As retirement looms, many Gen Xers are still playing catch-up
Fg Trade | E+ | Getty Images As older members of Generation X inch toward their golden years, the pressure of retirement saving is on — especially for those sandwiched …
Individual retirement accounts
529 college savings plans have even more benefits in 2024
As the costs at some colleges near $100,000 a year, families need a savings strategy they can bank on. Financial experts and plan investors agree that 529 college savings plans …
How to reduce taxes on your inherited individual retirement account
Laylabird | E+ | Getty Images Inherited individual retirement accounts can be a financial boost for heirs, but the windfall can trigger tax issues, experts say. Withdrawals from pretax inherited …
Advice about 401(k) rollovers is poised for a big change. Here’s why
Johner Images | Johner Images Royalty-free | Getty Images A new U.S. Labor Department rule will significantly change the advice many investors receive about rolling money over from 401(k) plans …
Americans think they need $1.46 million to retire. What experts say
Aleksandarnakic | E+ | Getty Images When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need …
Here’s who can claim a ‘special tax credit’ for retirement savings
Halfpoint Images | Moment | Getty Images Some retirement savers can still snag an extra tax incentive for 2023. However, most eligible filers don’t claim it, according to the IRS. …
How to reduce your tax bill or boost your refund before the deadline
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 …
401(k) millionaires and average balances rose in 2023, Fidelity says
In a year that defied most economists’ expectations, retirement savers reaped the benefits. Retirement account balances, which took a sharp nosedive in 2022 due to market volatility, have now started …
Policy changes look to reduce 401(k) plan ‘leakage’
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) …
Limiting retirement plan tax perks may help Social Security, experts say
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 …