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
Federal Tax Filing Season Starts Soon The IRS announced its starting date for accepting and processing 2023 tax-year returns is Monday, January 29, 2024. Tips for making filing easier To speed a potential tax refund and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings
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
$27.6 trillion – Projected U.S. gross domestic product for 2023 in current dollars, based on advance data for the third quarter. In 2022, current-dollar (nominal) GDP was $25.7 trillion. Source: U.S. Bureau of Economic Analysis, 2023. After a worrisome decline in the first half of 2022 — which sparked fears of a recession — U.S.
A New Year, A New Opportunity to Save with a 529 Plan The start of a new year is typically a time when people resolve to implement or recommit themselves to a personal financial goal. This year, why not consider opening a 529 plan account, or increasing your contributions to an existing account, to enhance
