It can feel like there is a growing disparity in the U.S. economy, dividing consumers into groups of haves and have-nots. The situation seems to be no different for retirees, as a significant wealth transfer is underway. Research conducted by Cerulli Associates estimates a whopping $84 trillion will shift from older to younger generations by
Personal
The Tax Cuts and Jobs Act of 2017 brought temporary relief to most Americans with lower federal income brackets, a higher standard deduction, and a more generous child tax credit. However, these tax breaks are set to expire after 2025 unless Congress extends them. This poses a critical issue for the upcoming election, as the
In the midst of a competitive job market and potential financial challenges in the upcoming year 2024, experts are suggesting strategic tax planning as a silver lining for individuals facing lower income levels. Despite the difficulties of prolonged unemployment, there are opportunities to leverage temporary tax benefits that could lead to significant savings in the
Mega backdoor Roth conversions are a popular strategy among investors looking to boost their tax-free retirement savings. This involves making after-tax 401(k) contributions, which are then shifted to Roth accounts. Unlike regular backdoor Roth conversions, mega backdoor conversions allow investors to exceed the yearly 401(k) deferral limit, providing an opportunity to save more for retirement.
The global workforce has seen a significant shift towards remote work in recent years, with the COVID-19 pandemic playing a major role in accelerating this trend. While the initial transition to remote work was driven by necessity, it has now become a preferred choice for both companies and employees. According to labor economists, remote work
Generation X, often referred to as the sandwich generation, finds themselves in the challenging position of balancing financial and emotional responsibilities for both their adult children and aging parents. This generation not only has to manage their current lifestyle aspirations but also secure their retirement future. The juggling act of life and finances can be
One crucial aspect of saving for retirement is understanding the impact of when you choose to invest in your 401(k) plan. Investing sooner rather than later can significantly boost your growth over time. However, a common mistake many individuals make is maxing out their 401(k) contributions too early in the year, which can potentially lead
The labor market is experiencing a gradual cooling period, making it more challenging for individuals to secure new employment opportunities. Even though job openings have decreased, the overall conditions are still favorable for job seekers. According to Julia Pollak, chief economist at ZipRecruiter, the competition has intensified, but it is essential not to lose hope
It seems that the finance bros are having their moment in the spotlight, and it’s not always for the right reasons. TikTok content creator Megan Boni recently posted a video poking fun at the high expectations many women have in potential partners, especially when it comes to finding a man in finance. While the video
In a recent analysis conducted by Fidelity, it was revealed that the average 401(k) plan savings rate, which includes both employee and company contributions, has reached a record high of 14.2%. This percentage is incredibly close to the recommended benchmark of 15% set by Fidelity for individuals looking to maintain their current lifestyle in retirement.