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While the thought of funding your retirement adequately might be daunting, if you start planning now you’ll certainly be thankful later. Retirement usually entails replacing your former annual salary with other income sources to keep up with your lifestyle. While Social Security may cover part of your budget, the rest of your money will most

Bill Oxford | E+ | Getty Images The tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,963, down from last year’s payment of $2,201 at the same point in the filing season. Of course,

Prathanchorruangsak | Istock | Getty Images Whether you’re starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the choice may be more complex than you think. While pre-tax 401(k) deposits offer an upfront tax break, the funds grow tax-deferred, meaning you’ll owe

As a young physician, Dr. Elizabeth Clayborne saw a need for a better way to stop nosebleeds, a common condition she saw at the hospital where she worked, especially among children. She developed a bandage-like device for your nose and secured patents for her invention, called “NasaClip.” Then, in 2020, the Washington, D.C.-Baltimore area physician

Portra | DigitalVision | Getty Images Tax season is underway but millions of filers who received state tax rebates or payments are in limbo after the IRS told taxpayers to pause on filing returns. The reason for the delay hinges on one question: Are these payments taxable on federal returns? Filers in more than 20

President Joe Biden delivers the State of the Union address on March 1, 2022. Win Mcnamee | Getty Images President Joe Biden will again call for a “billionaire minimum tax” during his State of the Union address on Tuesday. While details haven’t been released, Biden previously proposed a billionaire minimum tax in his 2023 federal

Tim Bieber | Photodisc | Getty Images Amid stock market gyrations, recession fears and loftier payouts, consumers last year pumped a record sum of money into annuities, a type of insurance that offers a guaranteed income stream. Buyers funneled $310.6 billion into annuities in 2022, according to estimates published by Limra, an insurance industry trade

Constantine Johnny | Moment | Getty Images Tax season has begun, and it typically comes with a big uptick in tax-related scams. There were nearly 7.8 million reports of suspicious activities in 2022, according to a recent report from the Identity Theft Tax Refund Fraud Information Sharing Mission & Analysis Center, a partnership between the

Moyo Studio | E+ | Getty Images The first Social Security check was issued 83 years ago. The check, for $22.54, went to retired legal secretary Ida May Fuller of Ludlow, Vermont. Today, in 2023, the average retirement benefit is $1,827 per month, according to the Social Security Administration. The maximum Social Security benefit for

D3sign | Moment | Getty Images It’s tax season, and Americans are confronted by a lot of tax jargon when preparing their returns. Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can

Djordje Krstic | Istock | Getty Images Fewer borrowers will be able to claim the student loan interest deduction for 2022, with federal loan payments on hold for the duration of the year. But some people may still qualify. Prior to the pandemic, nearly 13 million taxpayers took advantage of the break, which allows borrowers

ozgurcankaya As tax season begins, you may be eager to file your tax return for a faster refund and to check the annual task off your list. For most filers, the tax deadline is April 18, and the IRS urges Americans to prepare before filing to avoid processing and refund delays, along with future IRS

A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin’s price this year. STR | Nurphoto via Getty Images After a tough year for crypto, you may be looking for ways to turn steep losses into possible tax breaks. The digital currency industry lost nearly $1.4 trillion

Damircudic | E+ | Getty Images This is an excerpt from the Personal Finance team’s weekly Twitter Space, “This week, your wallet.” Check out the latest episode here, and tune in every Friday at 11 a.m. ET. Tax season kicked off Jan. 23. The IRS expects taxpayers to file more than 168 million returns, most

Bill Oxford | E+ | Getty Images If you’re banking on a tax refund, it may be “somewhat lower” than last year’s payment, according to the IRS. Typically, you can expect a federal refund if you’ve overpaid yearly taxes or withheld more than what you owe. One of the big reasons for smaller payments this

pcess609 If you’re expecting a refund this season, it’s critical to file a complete and accurate tax return to avoid “extensive processing” and delays, according to the IRS.    One of the keys to error-free filing is including all your required tax forms, known as information returns, which employers and financial institutions send yearly, with copies

Residents drop off Covid-19 PCR tests at a testing site run by the Centers for Disease Control, Federal Emergency Management Agency and eTrueNorth in Washington, D.C., on Jan. 5, 2022. Eric Lee | Bloomberg | Getty Images When Christopher Perry got sick in July 2021, he thought he just had a bad cold. But after

Insta_photos | Istock | Getty Images If you’re getting close to retirement age, there are some upcoming changes enacted as part of a government funding bill that may be of interest to you. Dozens of retirement-related provisions known as Secure 2.0 were included in an omnibus appropriations package that cleared Congress last week. While the

Mike Yada Courtesy: Mike Yada Mike Yada remembers the day in August 2020 when it became clear that his unusual symptoms — which emerged after a mild case of Covid-19 earlier in the year — were worsening. “I went for an easy hike, but by the end I was so winded that I couldn’t walk

Itsskin | E+ | Getty Images Thinking about retiring to another state? You’re not alone. A United Van Lines study found the percentage of people retiring to a new state had increased to 18.3% in 2021, up from 13.4% in 2015. Making the move is not a straightforward decision, however, as there are myriad financial