3 Social Security surprises that may leave money on the table Almost a quarter of future retirees who expect to receive Social Security either guess or don't know how much their benefits will be. Newslook Even if your retirement is years away, it's a good idea to periodically check in on your Social Security benefits. Why? To [...]
Backdoor IRAs: Another way to save on taxes in retirement Unless you've filed an extension with the Internal Revenue Service, the 2016 tax year is now history. You're probably ready to take a break from thinking about taxes at all, but there is no time like the present to consider how you might save on [...]
Why your 401(k) can be a cash drain Everyone's heard of stretching to buy a McMansion and becoming "house poor." But what about saving too much for retirement and ending up "401(k) rich and cash poor"? Don't snicker. It can and does happen — often to investors with both good savings habits and good intentions for their financial future. These model savers later [...]
Life coach and author notes that 92 percent Americans don't know the costs involved with their 401(k) plan — and 72 percent believe they're not paying anything. A 1 percent fee cut can help money last 10 additional years in retirement. Fees can slash retirement savings by as much as 60 percent. Best-selling author and life coach Tony [...]
If you're sitting on a huge pile of student debt and think your loan interest deduction will save you loads on taxes, think again. That because borrowers are permitted to deduct only a portion of the interest they've paid on educational debt. And it phases out if you make too much. As long as you've [...]
Pundits spend a good deal of time advising Americans about the best age to claim Social Security – at age 62, at full retirement age, at age 70 and the like. But they hardly ever discuss the nuts and bolts of applying for Social Security benefits. They should. You see, the seemingly simple act of [...]
According to recently released data, the IRS has processed 128.8 million tax returns submitted in 2017 so far, and has issued more than 97 million refunds. The average taxpayer who received a refund got $2,763, an increase of roughly 2% over last year. Here’s a closer look at the data and how Americans are planning [...]
Get rid of that notion that retirement must be a time to cut costs and pinch pennies. Rather, plenty of people seem to be in a position to splurge a bit after claiming Social Security benefits. Most people are able to maintain or increase their spending slightly once they start receiving retirement benefits, according to a new [...]
When we think about consumer debt, we tend to point a finger at folks for whom shopping sprees are a way of life. But the real reason a large number of Americans wind up in financial trouble has nothing to do with self-indulgence or an inability to resist temptation. Rather, it’s a matter of medical [...]
For many Americans, retirement is a mixed bag. On one hand, countless seniors enjoy the flexibility and freedom retirement offers. On the other hand, finances, or a glaring lack thereof, are a major concern for older Americans, especially since so many go into retirement ill-equipped to live off a fixed income. Here's some key data [...]
