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When planning for retirement, most of us focus on making sure we're saving enough money. Personally, I've spent years learning about the different types of IRAs, how to access a 401(k) since I'm self-employed, and figuring out how much I need to retire.

Workers miss out on billions in investment gains by pulling retirement savings out of the stock market after switching jobs—often without meaning to.

Living trusts can help manage your assets (and taxes) while you're alive and transfer them after you die, but they have disadvantages, as well as advantages.

If you pay enough taxes into Social Security during your career, you'll be entitled to a monthly benefit once you retire. But there are a number of reasons why that benefit may be smaller than you'd expect.

In most presidential election years, politicians run around kissing babies and talking a big game about helping American families. This year, talk has turned to action: Both political parties have proposed policies to ease the financial burden on parents.

President Biden issued his budget proposal on March 11, 2024. The document’s full title is “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals.”

Home equity is a powerful asset — and an essential component of homeownership. It represents the amount of your home you own free and clear instead of the amount you financed (and still owe). As you pay down your mortgage or your property value rises, your equity grows, making your home a more valuable asset.

If you want to know the best age to claim Social Security benefits, there's only one thing you need to predict: your life expectancy. As morbid as it may be, if you know exactly when you'll pass away, you can determine the exact month you should claim benefits to maximize your lifetime income from the government program.

Perhaps “dad jokes” are more powerful (and important) than we’ve realized all along. An exciting new study for parents concludes that humor could be the missing ingredient in the recipe for effective child-rearing.

The greatest intergenerational wealth transfer in history is underway, and people are unprepared, according to Michael Pelzar, head of investments at Bank of America Private Bank.

Net worth is a measure of your wealth. It's the value of your assets minus liabilities, revealing how much you own after subtracting any debt you currently owe. If you have a high net worth, you're likely on the right track to financial security.

It’s become common knowledge that alcohol is a carcinogen — otherwise known as a cancer-causing substance. A new report paints a concerning picture of just how many cancers and related deaths may be the result of drinking alcohol.

Estate planning can help you manage your assets in life, and minimize taxes and legal complications for your beneficiaries after death. Comprehensive strategies typically include wills to distribute assets upon death, trusts to manage assets for beneficiaries, and powers of attorney to designate individuals who can make financial and healthcare decisions on your behalf.

When considering the best real estate loophole strategies to save money and limit your tax burden, it makes sense to look to America’s elite 1% for best practices.

Would you laugh more if your life depended on it? The Japanese government certainly thinks you should. Citizens in the northern province of Yamagata have been ordered by law to laugh daily for the sake of their health.

A shakeup is coming to Social Security. See what's in store for 2025. Although we're not exactly nearing the end of 2024, we've passed the midpoint of the year. That means it may be time to start looking toward 2025 at all things financial.

When the original SECURE Act was passed in December 2019, it brought sweeping changes to the post-death tax treatment of qualified retirement accounts. One of the biggest changes was to eliminate the prior "stretch" treatment of post-death distributions for most non-spouse beneficiaries, who are now subject to the so-called 10-Year Rule requiring beneficiaries to fully distribute inherited retirement accounts by the end of the 10th year following the original account owner's death.

The average cost of sending a child to a 4-year public university is over $75,000 today, which means if you have a young child, you can expect to pay over $150,000 when their time comes. If you have more than one child or choose a private school, your total college costs could easily total more than your home’s price. Fortunately, there are tax-advantaged accounts that can help families save for college.

“Superfunding” is a term sometimes used to describe large 529 plan contributions using 5-year gift tax averaging described in section 529(c)(2)(B) of the Internal Revenue Code. It can be a great way to jumpstart a child’s or grandchild’s college savings account.

Still working past age 65 and relying on your employer's health plan rather than Medicare? This is for you.

Spousal benefits are pretty common, but it takes more than simply saying "I do" to qualify for them. Social Security spousal benefits seem like they'd be pretty straightforward. As long as you're married, you qualify, right? Not exactly.

One of the most overlooked aspects of retirement planning is the effect taxes have on someone. Taxes can take a significant bite out of your nest egg without proper planning.

The Internal Revenue Service and Treasury Department have released final regulations updating required minimum distribution (RMD) rules for beneficiaries under the 10-year rule.

Good news for anyone with a Google account: A useful security feature that previously required a Google One subscription is now going to be made available to everyone, for free, from the end of July 2024.

Preston Cooper has bad news for those studying make-up, manicures, and hairstyling. They're on track to lose $114,036 over the course of their careers, the researcher has found. That's because their future earnings won't offset the costs of tuition, books, and lost earnings while they're studying cosmetology. Those seeking a better return on investment (ROI) should look elsewhere when choosing a two-year course, Cooper says.

