What retirees need to know about qualified charitable distributions

What retirees need to know about qualified charitable distributions

David Jakle | Image Source | Getty Images If you’re retired and giving to charity this holiday season, experts say there’s a way to trim your 2022 tax bill while supporting your favorite cause. Despite economic uncertainty, the majority of American adults plan to donate similar amounts this year as they did last year, a … Read more

401(k) balances fell 23% year-over-year due to market volatility: Fidelity

401(k) balances fell 23% year-over-year due to market volatility: Fidelity

Months of market swings have taken a heavy toll on retirement savers. The average 401(k) balance sank for the third consecutive quarter and is now down 23% from a year ago to $97,200, according to a new report by Fidelity Investments, the nation’s largest provider of 401(k) plans. The financial services firm handles more than … Read more

Opinion: Forget the $22,500 limit, some workers can supersize their tax-deferred retirement savings up to $265,000 in 2023

Opinion: Forget the ,500 limit, some workers can supersize their tax-deferred retirement savings up to 5,000 in 2023

If you really want to rev up your retirement savings and minimize income taxes, the best thing to be is a late-career professional in private practice. When you’re making a lot of money and are close to retirement age, you have savings options that go way beyond the levels of the typical workplace 401(k) plan. … Read more

55% of working Americans feel they are behind on retirement savings

55% of working Americans feel they are behind on retirement savings

Nicoletaionescu | Istock | Getty Images As it has become more difficult to stretch a dollar at the grocery store and gas pump, some Americans are pulling back on one key long-term goal: retirement savings. More than half of workers — 55% — said they feel they are behind on their retirement savings, a new … Read more

How to Handle Required Withdrawals From Retirement Accounts

How to Handle Required Withdrawals From Retirement Accounts

Is there a recommended strategy for taking required withdrawals from retirement savings in this horrible market? I’m a buy-and-hold investor; normally, I would just hunker down, not look at my balances, and ride out this storm. Unfortunately, the Internal Revenue Service makes me sell stocks at the worst time. Any recommendations for this unprofitable task? … Read more

Roth IRAs are ‘a slam dunk’ for most young investors, expert says

Roth IRAs are ‘a slam dunk’ for most young investors, expert says

kate_sept2004 | E+ | Getty Images The youngest workers entering the workforce — Gen Z, who range in age from 10 to 25 — showed dramatic adoption of individual retirement accounts, according to second quarter data released by Fidelity Investments this week. Fidelity IRAs owned by that generation increased 87% over the second quarter of … Read more

The Bear Market Has Brought ‘Fear and Uncertainty’ for Gen Z. How They’re Coping.

The Bear Market Has Brought ‘Fear and Uncertainty’ for Gen Z. How They’re Coping.

Ella Gupta made her first investment when she was 10. With the help of her parents, she took half the profits of her bracelet-making business and invested in the stock market. At 14, she opened a Roth IRA, after beginning her first job cleaning dental instruments. Now, at 17, Gupta is confronting her first bear … Read more

13 ‘stupid simple’ habits I used to save $1 million and retire early at 35

13 ‘stupid simple’ habits I used to save  million and retire early at 35

I will remember December 23, 2016 for the rest of my life. It was my last day working a full-time job. My wife and I retired early at 33 and 35, respectively, after accumulating $870,000 working in information technology. With the help of the market, our net worth increased to $1 million shortly after. I … Read more

What Smart Investors Do in Bear Markets

What Smart Investors Do in Bear Markets

Part of what makes bear markets so unbearable is that nobody—and I mean nobody—knows when or how they will end. That doesn’t stop everyone on Wall Street from flogging measures, hunches and folklore purporting to foretell when stocks will finally stop falling.