Month: May 2022

KEY POINTS The cost of college can be a challenge for families, but a few tax breaks may lessen the burden. The American opportunity tax credit offers up to $2,500 per student for undergraduate expenses, and the lifetime learning credit extends to graduate or professional courses, worth up to $2,000 per return. Working students may …

As tuition continues to climb, these are the top tax breaks for college expenses Read More »

KEY POINTS You may have options for how to handle the retirement savings you accumulated at your former employer, depending on your situation. Sometimes, the decision is made for you if you don’t take action. Here are some tips for evaluating how to handle the 401(k) plan from your old job. When you get a …

Changing jobs? Don’t forget about your 401(k) plan Read More »

says CPA. Here’s what it could be costing them KEY POINTS Nearly two-thirds — 62% — of workers identified company matches to 401(k) plans as important for reaching retirement goals in a recent survey from Principal Financial Group. Just 22% said that starting to invest in your twenties is key to a secure retirement. Saving …

78% of workers ignore ‘the greatest money-making asset’ for retirement, Read More »

While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here’s an explanation for how we make money. Inflation has surged to its highest level in 40 years, leaving many investors wondering how to protect their savings. The truth is that there’s no perfect solution and what’s worked in the past …

5 ways to keep inflation from wrecking your retirement Read More »

KEY POINTS As consumer prices soar to historic highs, the Federal Reserve plans to raise interest rates. As a result, the cost of borrowing will get more expensive. Meanwhile, savings will benefit from higher interest rates. Here’s how consumers may want to rethink how they handle their credit cards, savings and mortgages now. New government …

Here are some smart money moves to make now amid high inflation, rising interest rates Read More »

But they may wait years for those contributions to be their own KEY POINTS Vesting schedules — the length of time you must be at an employer for its 401(k) contributions to be 100% yours — can be as much as six years. The most common matching formula is 50 cents for each dollar contributed …

62% of workers view 401(k) employer match as key to reaching retirement goals Read More »