The recent stock market meltdown may have dented Americans’ retirement savings, but there’s a silver lining: The downturn made one common retirement strategy less costly for investors. The strategy, known as a Roth IRA conversion, involves changing a traditional, pre-tax retirement account — such as a 401(k) plan or a qualified individual retirement account — to an
Personal finance
No pain, no gain … no risk, no reward. As with most platitudes, you’ve likely heard those lines so many times that by now they’ve lost their meaning. Most of us understand that to amass enough savings to buy a first home, send a child to college or retire before 70, we have to surrender
golero | Getty Images Longevity. Leaving work to care for kids or parents. Earning less. These are the headwinds most talked about among women when it comes to the retirement challenges many of them face. Women have retirement balances that are half the size of men’s, according to data from the Vanguard Center for Investor Research.
US President Donald Trump makes his way to board Marine One before departing from the South Lawn of the White House in Washington, DC on March 2, 2020. Mandel Ngan | AFP | Getty Images President Donald Trump is giving away part of his salary to help stop coronavirus, and he just might be able
sturti | Getty Images If your phone rings and someone says it’s the Social Security Administration, it probably isn’t. By now, you may have received one of those calls, or know someone who has. And because these scams, which try to dupe unsuspecting individuals into coughing up money are becoming more prevalent, the government is
Having $1 million in the bank has often been considered the gold standard of retirement savings. In some places, that kind of stash can stretch over 40 years. But in higher-priced cities, it may only last a decade — or less. Considering that Americans, as a whole, aren’t saving nearly enough for retirement, GoBankingRates measured how far $1
Thomas Barwick The group that oversees certified financial planners is making it tougher for consumers looking for a new advisor to find out how a particular CFP gets paid. The CFP Board of Standards — a nonprofit that governs the CFP designation, held by 86,000 financial advisors in the U.S. — erased a part of its
Pink piggy bank on top of stack of books with dark blackboard or chalkboard background using as cost of knowledge and education, savings for college or scholarship concept. Nuthawut Somsuk With the stock market tumbling amid the coronavirus outbreak, you might be worried about meeting your financial goals. And if you had hoped to tap
In a rare move, the Federal Reserve announced an emergency rate cut of 50 basis points in response to the growing threat from the coronavirus outbreak. It’s the first time the Fed has cut rates by half a percentage point since late 2008. “The fundamentals of the U.S. economy remain strong,” Fed Chairman Jerome Powell said
Zelma Brezinska / EyeEm New York’s new ban on plastic bags is, on its face, an effort to reduce consumer waste. It likely also offers an important lesson on consumer psychology and how we think about money. As of Sunday, most businesses in the state can no longer offer single-use plastic bags to consumers. Several
Javier Snchez Mingorance / EyeEm Wild swings in the stock market may have you itching to make changes to your portfolio. Yet any expert will tell you: You shouldn’t let your emotions drive your investment decisions. “That vacillation between excitement and panic — that is what hurts people financially,” said financial psychologist Dr. Brad Klontz, associate
Stephanie Eisenberg at Binghamton University Stephanie Eisenberg There’s something to be said for living with mom and dad. In fact, more and more young adults are opting to do just that thanks to things like student loan debt and high rents. Yet, there comes a time when they need to strike out on their own
PeopleImages Americans nearing retirement are among the many casualties of the coronavirus, as fears around its global spread and resulting economic damage caused a steep selloff in the stock market last week that potentially upended the retirement outlook for many individuals. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite — which serve as barometers
People buy water, food and toilet paper at a store, as they begin to stockpile essentials from fear that supplies will be affected by the spread of the COVID-19, coronavirus, outbreak across the country, in Los Angeles, California on February 29, 2020. Mark Ralston | AFP | Getty Images Canned food is one thing. Cash
Jane Bryant Quinn, personal finance expert and author. Jane Bryant Quinn In an era when everyone with a checkbook fancies himself a money guru and blogger, it’s refreshing to see “How to Make Your Money Last” by Jane Bryant Quinn updated and reissued. Jane eschews the typical and bland bromides, such as “eat ramen” and
Cristiano Oliveira, co-founder and CEO of Olivia AI. When I got my first iPhone about 10 years ago, I didn’t think much of it. It was just like my old-school flip phone, but more brick-like and better at stretching out the pockets in my jeans. This was, of course, extremely shortsighted. More than 80% of
Communal living space in California Source: Haven There’s a new solution for millennials struggling with rising rents, but it has a familiar feel. Communal living, or co-living, brings together a group of people, likely strangers, in a shared space. Often, there are private sleeping quarters but the kitchens and work areas are communal spaces. It’s
If you plan to travel abroad and are worried about medical coverage due to the coronavirus outbreak, there may not be a need to panic — or cancel your trip — just yet. Travel insurance policies that include emergency medical and evacuation coverage are still available, although the situation is fluid and could change as
AscentXmedia When it comes to your 401(k), there’s one piece of advice that most financial experts agree on in market routs like this: Stay the course. That means fighting the natural temptation to log into your investment account and react to the market’s big swings. However, many investors are not taking that advice, according to
Democratic presidential hopeful Vermont Senator Bernie Sanders participates in the tenth Democratic primary debate of the 2020 presidential campaign season co-hosted by CBS News and the Congressional Black Caucus Institute at the Gaillard Center in Charleston, South Carolina, on February 25, 2020. Jim Watson | AFP | Getty Images A bill introduced by Sen. Bernie