Retirement is something most people look forward to. It’s the time to relax, travel, or spend more time with loved ones. But in the U.S., retiring comfortably isn’t cheap. The cost of living varies by state, and in some places, you need to be a millionaire just to cover basic expenses. A recent study by … Read more
Consider the risks Before borrowing from your 401(k), like early withdrawal penalties and lost retirement growth. While it may seem convenient, alternatives like personal loans or credit cards with 0% rates might be safer. Consult a financial advisor to make the best decision for your future. The Good Side of a 401(k) Loan One of … Read more
Tax season is already stressful enough, and now Elon Musk has stirred up even more confusion. On Monday, he tweeted that IRS Direct File had been “deleted.” If true, this would mean millions of taxpayers could lose a free way to file their taxes. But is it really gone? The short answer: not yet. As … Read more
Understanding your Required Minimum Distributions in 2025 is important because getting it wrong could cost you. If you have retirement savings in a 401(k) or an IRA, you can avoid paying taxes upfront when you contribute, letting you invest more today. But eventually, the government requires you to start withdrawing from your account, which means … Read more
A new year brings a fresh round of Social Security payments, and in February 2025, some retirees will see bigger checks. While not everyone will receive the highest possible amount of $5,180, all beneficiaries can expect an updated payment. Knowing when your check will arrive is just as important as the amount, so let’s break … Read more
A good month for TSP Funds Gain in January, with every fund posting gains. The S Fund, which focuses on small company stocks, performed the best, rising by 4.99 percent. It was followed by the I Fund, which includes international stocks, with a gain of 3.68 percent. The C Fund, made up of large company … Read more
Many Americans rely on their Social Security checks to cover monthly expenses, pay bills, and buy essentials. These new Social Security payments provide financial support, but not everyone receives them on the same day. Knowing your exact payment date can help you plan better and avoid unnecessary stress. When Will the New Social Security Payment … Read more
At the start of each year, many Americans may qualify for extra financial help through the Earned Income Tax Credit (EITC) from the IRS. This credit provides much-needed relief for low-income workers, helping them cover daily expenses. The best part? It’s money you don’t have to pay back. The EITC can also lower the amount … Read more
With around 76 million baby boomers in the U.S., many people worry about the future of Social Security. As this generation retires, some fear the Baby Boomers Will Drain Social Security Funds. But is this the case?. Many believe Social Security will run out of money in the next 10 years. This fear comes from … Read more
A recent report from Morningstar revealed that the New Saver’s Match, set to begin in 2027, could have a huge impact on retirement savings, especially for single women, Black and Hispanic Workers Can Increase Retirement Wealth. This new program is designed to help low- and middle-income earners by offering a 50% matching contribution from the … Read more