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This is how the $2 trillion coronavirus stimulus affects retirees — and those who one day hope to retire
More protections for older people and flexibility with investment accounts The government’s $2 trillion stimulus package is expected to provide financial relief to small businesses and unemployed workers — but it will also help many people in or on the way to retirement. The package, known as the CARES Act (short for “Coronavirus Aid, Relief…
Read MoreHere’s how to use your $1,200 stimulus check from the government’s coronavirus relief package
Millions of workers and their families will receive a one-time check from the government as part of the coronavirus stimulus package. Most adults will get $1,200, while children will receive another $500. For workers who have already lost their jobs because of the pandemic’s hit to the economy, that extra money will likely be immediately put to good…
Read MoreHow to Save More Money Now
The Story While you’re doing your part to help flatten the curve (and catching up on TV you’ve missed since 2015), try kicking your savings into high gear. Tell me more. Uncertain times like these are why emergency funds are a thing. They can save the day if you lose your income or get an unexpected bill. Spend some…
Read MoreHow to Pay Off Your Debt in Retirement
7 ideas to get that albatross off your neck Credit: Adobe While stepping into retirement might mean walking away from a job, many Americans are dragging financial baggage into this next stage: debt. In recent years, the amount of debt retirees carry has grown, and the numbers are troubling from both a monetary and emotional…
Read MoreHow much you need to save every month to earn $100,000 a year in interest for retirement
About half of U.S. workers think they are building a large enough nest egg to retire. A 2019 study by the Transamerica Center for Retirement Studies and the Aegon Center for Longevity and Retirement found that 54% of workers are confident that they are on track to be able to retire. The same study found that…
Read MoreThe Tax Implications of Supporting Adult Children
There are a number of hurdles to clear before you can claim an adult kid as a dependent. “To claim your child as your dependent, they must be under age 19 or a full-time student under age 24.”(GETTY IMAGES) MANY, IF NOT MOST, empty nesters are probably glad to have their adult children return to live…
Read MoreHere’s how to maximize traditional and Roth retirement savings
KEY POINTS “Asset location” involves strategically putting your investments in accounts based on the type of tax treatment they will get. If you have money in both a traditional 401(k) plan or IRA and a Roth version, there may be ways you can maximize the differences in taxation to reduce the amount you’d owe in…
Read MoreWhy You Need To Plan A ‘New’ Retirement Mindset Now
The old retirement mindset has been in place for generations. Pick an age and retire. One and done. That’s was so, well, 20th Century. Now people pre-retire, half-retire, return to the workforce — or never leave it. There are lots of options. The new retirement mindset is flexible, but like anything else in life, it’s…
Read MoreNearly 1 in 3 American workers run out of money before payday—even those earning over $100,000
Going extra light at the grocery store. Cutting down on medical supplies. Buying clothing and household supplies secondhand. These are just some of the many ways many Americans are making it work when money is tight. For about a third of Americans, this is a regular financial stress, with 32% running out of money before…
Read MoreRetirement planning: Millennials are stashing money away earlier than Gen Xers and Baby Boomers
Younger Americans get a bad reputation when it comes to managing their finances, but it turns out they’re stashing money away for retirement earlier than previous generations, according to a new Bank of America survey. Millennials – Americans between the ages of 24 and 41 – started saving for retirement at 24 on average, well before Generation Xers at…
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