What you can do to prepare your finances for a recession

Jamie Grill | Getty Images All the talk about a looming recession may have you worried about your finances. You aren’t alone: ​​Some 74% of US consumers are concerned about a recession, according to a new survey from Empower Retirement and Personal Capital. In addition, 85% are worried about inflation and 56% are already seeing … Read more

Not all ‘Secure 2.0’ proposals in the House and Senate are the same

Photo by Mike Kline (notkalvin) | Moment | Getty Images Continued improvements to savings, security The House passed its version of Secure 2.0, the Securing a Strong Retirement Act (HR2954), in late March with a bipartisan vote of 414-5. In the Senate, committees with jurisdiction over retirement-related provisions now have approved proposals that collectively form … Read more

70% of retirees wish they’d started saving for retirement earlier

Sporrer / Rupp | Image Source | Getty Images The biggest piece of advice that people in retirement would pass along to their younger selves is simple: start saving earlier for the end of your career. Roughly 70% of retirees said that changing their habits to save or invest more and earlier is the top … Read more

Proposed changes to retirement system approved by Senate committee

The Senate Finance Committee on Wednesday unanimously approved a series of proposals that make full congressional passage of a retirement-improvement package more likely this year. Called the Enhancing American Retirement Now (EARN) Act, the measure contains some provisions that are the same or similar to those proposed in the House, which passed the Securing a … Read more

Tax planning begins when building your portfolio. Here’s what to know

Tetra Images | Tetra images | Getty Images If you’re still recovering from the tax sting of larger-than-expected mutual fund payouts in 2021, it’s never too early to prepare for future distributions, financial experts say. Mid-year capital gains distributions aren’t common, especially in a bear market year, said Russel Kinnel, director of manager research for … Read more

Behind on retirement saving? A bad market can be a good time to invest

Small business owners are among the Americans most likely to fall behind on saving for retirement. Investing back into a business is more often a priority for entrepreneurs with any excess cash than investing in a long-term tax-deferred retirement plan. Covid did not help. Amid the pandemic, scores of America’s small business owners stopped or … Read more

These key steps can help women close the retirement savings gap

moodboard | Image Source | Getty Images Women face a unique set of challenges when it comes to retirement planning. Unfortunately, research shows female workers are coming up short compared to their male counterparts. The good news is there is room for women workers to take steps now to improve their prospects for better-quality retirement, … Read more

Your Social Security check might be taxed. How that could change

Fertnig | E + | Getty Images Death and taxes are two certainties in life, as the saying goes. But many people may not realize their Social Security benefits they receive from the government are also subject to taxes. The way in which those levies are applied is unique. A recent MassMutual quiz found just … Read more

Choice between pre-tax and Roth 401(k) plans trickier than you think

Prathanchorruangsak | Istock | Getty Images Whether you’re a current employee or changing jobs, you may need to choose between pre-tax and Roth 401 (k) contributions, and it may be trickier than you expect. Here’s the difference: Pre-tax 401 (k) deposits reduce your adjusted gross income, and the money grows tax-deferred, meaning you’ll pay levies … Read more

18% of Americans plan to increase stock market investments this year

Thianchai Sitthikongsak | Moment | Getty Images The stock market’s roller-coaster ride is not inspiring confidence in investors. Still, a small portion do plan to take advantage of recent price dips. About 18% of Americans are willing to put more money into stock market investments this year, including retirement accounts, according to a recent survey … Read more