Personal finance

Sam Edwards | Getty Images Retiring at 65 was already becoming a fading tradition before Covid-19 sank the world’s economy. Now, that traditional retirement age could fall further by the wayside as workers pick up the pieces once the economy gets going again. A survey from Allianz Life Insurance Company finds that half of Americans

Getty Images If you’d planned on making a payment to the IRS on April 15 and now want to reschedule due to the coronavirus pandemic, you’re running out of time. In March, the IRS and Treasury Department announced it would give taxpayers until July 15 to file their 2019 income tax returns and make any necessary payments.

Frank Van Delft On Saturday the IRS started depositing $1,200 payments into eligible tax filers’ bank accounts as part of the relief efforts of the $2 trillion stimulus bill, known as the CARES Act, which was signed into law in late March. Tax filers with adjusted gross income up to $75,000 for individuals and up

The U.S. economy is taking a beating from the effects of the coronavirus pandemic and, like most everyone, you’re probably feeling some impact from the stock market’s volatility. The Dow Jones Industrial Average plunged in March before soaring again, jumping 400 points on April 9. It’s still down, though, from its high of 29,551 on

A new government tool to file for coronavirus stimulus checks is here, and that’s good news for some Social Security recipients. The government is urging certain individuals to apply using that tool now to make sure they receive timely payments and the full amounts for which they are eligible. This week, the Treasury Department and

Unemployment applications are seen as City of Hialeah employees hand them out to people in front of the John F. Kennedy Library on April 08, 2020 in Hialeah, Florida. (Photo by Joe Raedle/Getty Images) Joe Raedle Americans are applying for unemployment in record numbers as the coronavirus pandemic has effectively shuttered much of the U.S.

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC The IRS is giving taxpayers extra relief on upcoming deadlines, pushing the due date for more  returns and payments to July 15. Taxpayers have three more months to submit their 2019 income tax returns and payments, and now the IRS is granting additional

kate_sept2004  If you’re paying a financial advisor to guide you through current market havoc, groups representing those professionals want you to nab a tax break for those fees. A quintet of groups representing financial advisors is calling upon Congress to restore a tax deduction for advisory fees. “We think it’s good public policy at any

For anyone who became accustomed to watching their 401(k) account balance climb higher for years on end, the market’s recent drop and continued volatility may be unnerving if not downright scary. Nevertheless, you shouldn’t let fear cause you do something that could hurt your long-term retirement planning, advisors say.  “The coronavirus is certainly creating a

Getty Images Millions of taxpayers missed out on a pile of tax write-offs when they filed their returns last year. In all, 16.7 million households claimed itemized deductions on their 2018 income tax returns, according to data from the IRS. That’s down from 46.2 million taxpayers during the 2017 tax year. The decline is the

As more than 16 million Americans have lost their jobs in the last three weeks, many have scrambled to apply for unemployment insurance to help cover their expenses. And some workers age 62 and up may also consider tapping another source: Social Security retirement benefits. During the financial crisis, more people decided to file for

MoMo Productions You may be wondering how secure your job is. Don’t give into the negative feelings for too long, though. “You have to stay ahead of the game,” said Claire Bissot, managing director of CBIZ Human Resources Services in Roanoke, Virginia. “Ditch your ‘woe is me’ mindset and declare, ‘I can survive anything.’ “

Thomas Barwick This year, the coronavirus relief law is letting savers bypass mandatory distributions from their retirement accounts. While that’s good news, it’s still generating plenty of questions from account holders. Generally, savers who turn 70½ must begin annual required minimum withdrawals, or RMDs, from their retirement accounts and pay taxes on those distributions. However,

With most Americans under stay-at-home orders due to the coronavirus outbreak, the roads are quieter – and safer – than usual. So why should you keep paying your regular auto insurance premium?  Many insurers have a perhaps surprising answer to that question: You shouldn’t.  Allstate announced this week that it would slash April and May’s

Getty Images It’s never ideal to build up debt, but it may be necessary these days. The coronavirus outbreak has disrupted the economy. Businesses have shuttered and workers have been laid off or furloughed from their jobs. On April 2, the Labor Department reported 6.6 million people filed for unemployment the week prior — bringing the total

EmirMemedovski Homeowners whose finances have been battered by coronavirus might want to think again before postponing their mortgage payments. Congress has offered some relief to mortgage borrowers who are experiencing financial strain from the coronavirus pandemic, which has left a flood of layoffs in its wake. The Coronavirus Aid, Relief, and Economic Security Act –

A Japanese male businessman typing on a laptop computer. kazuma seki Whether you were looking for a new job before the coronavirus pandemic hit or have lost your job because of it, one thing is clear: Getting hired now isn’t going to be so easy.  “We’re seeing a lot of interviews rescheduled or canceled,” said Emily

damircudic Stay … Assuming there’s no outstanding loan, ask yourself if there’s a chance you’ll return to this employer. “If yes, leave it alone,” Parks said. “There are provisions to let you rejoin the plan, and you will get credit for time served.” You could stay in the plan, most likely, if your account balance

If you already are paying on a loan from your 401(k) account and lose your job amid the coronavirus pandemic, that borrowed money could generate a tax bill you weren’t expecting. Although the latest round of economic rescue legislation provides relief for coronavirus-related withdrawals from 401(k) plans, loans that already have been in repayment are subject

Victor Maffe | iStock / 360 | Getty Images The government is just getting started in sending out $1,200 in stimulus relief money it promised to millions of Americans. Many already say it won’t be enough. A recent survey from SimplyWise, a retirement income technology company, found that 63% of respondents said they will need