Ezra Bailey | Getty Images Stashing the maximum amount into your 401(k) plan is no easy feat — but a handful of taxpayers are making it work. In all, more than 4.6 million taxpayers contributed the maximum amount in their 401(k) during the 2016 tax year, the latest data available from the IRS. Back then,
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A new bill in Congress aims to give older Americans a tax break for setting aside money for medical expenses, a strategy many give up when they reach age 65. There would be a trade-off, however. Called the Health Savings for Seniors Act and introduced by Reps. Ami Bera, D-Calif., and Jason Smith, R-Mo., the
House Ways and Means Committee Chairman Kevin Brady (R-TX) holds up an example of the ‘postcard-sized’ form he wants people to use when filing their taxes during a markup session of the proposed GOP tax reform legislation in the Longworth House Office Building on Capitol Hill November 6, 2017 in Washington, DC. Getty Images The
Graiki | Moment Open | Getty Images Retirees are facing a tough decision: Should they make up for even less growth on their cash by ramping up stock exposure? On Wednesday, the Federal Reserve lowered the federal funds rate — the interest rate banks charge to lend each other money — by 0.25%. The range
Sen. Kamala Harris Elijah Nouvelage | Reuters Student debt has become a central issue in the 2020 presidential campaign. First, Sen. Elizabeth Warren, D-Mass., proposed canceling $640 billion of it. Then Sen. Bernie Sanders, I-Vt., said he’d erase all $1.6 trillion of it. Now Sen. Kamala Harris, D-Calif., has released a plan to forgive student
The Federal Reserve‘s decision to cut interest rates 25 basis points for the first time in over a decade marked a dramatic shift in monetary policy. It will be felt by Americans across the board. After raising the federal funds rate nine times in three years, with the last move coming in December as financial
Retiring as a millionaire may seem like a fantasy rather than a practical financial goal, yet it’s possible with savvy monthly saving. Reaching that milestone, however, takes determination, especially if you don’t start until later in life. Luckily, personal finance site NerdWallet crunched the numbers, broken down by age group, to demonstrate how much you’ll
Ariel Skelley | DigitalVision | Getty Images The CFP Board of Standards, the group overseeing the Certified Financial Planner credential, will overhaul its practices, making it easier for investors to spot financial advisors with a questionable past. In a Tuesday afternoon phone call, the group announced it would establish an independent task force to review
Illini Union building on the University of Illinois at Urbana-Champaign campus Source: UI Public Affairs First there was the college admissions scandal earlier this year, which revealed the elaborate lengths wealthy parents will go to get their children into elite schools, including faking a learning disability and forking over $1.2 million. Now another trend shows
When former vice president Joe Biden recently announced his plans for older Americans, he joined his fellow Democratic presidential candidates in calling for the expansion of Social Security. “We should be increasing, not decreasing, Social Security,” Biden said at a recent AARP Iowa forum. “It’s within our capacity to do so.” Former U.S. Vice President