Many people believe that hiring a financial advisor is essential for making good investment decisions. This myth has been reinforced by decades of marketing from many financial advisors, but the truth is, many investors who manage their own money often achieve better results than those who rely on advisors, without fees eating into their returns … Read more
When is it too late for you to begin saving for retirement? The answer depends on a lot of things. How to start saving for retirement at 50 or older also depends on a lot of things, such as your debt levels, lifestyle, employment and personal goals (among others). Its important to have a firm … Read more
More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024. On average, Social Security retirement benefits will increase by more than $50 per month starting in January. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s … Read more
[Update in April 2021] The walkthrough and screenshots in this post were from several years ago. Since TaxAct raised its prices in recent years, I stopped updating this post. Please consider switching to TurboTax, H&R Block, or FreeTaxUSA. By request from a reader, I give a walkthrough for how to report backdoor Roth in TaxACT. … Read more
Are you staring at your bank account wondering how on earth you’re gonna retire with basically nothing saved? Trust me, you’re not alone. According to recent data, nearly 40% of Americans have zero retirement savings, and even those who do save only have a median of about $87,000 tucked away. That’s nowhere near enough for … Read more
A 401(k) can be a great tool to help you save and invest for retirement. Pre-tax contributions to a traditional 401(k) can help reduce your taxable income today, and you won’t owe taxes until you make withdrawals, usually in retirement. But you might wonder: What if I need some or all of my 401(k) money … Read more
Retiring doesn’t mean you need to immediately withdraw your superannuation. In fact, leaving your money in super after retirement can be a smart financial strategy depending on your circumstances. Many Australians wonder if keeping their retirement savings in the superannuation system is allowed or beneficial. The short answer is yes – you absolutely can leave … Read more
More than 74 million Social Security beneficiaries will still receive their payments amid a federal government shutdown. But while the agencys local offices are slated to stay open, certain services may not be available. The Social Security Administration plans to follow a contingency plan for continued activities, an agency spokesperson said in a statement. “Social … Read more
In today’s uncertain economic landscape, many of us are wondering if £1 million is truly enough to fund a comfortable retirement. While this may seem like an enormous sum at first glance, the reality might surprise you. As someone who’s spent years researching retirement planning, I can tell you that the answer isn’t as straightforward … Read more
Social Security benefits are an important public service provided by the US government to provide financial support for retirees, disabled people and survivors. This system is funded through the income tax on employment (FICA) and covers almost all US citizens and legal residents. Social Security provides important financial security for those who are unable to … Read more
