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

Social Security recipients are missing out on $182,000 by claiming too early, study finds

Social Security recipients are missing out on 2,000 by claiming too early, study finds

Social Security recipients are missing out on nearly $200,000 by claiming benefits too early, according to a new study. The study, from Atlanta Fed director of research David Altig, the noted Boston University economist Laurence Kotlikoff and Victor Yifan Ye, also of Boston University, says that more than 90% of American workers should wait until … Read more

60% of Americans live paycheck to paycheck heading into 2022 holiday

60% of Americans live paycheck to paycheck heading into 2022 holiday

Just as the holiday shopping season gets into full swing, families are finding less slack in their budgets than before. As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number of adults who felt stretched too thin was closer to 56%. related investing … 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

10 medical tests every older adult should get

10 medical tests every older adult should get

Maintaining your physical fitness and mental well-being is crucial to living a longer and happier life. There are about two dozen tests or screenings older adults can get to help ensure optimal health and wellness, based on recommendations from the U.S. Preventive Services Task Force, an independent panel of experts in primary care and prevention, … Read more

New Medicare enrollment rules ending coverage gaps take effect in 2023

New Medicare enrollment rules ending coverage gaps take effect in 2023

Marcos Elihu Castillo Ramirez | iStock | Getty Images For some individuals, signing up for Medicare hasn’t translated into coverage starting right away. That’s poised to change: Beginning next year, current months-long delays in certain Medicare enrollment situations will be eliminated. Additionally, would-be beneficiaries who missed signing up when they were supposed to due to … Read more

What the ‘millionaire tax’ in Massachusetts means for the wealthy

What the ‘millionaire tax’ in Massachusetts means for the wealthy

If you make more than $1 million a year in Massachusetts, you may soon be subject to a “millionaire tax” approved by voters this week through a ballot initiative. The new law creates a 4% tax on annual income above $1 million, on top of the state’s current 5% flat income tax, aiming to fund … Read more

How to plan your support systems if you want to ‘age in place’ at home

How to plan your support systems if you want to ‘age in place’ at home

Ridofranz | Istock | Getty Images We adamantly want to age in place, say experts. A recent AARP report shows that 85% of respondents 65 or older wish to stay in their current residences as long as possible. Retirement-focused financial advisors can help with both the financial and non-financial preparations to do so. “We’re often … Read more

Fidelity, ForUsAll offering 401(k) investors access to cryptocurrency

Fidelity, ForUsAll offering 401(k) investors access to cryptocurrency

Justin Tallis | Afp | Getty Images Retirement savers in some 401(k) plans are starting to get access to cryptocurrencies like bitcoin. Fidelity Investments, the largest provider of 401(k) plans by total assets, began offering a Digital Assets Account to clients this fall, a spokesperson confirmed. Employers sponsoring a 401(k) plan through Fidelity can choose … Read more

Move over, Florida — Pennsylvania dominates ‘best places to retire’ rankings

Move over, Florida — Pennsylvania dominates ‘best places to retire’ rankings

Sure, Florida still holds allure for retirees, but Lancaster, Pa., nabbed the top spot for the best retirement destination amid concerns about housing affordability. According to U.S. News & World Report, the 2022–23 ranking of best places to retire in the United States, Pennsylvania earned three of the top five spots, surpassing Florida in overall … Read more