Advisors

MoMo Productions | DigitalVision | Getty Images If you can afford to max out your 401(k) and there’s still wiggle room in your budget, your plan may have a special feature to save even more. Although the 401(k) deferral limit for 2022 is $20,500 if you’re under 50, you can use after-tax contributions to save

Catherine McQueen | Moment | Getty Images Many Americans enter their retirement years with little or no savings. As a result, most or all of the money they receive comes from their Social Security check. Around 12% of men and 15% of women rely on the benefit for 90% or more of their income, according

In this article NAVI Supannee U-prapruit | iStock | Getty Images For many American families, the largest cash infusion they get all year is their tax refund. The average check cut by the IRS was more than $2,800 in 2021, although refunds might be smaller this year for several reasons. How you should spend the

A Bitcoin ATM is seen inside a gas station in Los Angeles on June 24, 2021. CHRIS DELMAS | AFP | Getty Images Roughly 2 out of 3 “fund selectors” don’t think individual investors should own cryptocurrency in their portfolios, largely for reasons related to transparency and regulation, according to a Natixis Investment Managers survey.

In this article PRU Willie B. Thomas | DigitalVision | Getty Images Thought saving for retirement was hard? Spending that money — and ensuring it lasts through old age — is even harder. It may not sound tough at first blush. But consider all the unknowns: how long you’ll live; the need for costly health

Items on sale at a Washington, D.C., supermarket on Jan. 12, 2022. Stefani Reynolds | AFP | Getty Images If surging costs are a concern, you may consider using your tax refund to bypass the purchase limits on I bonds, a nearly risk-free and inflation-protected asset. Annual inflation rose by 7.5% in January, growing at

FatCamera If you’re hoping to generate income from your investment portfolio, closed-end funds could be one piece of the puzzle. These funds come with more risk than, say, U.S. Treasurys, yet also can provide decent yields that may have a place in the fixed-income portion of your investment portfolio. And sometimes, they give you a

Portra | DigitalVision | Getty Images If you’re eager to slash your tax bill, two popular methods are claiming credits and deductions on your return. While both can reduce your balance, these write-offs have key differences, which ultimately affect your bottom line. Credits lessen your liability on a dollar-for-dollar basis, whereas deductions reduce income subject

Dean Mitchell | E+ | Getty Images Most people don’t know the first thing about the Secure Act and yet it has great impact on their retirement planning. With little fanfare, the Secure Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law on Dec. 20, 2019. It’s an important piece of

staticnak1983 | E+ | Getty Images Millions of parents who’ve defaulted on their federal student loans may get part of their child tax credit seized this tax season. The federal government has long been able to collect past-due debts, like child support, owed to state and federal agencies. This occurs via the Treasury Offset Program,

Zoom In IconArrows pointing outwards If you’re one of the millions of Americans who own cryptocurrency, there’s a key question to answer this tax season. Over the past couple of years, the IRS has stepped up crypto reporting with a yes-or-no question about “virtual currency” on the front page of your tax return.  The question

Sporrer/Rupp | Image Source | Getty Images When it comes to retirement, you probably have a lot of questions about whether or not you’re making the right financial moves. That may include uncertainty about investing and the best way to get the nest egg you think you’ll need. Chances are, you are overlooking potentially your

A “PsychoKitty” NFT created by psychedelic artist Ugonzo displayed on a phone and a NFT logo displayed on a computer screen from a Crypto.com NFT marketplace. Justin Tallis | AFP | Getty Images It’s safe to say that we have all heard the term “NFT.” But what exactly are they and what are the pros

fizkes | iStock | Getty Images Getting married, having a baby, changing jobs and unemployment may affect your taxes, and it’s better to adjust withholdings early, financial experts say. The IRS expects a slice of every dollar you earn — taken from your paycheck, withheld from other income or sent quarterly. While overpaying may spark

Jose Luis Pelaez Inc. | Getty Images Markets endured a rough January, with the S&P 500 Index suffering its worst monthly performance in nearly two years. Technology was responsible for much of the carnage, as investors became spooked by some notable earnings misses and the prospect of four interest rate hikes by the Federal Reserve

Witthaya Prasongsin | Moment | Getty Images Interest rates may be going up in 2022 — and a bond ladder is one way for investors to manage the risk. Prices for existing bonds generally fall as interest rates (or yields) rise, since the yields on new bonds look more attractive by comparison. That dynamic played

Cabania | iStock | Getty Images Plus You can start filing individual income tax returns on Jan. 24, but there may be refund delays as the IRS combats a backlog and limited staffing, according to Treasury officials.  However, there may be ways to get your money faster, financial experts say. Although refunds are typically sent

Marko Geber | DigitalVision | Getty Images Many retirees rely on bonds for income, lower risk and portfolio growth. However, as the Federal Reserve prepares to raise interest rates, some worry about the effects on their nest egg. The cost of living has swelled for months, with the Consumer Price Index, the key measure of

Tara Moore | Getty Images Anyone facing required minimum withdrawals from retirement accounts should note there’s been a change to calculating those amounts. Starting this year, new IRS life expectancy tables — which are used to determine required minimum distributions, or RMDs — are in effect. While using the modified tables should be generally straightforward

“Taxes” engraved at IRS headquarters in Washington, D.C. Andrew Kelly | Reuters Next week may be the last chance for some filers to avoid a tax penalty and reduce their bill in April.   The deadline for fourth-quarter estimated tax payments is Jan. 18, applying to income from self-employment, small businesses, gig economy work, investments and