Advisors

Some of the nation’s money management giants are tackling the growing concern that more Americans may begin to outlive their retirement savings. Starting in the fall, Fidelity will let plan participants convert some of their retirement savings into an immediate income annuity to provide pension-like payments throughout retirement. Fidelity Investments is the nation’s largest provider of

Danny Werfel, commissioner of the Internal Revenue Service (IRS), speaks during a Senate Finance Committee hearing in Washington, DC, on Wednesday, April 19, 2023. Al Drago | Bloomberg | Getty Images As tax season winds down, questions remain about the future of free filing options from the IRS — including a possible direct e-file option

Catherine Mcqueen | Moment | Getty Images Inflation is gradually falling but remains high, meaning consumers’ budgets continue to be stressed by fast-rising prices. For some, that might mean making tough financial tradeoffs — an exercise that starts by coming to terms with the situation and making an honest assessment of your needs, said Lazetta

d3sign | Moment | Getty Images If you haven’t filed your taxes over the past few years, the window to claim old refunds is closing, according to the IRS. There are nearly 1.5 million people with unclaimed refunds from tax year 2019, worth almost $1.5 billion, with a median payment of $893, the agency said

Jetcityimage | Istock | Getty Images There’s been record-breaking demand over the past year for Series I bonds, an inflation-protected and nearly risk-free asset. But rates have been falling and the yield will decline again in May, experts say. Newly purchased I bonds currently offer 6.89% annual returns through April, and the yearly rate may

Many people may have heard about the various so-called attachment styles psychologists and sociologists say we display in our closest relationships, such as “anxious attachment” or “avoidant attachment.” It turns out we also tend to follow certain patterns when it comes to our relationship with money, said Brad Klontz, a Boulder, Colorado-based psychologist and certified

Izusek | E+ | Getty Images Emotions can get the better of us when it comes to investing — particularly when financial markets get volatile. Behavioral finance tells us we are inherently bad investors, prone to making decisions based on emotions rather than evidence and self-interest. Just as we are a bundle of biases and

Srdjanpav | E+ | Getty Images This tax season, older taxpayers may find they owe more money to Uncle Sam than they expected. The reason: More of their Social Security benefits may be taxed following a higher 5.9% cost-of-living adjustment in 2022. This year’s record 8.7% cost-of-living adjustment may also prompt more benefits to be

Tax season is upon us, and along with it comes the ensuing bout of paranoia about the dreaded IRS audit. But, statistically speaking, getting audited is unlikely for most American taxpayers. In 2022, the IRS audited 3.8 out of every 1,000 income tax returns. Audit rates have been on the decline since 2010. Across all

Geber86 / Getty Tax procrastination happens. But if you’re still missing key forms or feeling overwhelmed, you can buy more time by filing a free tax extension. Nearly one-third of Americans procrastinate with their taxes, the top reasons being complexity and stress, according to a recent survey from IPX1031. You can avoid a late-filing penalty

Bill Oxford | E+ | Getty Images With the tax deadline approaching, the IRS has issued roughly 54 million refunds worth about $158 billion as of March 17, the agency reported Friday. In January, the IRS warned filers that refunds may be “somewhat lower,” and so far, the prediction has been accurate for many filers.

Mireya Acierto | Photodisc | Getty Images It’s not unusual for wealthy taxpayers to relocate from high-tax states to low-tax states. There’s evidence in population trends: Texas and Florida — neither of which have a state income tax — were the states with the biggest population increases from 2020 to 2021, according to the latest

Momo Productions | Digitalvision | Getty Images Parents with young kids or those expecting a child may wonder: What financial steps should I take to set my family up for success? Here are four of the top considerations, according to Rianka Dorsainvil, a certified financial planner and co-CEO of 2050 Wealth Partners. Dorsainvil is also

Getty Images The tax deadline is approaching, and there are still a few ways to reduce your 2022 bill or boost your refund, experts say. Once the calendar year ends, “the toolbox of options is much smaller,” said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas. He is also

Visualspace | E+ | Getty Images Over the past year, there’s been a wave of confusion around tax reporting for payment apps like Venmo and PayPal, along with e-commerce companies such as eBay, Etsy and Poshmark. But the IRS provided clarification in an update this week. The 2022 threshold for Form 1099-K, which reports third-party business payments to

Jamie Grill | Getty Images When you’re on a tight budget, It can be tough to decide between contributing to your retirement savings or to your emergency fund — especially during periods of economic uncertainty. And the banking crisis has added to fears of a recession, with further stock market volatility triggered by the collapse

In the era of social media influencers, some investors are turning to platforms like YouTube, TikTok and Instagram for answers to their most pressing financial concerns. But advisors recommend scrutiny when seeking guidance online — especially when weighing money decisions with the possibility of harmful consequences. “Because social media is democratized and everybody has a

Pascal Broze | Onoky | Getty Images An 8.7% Social Security cost-of-living adjustment for 2023 means beneficiaries received on average $140 per month more starting in January. Now, new research from Bank of America Institute finds faster spending growth among older generations that receive Social Security income. For the week ending Feb. 18, individuals born

In this article SIVB SBNY Follow your favorite stocksCREATE FREE ACCOUNT People wait for service outside Silicon Valley Bank in Menlo Park, California. John Brecher | The Washington Post | Getty Images Account holders at failed Silicon Valley Bank and Signature Bank got a lucky break in recent days when emergency federal efforts ensured that

In this article EOCW RJF Follow your favorite stocksCREATE FREE ACCOUNT sturti With expectations for a recession already in the forecast for 2023, the recent failures of Silicon Valley Bank and Signature Bank have further stoked fears that an economic downturn could be on the horizon. But it remains to be seen when a recession