Shot of a couple going over paperwork together at home getty Are you maxing out your employer’s retirement plan contributions? Did you know you might be able to put additional money into your plan after-tax? (The 2021 annual IRS limit for the total of all annual contributions is the lesser of 100% of your compensation… More
Michael Jackson in New York City, New York (Photo by Kevin Mazur/WireImage) WireImage If you want to know why a wealth tax would be an administrative nightmare, take a look at the dispute over the estate of pop star Michael Jackson, which recently was resolved in federal tax court—12 years after his death and following… More
For many retirees, the family home isn’t something they want to keep. Many sell the nest and move on to smaller dwellings. The costs and maintenance are lower. But what if you chose to leave your house to your children? That makes sense because the price of decent housing has escalated rapidly over the past… More
As humans, we tend to be overoptimistic on everything from our driving ability to investment prowess. It’s perennial problem when it comes to money and retirement management. A recent study found that people routinely over-estimate their Social Security benefits. Two researchers from the University of Michigan found that “Americans face the challenges of retirement with… More
TOKYO, JAPAN – MAY 11: Signage for SoftBank Corp. and WeWork Companies Inc. outside the Tokyo … [+] Portcity Takeshiba building, which houses SoftBank Group’s headquarters, on May 11, 2021 in Tokyo, Japan. SoftBank Group Corp. is scheducled to announce its full-year results on Wednesday. (Photo by Yuichi Yamazaki/Getty Images) Getty Images Decades ago, there was… More
signing escrow form getty When I refinanced my home several months ago, one move saved me thousands of dollars at closing and continues to save me money. That move was making sure I had enough equity in my refinance to forgo my need for an escrow account. People typically assume they need an escrow account, but it… More
Most families with children are eligible for advance payments of the 2021 Child Tax Credit. getty Some 36 million families are eligible for advance payments of enhanced child tax credits for 2021, and the Internal Revenue Service has launched two new online tools to help taxpayers navigate this tax law change. There’s a Child Tax… More
Having kids just got more valuable: Millions of Americans are eligible for advance payments of the … [+] new expanded child tax credit. getty The Internal Revenue Service today updated its Child Tax Credit information page with FAQs and a new online tool to reach low-income people who don’t normally file tax returns. The American… More
Social Security payments are largely based on your lifetime earnings history. If those records are incorrect, you may receive a lower benefit when you retire. Of course, nearly everything that’s reported to Social Security comes from your employers and tax returns (if self employed). Although you receive a statement every year on how much you… More
I love the idea of using simple tools to get some important numbers in front of you. This is essential for planning for retirement. It makes the math go smoother. Do you know how much you’re going to get from Social Security? Spoiler alert: This is a trick question. It depends on when you’re going… More
Roses in a cemetery with headstones in the background getty President Biden has proposed major changes in the way the US taxes the assets of those who have died. There is a great deal of confusion about just what he’d do, in part due to the way the White House itself framed his proposals in… More
Mirror disco ball with light reflection on the ceiling, on a black background getty At this point, it’s a difficult call to decide whether some journalists or economists are the ultimate hype artists when discussing inflation. Not all, thank heavens, and do let us have a public debate on what might happen. Realizing that analogies… More
Sometimes it makes sense to add risky assets to a conservative portfolio. Things to hoard (Photo by Yuriko Nakao) Getty Images Holy grail for the fixed-income investor: an asset that has a decent return of its own and runs counter to the bond market. Blend this magic stuff with your Treasury bonds and you’d have… More
WASHINGTON, DC – MAY 19: U.S. President Joe Biden waves as he walks to Marine One for a departure … [+] from the Ellipse near the White House on May 19, 2021 in Washington, DC. President Biden is traveling to New London, Connecticut, where he will deliver a keynote address during the United States Coast… More
Did you know you can change your Social Security benefit and possibly increase it? It’s a little complicated, but worth exploring. This only applies for current Social Security recipients. If you’re not getting benefits yet, the simplest option to raise benefits is to wait as long as you can (up to age 70) before filing.… More
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