Qualified savings, money held in retirement plans, such as 401(k)s and IRAs, are a large part of most families’ plans for their retirement years. Legislation that has passed the House and is currently in debate in the Senate, called the SECURE Act, proposes some changes to retirement savings, both during your working years and during retirement.1
When we talk about financial fitness, one of the most important measures is the value of our assets. The problem is that we often have false expectations about some asset types, and we need to break those illusions to focus on our real financial condition.
Do Millennials think they're financially behind other generations because of a more difficult economy or is it all in their perception?
Women are more vulnerable to financial insecurity because they typically live longer, have more breaks in their employment and earn less.
When a company announces bankruptcy, employees usually lose their jobs and benefits. But what happens to former employees who were promised pensions or other benefits? Well, a federal judge just ruled that the Westmoreland Coal Company – one of the largest coal companies in the country – could end the health benefits for its former miners and families.1 And the decision has many retirees worried about their own health care and pensions. And rightly so.
After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to minimize your tax bill from the IRS.