Guido Mieth | DigitalVision | Getty Images About 40% of older Americans rely exclusively on Social Security for retirement income, according to recent research from the National Institute on Retirement Security. It’s an attention-grabbing statistic. And one expert in particular, Andrew Biggs, resident scholar at the American Enterprise Institute, finds it hard to believe. Much of
Personal finance
Ryan Reed became a technical support specialist at IBM after graduating last year from the tech firm’s apprenticeship program. Photo credit: IBM. Ryan Reed was having a tough time. The 38-year-old, a resident of Raleigh, North Carolina, had been trying for months to land a job in technology, a passion dating to his days as
You probably know that most experts caution against trying to time the stock market. Yet, if you think there’s trouble ahead, could moving entirely to cash ever be a good idea? Financial advisors typically offer an emphatic no. Some, though, offer a caveat. “If you have all the money you’ll ever need, and don’t need
When financial advisor Liz Miller took on a client whose spouse had recently died, she realized a piece of the survivor’s financial life needed more attention than her wealth management services would provide. That is, the client needed help with the basics of managing money because her late husband had handled everything. “She hadn’t been
Queen Elizabeth II, Meghan, Duchess of Sussex and Prince Harry, Duke of Sussex watch a flypast to mark the centenary of the Royal Air Force from the balcony of Buckingham Palace on July 10, 2018 in London, England. Max Mumby | Indigo | Getty Images Royals aren’t the only ones leaning on family. As Prince
Getty | Westend61 Everyone has to save for retirement. If you have a job with a company that offers retirement savings, you are in luck. You sign up (or you might be enrolled automatically) and then contribute through your paycheck. You don’t have to do a thing. But when you’re an independent entrepreneur, you have
Aimstock | Getty Images It’s the gift that everybody wants: the ability to get a do-over when you make a mistake. In golf, it’s called a mulligan, or the chance to redo a stroke. With Social Security, it’s called a withdrawal of application. However, the circumstances under which you can exercise this option are limited.
Sen. Elizabeth Warren (D-MA), former Vice President Joe Biden and Sen. Bernie Sanders (I-VT) (R) participate in the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa. Scott Olson | Getty Images Social Security policy has already prompted some presidential contenders to resort to fighting words. But for many
A pedestrian wears a face mask while pushing a stroller past the Tiffany & Co. luxury goods store at Times Square in the Causeway Bay district of Hong Kong, China, on Thursday, Feb. 6, 2020. Bloomberg Here’s a comforting fact as the market grapples with the coronavirus: Your 401(k) plan is pretty resilient. The alarming
Low-angle view of the facade of Tesla Motors dealership with logo and sign in Pleasanton, California, July 23, 2018. (Photo by Smith Collection/Gado/Getty Images) Smith Collection/Gado This week’s mania around Tesla stock, which saw the share price of the automaker and sustainable energy company hit its biggest one-day gain in six years, likely has some
kate_sept2004 Tax season has just started, but you can still find opportunities to cut your 2019 taxes if you know where to look. The IRS started accepting tax returns on Jan.27, kicking off the long march to April 15 — the deadline for taxpayers to pay last year’s liabilities. Even if you’re able to get
Sirinarth Mekvorawuth / EyeEm LendEDU, a website that compares loans, credit cards and insurance for consumers, engaged in a pay-to-play scheme that saw the online marketplace accept money from financial firms in exchange for higher ratings and post fake customer reviews, according to the Federal Trade Commission. LendEDU and three company officers deceived the public
Young female barista has a disappointed expression on her face as she counts her tips at the end of the day. Steve Debenport | E+ | Getty Images When it comes to tipping, most Americans believe they are better than average. But some may be overestimating just how generous they are. A new survey from
Research shows that kids who learn to manage money when they’re young will be able to better handle their finances as adults. Yet, up until recently, only 17 states required high school students to take a class in personal finance. Now, a new report from the Council for Economic Education found that the number of
These days college affordability is a huge concern, and as a result, more students and their families are wary of applying to pricey private schools. That is a mistake. Yes, annual tuition and fees plus room and board at four-year, private universities is much higher — $49,870, on average — compared to public institutions —
Rob Daly | OJO Images | Getty Images The last decade has seen a surge in the number of gig workers, indicating broad economic and demographic shifts and raising concerns around long-term financial security for a growing share of the workforce, according to some experts. “We’re just going to keep seeing more of it,” Kerry
Thomas Barwick Health savings accounts can be a great tool for retirement medical costs — if you don’t make any mistakes using them. These accounts work alongside high-deductible health plans and they offer three major tax benefits. First, you can make pretax or tax-deductible contributions to your HSA. Second, your funds will grow tax free
Bloom Productions Lawmakers recently upended a tax strategy for wealthy Americans who want their loved ones to inherit sizable retirement accounts. Luckily, taxpayers have a workaround at their disposal that could help accomplish their goal. “Your trust won’t work anymore the way you thought it did,” said Ed Slott, CPA and founder of Ed Slott
Foreign travelers wearing masks walk past a departures information board at Beijing International Airport in Beijing, China as the country is hit by an outbreak of the new coronavirus, February 1, 2020. Jason Lee | Reuters When the market makes big moves, you might be tempted to make big decisions. However, having a one-size-fits-all approach
The Burj Khalifa looms over Dubai, United Arab Emirates. owngarden Back in early 2012, I bounded up to the ticket booth at the then-new, 2,722-foot Burj Khalifa in Dubai, hoping to snag a last-minute elevator ride to the top of the world’s tallest skyscraper. Taking a seven-hour tourist detour from a business stay in neighboring