Unless Congress does something to change it, the Social Security Administration (SSA) will reduce payments by as much as 20 percent by 2033. The talk about it has continued for a couple of years, but now it is predicted to take place one year sooner than projected earlier. The depletion of money in the Social…

The Internal Revenue Service (IRS) has issued a reminder to retirees who turned 72 last year that, in most cases, they face a deadline on April 1, 2023, to take their first payment from their workplace retirements plans or face penalties. Americans can’t keep their retirement funds in their accounts indefinitely. When they turn 72,…

Retiring with a sizeable retirement fund is something you are looking forward to in the future. Until you retire, you naturally watch your money to ensure it continues to grow. You want to know it is safe, because it is not always guaranteed. Oftentimes, your retirement money is in a 410(k), but even this investment…

The Biden administration’s new Department of Labor (DOL) rule allowing 401(k) managers to invest in Environmental Social Governance (ESG) funds will harm two-thirds of America’s retirement accounts, according to Kansas Attorney General Kris Kobach in an interview that aired on Newsmakers by NTD and The Epoch Times on Feb. 1. Kobach said that the Jan. 30 change was…

By Sandra Block From Kiplinger’s Personal Finance Decades of salting away part of your paycheck in a 401(k) or similar plan can lead to a “tax bomb” later in retirement. That often occurs when you’re in your early 70s and must begin required minimum distributions (RMDs) from tax-deferred retirement accounts, such as a 401(k) or…

By Elliot Raphaelson From Tribune Content Agency Question: I recently read that in order to take a qualified charitable distribution from your IRA, you had to take it first before any other withdrawals. Is that correct? Answer: No. It is not necessary to take a qualified charitable distribution (QCD) as your first Individual Retirement Account (IRA)…

In the face of the current adverse economic conditions, many would-be retirees are worried about their financial capacity. Inflation remains elevated, matched with skyrocketing interest rates on borrowing. Financial advisers and personal loan management experts may recommend adding more sources of income to cover their living expenses and loan repayments upon retirement. It’s no surprise…

By David Rodeck From Kiplinger’s Personal Finance The 4 percent rule is the best-known retirement withdrawal strategy. William Bengen, a financial adviser, came up with this rule in a famous paper published in 1994. He reviewed how long a portfolio in a tax-deferred account would last on returns ranging from 1926 to 1976. He found…

By Entrepreneur Staff Contributing to a 401(k) may be one of the smartest things you can do to set yourself up for a comfortable retirement in your golden years. However, unlike simply stashing money in a savings account, you can only put so much into your 401(k) retirement plan each year due to 401(k) contribution…

By now, you’re probably familiar with the more obvious ways inflation affects your finances. Your money doesn’t go as far at the grocery store, for example. Credit card and other variable-rate debt is getting more expensive as the Federal Reserve raises short-term interest rates to combat inflation. Rates are also rising, albeit more slowly, on…