Drakula & Co. | Moment | Getty Images More from Smart Tax Planning: Here’s a look at more tax-planning news. 1. Get an ‘immediate deduction’ from your IRA One of the first options is a pretax individual retirement account contribution, according to Mark Steber, chief tax information officer at Jackson Hewitt. “They’re still very popular … Read more
Sturti | E+ | Getty Images Leaks aren’t just a problem for pipes. Billions of dollars a year drip from the U.S. retirement system when investors cash out their 401(k) plan accounts, potentially crippling their odds of growing an adequate nest egg. The issue largely affects job switchers — especially those with small accounts — … Read more
JGI/Jamie Grill | Blend Images | Getty Images Millennials’ retirement prospects seem rockier than those of older generations of Americans. That’s largely a function of long-term policy changes such as a later age for full Social Security benefits and a shift to 401(k)-type plans, longer average lifespans and a bigger student debt burden relative to … Read more
Wand_prapan | Istock | Getty Images There’s no debate that Social Security’s funds — which are projected to become insolvent in the next decade — need fixing. But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable … Read more
GlobalStock | Getty Images When you invest toward retirement, experts often like to say you are letting your money work for you. But how much can you realistically expect to earn on your money? The annual rate of return — defined as the percentage change in an investment’s value — is an estimate of the … Read more
Adamkaz | E+ | Getty Images If you’re a retiree who relies on Social Security benefits for income, you will see some changes in 2024. You will get a benefit boost to adjust for inflation. But just how much extra money you see will depend on the size of your Medicare Part B premiums and … Read more
Ascentxmedia | Istock | Getty Images Retiring early is a dream for many, but can often appear impossible unless you’ve made millions throughout your career. “Twenty years ago rates of early retirement were fairly similar across different wealth levels,” Heidi Karjalainen, a research economist for retirement, saving and aging at the Institute for Fiscal Studies … Read more
