their career with just $87,000 to see them through. So, with nearly […]
In your 30s, your list of financial burdens is probably growing, including everything from paying for child care to saving up for a first home. Despite these challenges, Americans in their 30s managed to save the most money out of any age group in 2023, according to data from New York Life. Those in their 30s socked away […]
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 […]
