3 financial steps to help women live on their terms: Counselor

Women face unique challenges when it comes to building wealth. In order to feel empowered, women need to build their finances and financial stability, notes Camilla Elliott, a certified financial planner and member of the Financial Advisor Board for CNBC. These three steps can help all women work toward this goal. When it comes to … Read more

Do you need a financial planner? What to know before seeking financial advice – National

Canadians looking for some help managing their money during uncertain times may want to turn to a financial planner or advisor to guide decisions on everything from investments to getting out of debt. But as complex as planning your own finances can be, experts say getting the right help is no easy task either. “There’s … Read more

My husband passed away and she sent me HSA money. Do I have to pay taxes on it?

Posted: May 19, 2023 at 2:05 PM ET Dear Dan, My husband passed away on November 5th, 2022 and left no will, so I have established an estate with an EIN, and I am in charge as of December 5th, 2022. I found a health savings account in which I contacted HSA and after many … Read more

Does it matter if your Social Security checks are late?

Posted: May 15, 2023 at 2:50 PM ET With Congress likely to fail to raise the debt ceiling and Social Security benefits likely not being paid in a timely manner, one obvious question is whether it is important for people to get their check a few days, a week, or a couple weeks later. From … Read more

There may never be a better time to start a retirement plan

Compassionate Eye Foundation / Stephen Errico Small businesses have new incentives to help their employees plan for retirement, thanks to Secure 2.0, a sweeping pension reform bill signed into law late last year. The incentives, which include tax breaks particularly attractive to companies with 50 or fewer employees, are designed in part to encourage small … Read more

A debt ceiling standoff could delay Social Security and Medicare payments

The US hit its debt ceiling, or debt limit, in January. The nation might run out of money to pay all its bills as soon as possible on June 1, the so-called “X date”. The government will not be able to pay everyone on time. It will likely prioritize payments to investors who hold US … Read more

Raising the Social Security retirement age may ‘haunt young people’

As French citizens take to the streets to protest the raising of the retirement age, a similar change could happen in the United States with Social Security. Here’s why experts say such a change will mostly affect the younger generations. A protester holds a sign reading “64 years no” during a May Day (May Day) … Read more

We Asked a ChatGPT and a Financial Advisor: How Do I Prepare for a Recession?

Economists in the past year have largely agreed that the US will enter a recession at some point in 2023: a recent Wall Street Journal report found the chances of it being somewhere in the kingdom at 61%. And although there were signs of weakness — inflation remained high at 4.9%, the Federal Reserve raised … Read more

Is a “Big Backdoor Roth” the Right Retirement Savings Option for You?

When it comes to maximizing your contributions to a Roth IRA or 401(k), there are several strategies—including the somewhat obscure Roth backdoor, which can help you save tens of thousands of extra dollars tax-free each year. In fact, for folks with Individual Retirement Accounts (IRAs), maxing out their employee deferrals to a 401(k) and those … Read more

The inverse 4% rule puts retirement income and spending in perspective

You may have heard of the “4% rule” for making withdrawals from your retirement account but how about trying the “reverse 4% rule?” Turning this investment guidance on its head could give retirees a new way to think about their money in retirement. Instead of multiplying your total nest egg by 4%, divide your withdrawals … Read more