Biden and Sanders spar over plans to raise Social Security benefits

Biden and Sanders spar over plans to raise Social Security benefits

Former Vice President Joe Biden (L) greets Sen. Bernie Sanders (I-VT) before the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa. Scott Olson | Getty Images Top Democratic presidential candidates all want to boost Social Security benefits. But two of the candidates — Sen. Bernie Sanders (I-Vt.) and … Read more…

Social Security benefits narrow wealth gap, but many retire in poverty

Social Security benefits narrow wealth gap, but many retire in poverty

Social Security benefits are helping to narrow the gap between the haves and have-nots who are approaching retirement. But they don’t go far enough. That’s according to new research from The New School Schwartz Center for Economic Policy Analysis in New York. The analysis took a look at one age group in particular — those … Read more…

How changing required minimum withdrawals affects retirement accounts

How changing required minimum withdrawals affects retirement accounts

For older Americans, required minimum distributions from retirement accounts are undergoing a bit of a makeover. On top of the age rising to 72 from 70½ for when those annual withdrawals must begin — effective this year, due to congressional approval of the Secure Act — updated life expectancy tables proposed by the IRS for … Read more…

Changes to retirement savings, Social Security and Medicare in 2020

Changes to retirement savings, Social Security and Medicare in 2020

Hero Images | Getty Images When the clock strikes midnight on Dec. 31, it will not only usher in a new decade. It will also bring in a host of retirement changes. And that could have big implications for your money. The good news is that you will be able to save even more in … Read more…

Meet your 2020 New Year's resolutions by saving more, reducing debt

Meet your 2020 New Year’s resolutions by saving more, reducing debt

Chances are, making better money choices is one of your goals for 2020. Almost 99 million people will make a financial resolution this year, according to a recent survey from personal finance website WalletHub. For many, there are two burdens they want to eliminate in 2020: low savings and high debt. Putting aside more money … Read more…

Congress approves major changes to how you save for retirement

Congress approves major changes to how you save for retirement

The biggest legislative changes to America’s retirement system in 13 years are on their way. On Thursday, the U.S. Senate approved a spending bill that includes the bipartisan Secure Act, which aims to increase the ranks of retirement savers and the amount they put away. The measure — which passed the House earlier this week … Read more…

How to save $2 million before you retire, broken down by age

How to save $2 million before you retire, broken down by age

Almost a quarter of Americans have less than $5,000 saved for retirement. And to someone with no savings and an annual salary of $75,000, the idea of putting away $2 million for retirement can seem like an impossible goal. It can be done, however, it will take time and dedication. As a rule of thumb, … Read more…

Democrats at the debate do not seem to care about your 401(k)

Democrats at the debate do not seem to care about your 401(k)

Democratic presidential candidates do not seem particularly concerned about Americans’ retirement savings accounts, CNBC’s Jim Cramer said Friday. “I listened to the Democratic debate last night. None of those candidates, I find, is really interested in your 401(k),” Cramer said on “Squawk on the Street.” Seven candidates qualified for Thursday’s primary debate in Los Angeles, … Read more…

The clock is ticking on these last-minute tax breaks for 2019

The clock is ticking on these last-minute tax breaks for 2019

Hero Images | Hero Images | Getty Images The year is ending but, with a little ambition, you can still find some opportunities to cut your 2019 tax bill. The Tax Cuts and Jobs Act, which went into effect in 2018, did away with several breaks filers could take prior to the end of the … Read more…

Why it's best to wait to invest in Saudi Aramco and other IPOs

Why it’s best to wait to invest in Saudi Aramco and other IPOs

A sign of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Hamad I Mohammed | Reuters Saudi Aramco set new records as the world’s biggest initial public offering. And, chances are, you’re shut out … Read more…