If you’re 65 with $900,000 and no pension, the income your portfolio can provide depends on how much you withdraw and the number of years your savings need to last. Taking too large a withdrawal early in retirement could increase the risk of running short later, while spending too little…
At age 45, skipping your 401(k) match means giving up more than your employer’s contribution. You also lose the potential investment growth this money could earn over the next 20 years. Depending on the size of the match and the investment-return assumptions used, that could leave you with almost $115,000…
Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…
Debt that feels like it has no exit doesn’t have to stay that way. There are many debt consolidation and repayment options available in Canada. Reach out today to book a free session with one of our credit counsellors, whatever your income or how much you owe. The call costs…
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Major changes to federal student loan repayment rules went into effect this month and are rippling across the system. Many…
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Annuities can look tax-friendly because your money grows without an annual tax bill, but the real surprise often comes when you start taking money out. Depending on how the annuity was funded, withdrawals can trigger ordinary income taxes, early-withdrawal penalties and surrender charges. Combined, these…
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By Carmen Chan You’ve got your mortgage and car loan to pay, credit card bills and HELOC payments, and a running list of…
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Team Name: Musgrave Dunn & AssociatesFirm: Merrill Wealth ManagementSenior Members: Travis Musgrave, Timothy Dunn, Valerie MarshallLocation: Lexington, KYTeam Custodied Assets: $1.4 billionBackground: Travis…
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Our Dine Brands Activist Bet Is Up 70%. Now Comes The Hard PartWhen our firm disclosed an activist stake of roughly 1% in Dine Brands last August, the stock closed at $21.50. It has since risen by approximately 70%. That is clearly encouraging, but it is not why we invested.Share…
Ken Kies, the Treasury Department’s top tax policy official who has also been serving as acting chief counsel of the IRS, is expected to leave the federal government, according to multiple published reports, now confirmed by Forbes. His departure would open another significant hole in IRS leadership. Neither of the…
When you are close to retirement, every market decline can feel different than it did decades earlier. At this stage, you generally have less time to recover from major losses. While it may be easy to focus on how far the market falls, the timing of a decline can be…
Buy Now, Pay Later (BNPL) options are becoming increasingly popular for travel expenses such as flights, hotels, cruises, and vacation packages. While BNPL may offer flexibility, it is important to understand the potential costs and risks before committing to a payment plan. This article covers how BNPL works for travel,…
If you and your spouse have $1.6 million saved across your IRAs, and one of you dies, the surviving spouse could pay a much higher tax rate on the same retirement income. The best opportunity to reduce that future tax bill is often while you’re both alive. But if you’re…
At 42, every extra dollar has to compete for a job. Paying off $30,000 in student loans may feel like the obvious choice. But putting that money toward debt instead of retirement could reduce your long-term savings. The decision often comes down to one number that many borrowers overlook.Why the…
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that…
Market losses typically signal investors to put a hold on big financial moves. But if you’re saving for retirement, a downturn could be one of the least expensive times to complete a Roth conversion. Missing this opportunity could cost you thousands of dollars in unnecessary taxes. Here’s why.Same Shares, Smaller…
Inheriting $500,000 in an IRA can seem like a life-changing windfall. But not knowing one important IRS rule could cost you thousands of dollars. The timing and size of your withdrawals can have a major impact on how much inheritance you ultimately keep. Fortunately, you have options to avoid an…
Choosing Between Wants and Needs: It’s Not Always Obvious Some needs aren’t as clear-cut as rent or monthly bills for the basics. Take transportation. You might genuinely need a car to get to work, especially if transit doesn’t reach your job or your shift times don’t line up with the…
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