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

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

What experts say to do if inflation has you worried about retirement

Geber86 | E + | Getty Images Inflation may have you worried about your retirement. Prices have been rising on everything from food to housing. In April, the Consumer Price Index, which measures the prices of goods and services, notched an 8.3% increase in from a year prior. In fact, 70% of Americans are calling … Read more

Why you should open a Roth individual retirement account for your kids

Ariel Skelley | Digitalvision | Getty Images How would it feel to give your children an enormous leg up on saving for retirement while also helping them form healthy money habits? The answer could be opening a Roth individual retirement account for them. To start, a Roth IRA is a special retirement account that allows … Read more

Who benefits if required retirement account withdrawals age is raised

Ronnie Kaufman | DigitalVision | Getty Images Some future retirees could end up getting more time to amass a heap of money that won’t be taxed when they or their heirs tap it. Under a provision in a federal retirement bill that cleared the House of Representatives last month, required minimum distributions, or RMDs, from … Read more

Where to keep your cash amid high inflation and rising interest rates

Finding a competitive interest rate on your emergency savings has become even more difficult amid record high inflation. But there is good news. The Federal Reserve is expected to start raising interest rates. When they do, that will kick up the interest you can earn on your cash. Some accounts may be poised to see … Read more

Saving less for retirement now may cost you ‘tens of thousands’ later

PeopleImages | E + | Getty Images Identify the retirement account for you One big reason why people often do not save money toward retirement is that their employer does not provide a retirement savings plan, Royal said. But this does not necessarily need to stop you from investing toward your retirement years, he said. … Read more