The Internal Revenue Service today warned taxpayers not to fall victim to a new emerging scam involving buying clean energy tax credits. In this latest scam, the IRS is seeing instances where unscrupulous tax return preparers are misrepresenting the rules for claiming clean energy credits under the Inflation Reduction Act (IRA).

Even if your estate plan is in order, it won’t be of much help to your heirs if they can’t locate important documents when you’re no longer around. Organizing your financial and estate-planning documents — and letting your family know where you’ve stored them — will make it easier for your loved ones to care for you if you become incapacitated, and it will smooth the process of settling your estate after you’re gone. Plus, while you’re still alive, you’ll be able to quickly track down paperwork when you need it.

You may be wondering if you can retire early. On the other, no matter how much money you have saved, the fear of running out of reserves still lurks in the back of your mind. According to a 2019 study by the Employee Benefit Research Institute, 40.6% of people between the ages of 34 and 64 were projected to run out of money in retirement.

When their homes hit the market, most sellers are so preoccupied with how much they hope to earn, they forget selling a home costs money, too — and quite a lot. Americans report spending nearly $55,000 on home-selling expenses — an amount that surprised 64% of sellers, according to a recent survey from Clever Real Estate.

Imagine being a property owner in a condominium who is humming along paying the mortgage and then getting a letter from your homeowner's association (HOA) informing you of a six-figure assessment. Now imagine that you don't have the money, but under the HOA rules, failing to pay the assessment means losing your unit via foreclosure. However, selling the unit will be nearly impossible once you disclose the assessment to potential buyers. What do you do?

Here’s a wake-up call for millions of Americans who pay some or all their income taxes quarterly rather than through paycheck withholding: Penalties on underpayments of these taxes have surged recently. Second-quarter amounts are due June 17, so affected taxpayers should plan now.

The oldest members of Generation X are turning 59 1/2 this month, the earliest age when workers can start withdrawing retirement assets without a penalty. But many Gen Xers are far from prepared for their golden years, with almost half saying it would take a "miracle" for them to be able to retire, according to a new Natixis study.

The price for owning a home is rising rapidly – and we’re not just talking about mortgage payments. US homeowners are now paying an average of $18,118 a year on property taxes, homeowners’ insurance, maintenance, energy and various other expenses linked to owning a home, according to a new Bankrate study.

The $13.61 million estate- and gift-tax exemption is due to expire at the end of 2025, but many wealthy folks are on the fence about whether they should lock in the massive tax break before the deadline.

Home buyers are increasingly turning to family members, most often parents, for help buying a house in overpriced and undersupplied markets, reflecting a shift in the way many families finance homeownership.

Many Americans worry about the future of Social Security, and rightly so. But that’s not a good reason to claim your benefits early.

A massive wave of baby boomers will be turning 65 in the coming years — but new analysis shows most of them aren’t financially ready for retirement and could risk living in near poverty if they stop working.

If you’re an IRA beneficiary subject to the 10-year payout period and would have had a 2024 required minimum distribution (RMD), you’re in luck. In IRS Notice 2024-35, issued yesterday (April 16), the IRS said it would excuse those RMDs.

The Department of Labor's finalized "Retirement Security Rule" expands the definition of an investment advice fiduciary to safeguard retirement accounts from conflicted advice that could lead to higher fees and lower returns.

Many people dream of leaving their jobs and making the decision to retire early. Personal finance coach Dave Ramsey says it's possible and that people considering the dramatic move should evaluate a few factors — including their mortgage payments — and develop a plan.

According to a recent analysis of retirement expenses on GOBankingRates, the amount of money you’ll need for retirement will vary greatly depending on what state you choose to live in. It can cost you $131,175 annually to have a comfortable retirement in Hawaii and this calculation is $62,154 in Mississippi. As you can see, there’s a huge discrepancy in potential retirement expenses based on where you decide to live. This is why we will explore the real estate expenses you should avoid in retirement as you transition to life after work.

Could renting be the right decision for you during retirement? Maybe you can retire stress-free instead of having to continue working to pay off your mortgage.

Revocable trusts and irrevocable trusts are created through contracts in which a person is appointed as “trustee” to hold title to property, with an obligation to use the property for the benefit of another person as the “beneficiary.”

Social Security was never supposed to be your sole source of retirement income. Indeed, for disciplined investors, Social Security won't even be their biggest single source of income in retirement. If you can maximize the benefit of a program you're required to participate in, though, you may as well do so.

Angelo E. Ebora is a licensed agriculturist who is currently working as a guest lecturer at Lobo Campus, Batangas State University in the Philippines. And, he recently went viral for sharing his students wearing what he calls "anti-cheating hats" in a TikTok video.

