Taking a financial inventory can be done by anyone, at any time. It’s a good first step to getting your financial house in order, whatever life stage you’re in. To start, list your monthly household income and expenses. You should know how much you have coming in and how much you have going out. For
Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase, including how much you can contribute to a work-based retirement plan and the phaseout thresholds for IRA deductibility and Roth contributions. How Much Can You
An initial public offering (IPO) is the first public sale of stock shares by a private company. IPOs are important to the financial markets because they help fuel the growth of innovative young companies and add new stocks to the pool of potential investment opportunities. When a company files for an IPO, new shares are
Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2022 if you’re enrolled in Original Medicare Part A and Part B. Medicare Part B premiums According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits
On December 15, 2021, the Federal Open Market Committee (FOMC) of the Federal Reserve System made a significant shift in monetary policy in response to rising inflation. The Committee accelerated the reduction of its bond-buying program in order to tighten the money supply and projected three increases in the benchmark federal funds rate in 2022,
During your working years, you’re accustomed to living on an income from your job. When you retire, the income from employment ends. Social Security provides a steady income, but it probably isn’t enough to meet your retirement income needs. An annuity is an option that can provide a stream of income during retirement. With most
72 – The age at which account owners must start taking required minimum distributions (RMDs) from tax-deferred 401(k) plans and traditional IRAs. These mandatory withdrawals will be smaller in 2022, because the life expectancy tables used to calculate RMDs were updated for the first time since 2002. Source: Internal Revenue Service, 2020 For those who
HENRY is a catchy acronym for “high earner, not rich yet.” It describes a demographic made up of young and often highly educated professionals with substantial incomes but little or no savings. HENRYs generally have enviable career prospects, but many of them feel financially stretched or may even live paycheck to paycheck for years, especially
$1,657 – Average monthly Social Security benefit for retired workers after the 2022 COLA. It was $1,565 before the COLA, an increase of $92 per month. Source: Social Security Administration, 2021 The Social Security cost-of-living adjustment (COLA) for 2022 is 5.9%, the largest increase since 1983. The COLA applies to December 2021 benefits, payable in
Financing a college education with the least amount of debt involves putting together a variety of resources in the most favorable way for your family. It requires planning, savings discipline, an understanding of financial aid, smart college research, and good decision making at college time. Your College Fund Your savings are the cornerstone of any
