Getty Images Health savings accounts offer a triad of tax benefits, and the savviest investors can stretch their dollars even further if they’re willing to do a little legwork. This fall, you just might encounter a health savings account, or HSA, as you select your 2020 medical benefits at work. These tax-favored accounts, which you
Personal finance
President Ronald Reagan signs the Social Security Act Amendment with Vice President George Bush (far r), Senator Bob Dole (2nd from l), and Congressmen Tip O’Neill (4th from r) and Daniel Moynihan (5th from r) on hand as witnesses. (Photo by © CORBIS/Corbis via Getty Images) Historical | Corbis Historical | Getty Images The year
Most people who start saving for retirement expect things to go well. However, a number of wrong turns can make it hard for your nest egg to grow. Recent research at Boston College found that a 25-year-old with a median income who contributed regularly to his or her 401(k) account starting in 1981 — when
Thanksgiving may still be a few weeks away, but for millions of Americans, the holiday shopping rush has already begun. While it’s exciting to pick out and present gifts to your loved ones, it can also be a budget-straining experience, or even one that lands the spender dealing with debt well into the new year
Shaun Wilkinson | iStock | Getty Images Plus For recent college graduates, the approach of December brings a dose of harsh reality. Federal student loans, which make up the bulk of student debt, generally have a six-month grace period after graduation to give borrowers time to get on their feet before they have to start
As tuition costs soar, more students and their families are asking themselves if college is still worth it. Some experts say the value of a bachelor’s degree is fading. Starting salaries for new college graduates have grown less than 1% over the past two years, remaining at around $50,000. Worse yet: A decade after leaving
If you’re on Medicare, the cost of your coverage for doctor’s appointments and other outpatient services is about to rise. The standard monthly premium for Medicare Part B will be $144.60 for 2020, up $9.10 from $135.50 in 2019, the Centers for Medicare & Medicaid Services announced Friday. The annual deductible for Part B will
Holiday shoppers at the Time Warner Center in New York. Scott Mlyn | CNBC You’ve likely heard the pitch, “Would you like to apply for a store card?” as you’re making purchases. Many times, you should just say no to that offer, new research shows. That’s because many stores will try to lure customers with
There’s an expense lurking down the road for many retirees that is largely unpredictable but likely: long-term care. With premiums soaring on insurance policies designed to cover that cost, financial advisors are turning to a variety of other strategies to help clients prepare for a day when they might need help with daily living activities
alphaspirit | Getty Images For 137 million Americans, they can be the scariest bills to open. That’s the number of adults who have faced medical financial hardship in the past year, research shows. In fact, medical debt is the top reason that people, regardless of age, would consider cashing in their 401(k)s or other retirement
It’s not necessarily an easy transition from military life to a civilian one. You’ll have to find a job and a place to live, to start. “In a lot of ways, you are taken care of in the military. You get free medical and dental, and you just go to the local naval hospital for
Open enrollment season is underway for many workers. And as employees pick their health plans for the year ahead, they may be missing out on some valuable new offerings. Given record-low unemployment and competition to attract and keep top talent, more employers are upping the ante with voluntary benefits, according to William Ziebell, CEO of
Catherine Ledner | Taxi | Getty Images Before leaving active duty, there are several things that military service members should do to get ready for civilian life. Top of the list is being financially prepared for the transition and beyond. “It’s not just about changing your job, it’s about changing your way of life,” said
Tara and John Falcone. Tara launched her own financial education company, ReisUp, after her husband was restationed in Japan at the end of 2015. Source; Tara Falcone Holding a steady job may be tough if you are married to a member of the military. Since military families generally move every two to three years, the
Hero Images | Getty Images There’s a downside to this year’s stock market appreciation: Some investors are in line for a surprise tax bill. Mutual funds distribute capital gains to their investors close to the end of each year. By now, many investors have received notifications from their fund companies about that, and they can
Guido Mieth | DigitalVision | Getty Images It’s not just saving for retirement you need to worry about, but drawing down your money at the right time, too. The IRS requires savers to make withdrawals from their retirement accounts starting at the age of 70½. “They’ve allowed you to defer taxes, but they need to
cmannphoto | Getty Images Get out your pencils and calculators: The IRS has released a breakdown of what’s ahead for the 2020 tax year. Taxpayers who’ve been paying close attention will notice that the Tax Cuts and Jobs Act overhauled the tax code. Those sweeping changes include a higher standard deduction — it’s now $12,400
College graduates will soon be hit with their first student loan bill aywan88 | E+ | Getty Images We’re heading into the season for turkey dinners, Christmas trees, presents and, for recent college graduates, their first student loan bill. Students who were handed their diplomas in May or June will find the half-a-year grace period
For some savers, the lure of moving assets to a Roth individual retirement account from a traditional IRA or 401(k) plan often boils down to the tax-free income it will deliver in their golden years. Yet there are some less obvious reasons for certain retirees or retirement savers to consider doing a so-called Roth conversion.
ferrantraite | E+ | Getty Images You may have the perfect plan for holiday season travel. Yet one wrong move and your carefully crafted budget could fly out the window. “The holidays are a really busy time and there are already so many things to do – from checking off wish lists to holiday functions,”