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SECURE Act 2.0: What You Need to Know
Here is an update on some significant changes designed to help Americans save more for retirement. You may have heard of the SECURE Act 2.0, which Congress passed as part of a larger federal spending bill last week.1 This legislation builds upon the 2019 Setting Every Community Up for Retirement Enhancement Act and includes several provisions that may be beneficial to savers and investors. Here are some of the key points to be aware of: While the SECURE Act 2.0 may not solve the broader issue of inadequate retirement savings for all Americans, it’s still a significant development that could benefit
Five Most Overlooked Tax Deductions
Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five most overlooked opportunities to manage your tax bill. 1. TheBalance.com, 20212. IRS.gov, 20223. IRS. gov, 20224. IRS. gov, 20225. IRS.gov, 2022. In most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA). Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59½, may
How Women Can Prepare for Retirement
When our parents retired, living to 75 amounted to a nice long life, and Social Security was often supplemented by a pension. The Social Security Administration (SSA) estimates that today’s average 65-year-old woman will live to age 86½. Given these projections, it appears that a retirement of 20 years or longer might be in your future.1 Are you prepared for a 20-year retirement? How about a 30-year or even 40-year retirement? Don’t laugh; it could happen. The Society of Actuaries predicts that an average healthy woman that reaches age 65 has a 44% chance of living past 90, and a
College Cost Data for 2022-2023 School Year
Every year, the College Board releases new college cost data and trends in its annual report. The figures published are average cost figures based on a survey of approximately 4,000 colleges across the country. Over the past 20 years, the average price for tuition, fees, and room and board has increased 46% at public colleges and 30% at private colleges over and above increases in the Consumer Price Index, straining the budget of many families and leading to widespread student debt. Here are cost highlights for the 2022-2023 year.1 This year, public colleges have done a better job than private colleges at keeping
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