Tesla chief Elon Musk recently claimed while campaigning for President-elect Donald Trump that he is the largest individual taxpayer in history. Musk claimed he paid over $10 billion in taxes to the Internal Service Revenue (IRS). Jokingly, the billionaire said he wished the IRS would send him a trophy, even a small, inexpensive one that … Read more
When it comes to building a strong financial foundation, money guru Dave Ramsey believes that age or starting late is not a factor – and that one can be stable with just a few, wise financial decisions. This is what Ramsey told a 50-year-old woman who has been widowed for 15 years, who recently called … Read more
As the rate of “grey divorces” rises among baby boomers, the financial impact on their retirement is becoming more apparent. Late-in-life separations not only affect immediate finances but can also derail long-term retirement plans, leaving many unprepared to live comfortably in their later years. For women, these financial setbacks are often more severe, leading to … Read more
Wealthy people often use the most commonly available banking and investment accounts to compound their wealth and avoid tax liabilities on future withdrawals. They love liquidity and tax benefits and generally maintain a frugal lifestyle. For these reasons, high-net-worth individuals often gravitate towards tax-advantaged accounts like 401(k), Roth IRAs, and brokerage accounts that offer them … Read more
Employers can leverage a shared database to ensure new workers receive better or at least the same default savings rates for retirement plans they were receiving from their previous employers. Sora Shimazaki/Pexels.com People who change jobs often might make more money than average in the long run. However, many of them experience opportunity costs that … Read more
Michelle and Ryan, in their early 40s, have a net worth of $970,000 but need help with daily finances. They continue to dig into their savings for regular expenses despite Ryan earning $140,000 annually. The couple spends a lot on their three kids and avoids telling them they don’t have the money. “I don’t say, … Read more
A Morningstar Center for Retirement & Policy Studies research leveraged a new simulation tool to find that 45% of Americans retiring at 65 face risks of running out of money in retirement as people live longer and share greater responsibility for their retirement savings. The simulation considered attributes like health conditions, nursing home expenses, and … Read more
Retirement vehicles like 401(k) and individual retirement accounts (IRA) offer multiple tax benefits, high annual contribution limits, and investment options tailored to grow your hard-earned money with the power of compounding interest. Many 401(k) account holders choose to roll over their 401(k) investments into a traditional IRA for more personalised investment choices, better control over … Read more
US Vice Presidential candidate Tim Walz, 60, worked in multiple professions over the decades before becoming the 41st Minnesota Governor in 2019. He holds a master’s degree in education leadership and has implemented several progressive policies, including free school meals and better worker leave terms. The financial impact of these policies and Walz’s records on … Read more
People save in emergency funds to overcome unexpected expenses like medical bills and home repairs or to stay afloat during job losses. However, high borrowing and living costs, relatively muted wage growth, job losses, and lower-than-expected job openings have severely strained US household budgets. The mounting pressure to accommodate rising costs has stunted Americans’ ability … Read more
