An ‘often overlooked’ retirement savings option can lower your tax bill, advisor says. Here’s how it works

Personal finance
10’000 Hours | Digitalvision | Getty Images There’s still time to lower your 2023 tax bill or boost your refund with a lesser-known retirement savings strategy for married couples. One requirement for individual retirement account contributions is “earned income,” such as wages or salary from a job or self-employment earnings. But there’s an exception for
... read more
by admin 0 Comments

Did You Know? Medicare Does Not Cover A Physical Exam

Retirement
A friend, new to Medicare, asked me whether Medicare covered annual physicals. I told him, “No, it doesn’t.” The Social Security act clearly prohibits Medicare from paying for annual physical examinations. A week later, he told me I was wrong. He found proof that Medicare does indeed cover these examinations. “Physical exams, right there, on
... read more
by admin 0 Comments

‘The Fed has made two major mistakes in its history,’ expert says. Here’s how those affect policy today

Personal finance
Federal Reserve Bank Chair Jerome Powell speaks during a news conference at the bank’s William McChesney Martin building on March 20, 2024 in Washington, DC.  Chip Somodevilla | Getty Images Slowly but surely, recessionary talk is dying down and confidence in the Federal Reserve is picking up. Last week, the central bank held its benchmark
... read more
by admin 0 Comments

Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn

Personal finance
Martinprescott | E+ | Getty Images Millions of older adults who are behind on their student loans could soon receive a smaller Social Security benefit. That was the warning from Democratic lawmakers, including Sen. Elizabeth Warren, D-Mass., and Sen. Ron Wyden, D-Ore., in a recent letter to the Biden administration. “When borrowers are in collections,
... read more
by admin 0 Comments

Women with student loan debt face ‘multiple financial pressures,’ expert says. These tips may help with repayment

Personal finance
10’000 Hours | Getty Images Nearly two-thirds of the country’s outstanding student debt is held by women. Women graduate college owing $2,700 more, on average, than their male counterparts, according to the American Association of University Women. Among undergraduate students in bachelor’s degree programs in 2019-2020, 54% of men graduated with student loans, compared to 66%
... read more
by admin 0 Comments