Certificates of deposit (CDs) have become a popular investment in recent years. As the Federal Reserve has raised interest rates, CD rates have skyrocketed in response.

Apple has extremely sophisticated ways of tracking when you're being personally targeted by cyber-criminals. And if it thinks you're the focus of a "mercenary spyware attack", it will warn you. These are called Apple Threat Notifications, and they should be taken extremely seriously.

As car prices moderate from a pandemic-era surge, insurance has pushed the cost of car ownership to the brink for many Americans.

After working for most of your adult life, the last thing you want to do is stress about your finances and paying hefty bills in your golden years. You want to enjoy your retirement after committing to a career and waiting so long to exit the workforce.

Banks are fleecing Americans by quietly moving money from high-yielding savings accounts to those earning just 0.05 percent interest. One US Bank customer discovered he went from earning $160 a month to just $2 after his account was rolled over to a new one when it matured.

There's a retirement crisis looming for many Americans — and some are already living on scant incomes. Retirement is becoming a luxury for Americans hoping to get a reprieve in their later years, and it's something a handful of lawmakers are hoping to change.

You might ace your weekly spin class, or be able to lift super heavy weights - but does that mean you're physically fit? Meeting the basic fitness recommendations for your age is crucial, as being slightly below par can lead to a dramatic increase in heart disease risk. Now, experts at the University of California Los Angeles and mega-gym Equinox have detailed the four science-backed exercises that best indicate your fitness levels.

A credit freeze restricts access to your credit report. If you suspect your personal information or identity was stolen, placing a credit freeze can help protect you from fraud.

It’s general common sense that saving your money is an essential part of building financial security. And if you’re making the effort, it’s smart to stash your money in a high-yield savings account. Not only do they offer a higher return than traditional savings accounts, but your money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.

Lars, a college instructor, is at the forefront of an increasingly common trend: becoming the caregiver for her financially unprepared boomer parents. The narrative, unfolding through a series of candid TikTok videos, sheds light on the intricate dance between generational support and financial readiness.

A new study reveals that the greatest health stressor for older primary care patients is not obesity alcoholism or smoking. There is something that is far worse. Knewz.com has learned that loneliness has a mortality risk comparable to smoking more than 15 cigarettes a day.

There are some quick ways to delete some of the most personal info Google holds on you. Google has built special buttons that let you remove specific chunks of info – or remove it all at once. An official memo from the company details exactly how to do it.

Attention, team players! If you play well with others, there's a special type of housing that may be perfect for you. It's called "cooperative housing," or "co-op" for short.

Many argue it’s harder today for young adults to make it on their own. In addition to soaring food and housing costs, millennials and Generation Z face other financial challenges their parents did not at that age. Not only are their wages lower than their parents’ earnings when they were in their 20s and 30s, after adjusting for inflation, but they are also carrying larger student loan balances, recent reports show.

Troublesomely high inflation rates may have an overlooked metric at their source: soaring insurance costs. But don't take our word for it, just listen to Federal Reserve Chair Jerome Powell.

Owners of real estate who want to sell without incurring tax liabilities can make use of a clever strategy. Usually, when an investment property is sold the owner must pay tax on the profit they made during the course of the investment, known as capital gains tax. That can total some 40 percent of the earnings due to a combination of federal and state taxes, especially in places like California.

After years of managing household budgets through the stress of the worst inflation in a generation, US families are increasingly pressured by a different kind of financial squeeze: The cost of carrying debt.

Nearly three in ten Americans have nothing saved for retirement, an alarming new study warns. The findings lay bare America's so-called 'retirement crisis' amidst fears many workers are using their 401(K) pots like cash machines.

Deeds must be used to transfer real estate into an LLC or into a trust, making deeds an essential part of implementing most estate plans. However, deeds should not be used in lieu of trusts, because deeds will cause many unanticipated consequences and even harmful legal and tax consequences.

During the torture ritual that was doing my taxes this year, I was surprised to find myself giddy after reading these words: “You are now chatting with IRS Representative-1004671045.” I had gotten stuck trying to parse my W-2, which, under “Box 14: Other,” contained a mysterious $389.70 deduction from my overall pay last year. No explanation. No clues. Nothing. I tapped the chat button on my tax software for help, expecting to be sucked into customer-service hell. Instead, a real IRS employee answered my question in less than two minutes.

A financial plan is a comprehensive picture of your current finances, your financial goals and any strategies you've set to achieve those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life.

The internet has changed the way we live our lives. Not long ago purchasing stock was not as easy as it is now. The order went through a complex network of brokers and specialists before the execution was completed. In 1983, that all changed with a dentist in Michigan who made the first online stock transaction using a system developed by what is now E*TRADE Financial.