You’re probably aware that a 10% penalty tax generally applies to distributions from qualified retirement plan accounts prior to age 59½, unless an exception applies; however, you may not be aware of the exception that allows retirement account holders to access their savings at any age, penalty-free.1 Specifically, this exception allows distributions through a series
Couples who have opposite philosophies regarding saving and spending often have trouble finding common ground, and money arguments frequently erupt. But you can learn to work with — and even appreciate — your financial differences. Money habits run deep If you’re a saver, you prioritize having money in the bank and investing in your future.
The U.S. personal saving rate — the percentage of personal income that remains after taxes and spending — was 3.8% in October 2023. The saving rate spiked to an all-time high during the pandemic, when consumers received government stimulus money with little opportunity to spend, but fell quickly as stimulus payments ended and high inflation
Estate planning is the process of managing and preserving your assets while you are alive and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are: a durable power of attorney, advance medical directive(s), a will, and a
As you plan for retirement, you might not give credit a second thought, especially if your plan includes paying off your mortgage and other debts and relying more on cash than credit. But retirement could last many years, and your need for credit doesn’t necessarily disappear on your last day of work. At some point
Income Tax (2024 tax rate tables) Taxable income Tax due plus % of income* Single Up to $11,600 $0 + 10% $11,601 to $47,150 $1,160.00 + 12% $47,151 to $100,525 $5,426.00 + 22% $100,526 to $191,950 $17,168.50 + 24% $191,951 to $243,725 $39,110.50 + 32% $243,726 to $609,350 $55,678.50 + 35% Over $609,350 $183,647.25 +
Retirement savings limits are once again on the rise in 2024. Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2024. How much can you save in an IRA? The maximum amount you can contribute to a traditional IRA or a Roth
$318,000 – Estimated amount that a couple who retired at age 65 in 2022 might need to save to pay for retirement health-care expenses, assuming they have Original Medicare with a comprehensive Medigap policy and median prescription drug expenses. The same couple might only have to save $184,000 with a Medicare Advantage (MA) plan, assuming
Academic researchers have been exploring how investors’ personalities might affect their financial decisions and wealth outcomes. In one study, three finance professors (Dr. Zhengyang Jiang from Northwestern University’s Kellogg School of Management, Cameron Peng from the London School of Economics, and Hongjun Yan from DePaul University’s Driehaus College of Business) surveyed more than 3,000 members
According to an October 2023 survey, higher interest rates impacted more than half of small businesses, and over 20% reported that higher rates and tighter lending standards influenced their hiring decisions.1 Small businesses paid an average rate of 9.1% for short-term loans in October 2023, the highest rate since 2006, and nearly twice as much
