Money, Wealth & Power—A Daily Look at the Financial World
Picture opening your quarterly 401(k) statement and discovering an unexpected tax bill on contributions you thought were sheltered—this scenario is becoming reality for millions of workers as the IRS quietly implemented a major change to retirement catch-up contributions. The agency finalized regulations in September 2024 that will force approximately 9 million eligible workers earning above…
Baby boomers are walking away from hundreds or even thousands of dollars at tax time, often because the rules for people 60 and older are scattered across forms and new laws. I see Adults 65 and up miss enhanced deductions, layered credits, and special worksheets that quietly shrink their bill. Here are eight tax breaks…
The silent devaluation of retirement income is turning what looked like solid guarantees into shrinking paychecks, often without retirees realizing it until their budgets are already strained. I see the same pattern across the traditional pillars of retirement: the dollars still arrive, but each one buys less security, less care, and less time off. To…
The U.S. Bureau of Labor Statistics is spotlighting how healthcare costs reshape retirement budgets after age 70, drawing on detailed data from the Consumer Expenditure Surveys. A recent analysis in the agency’s Beyond the Numbers series examines 2018 household spending and finds that medical bills account for a larger share of expenses for people aged…
Warren Buffett has spent decades warning ordinary investors not to mistake a rising stock market for a safe retirement plan. For people nearing the end of their working years, his message is blunt: your nest egg has to withstand bad years, not just ride the good ones. With Berkshire Hathaway preparing to publish its 2024…
Social Security recipients heading into the 2026 filing season may see smaller tax refunds, even as their monthly checks rise. The Social Security Administration has announced a new cost-of-living adjustment, and that higher benefit can push more of a retiree’s income into the taxable column. The rules that decide how much of a check is…
Florida’s image as the ultimate retirement prize is starting to fray, even as the state remains one of the country’s largest population centers. The U.S. Census Bureau’s Vintage 2024 Population Estimates show how migration is shaping state populations, and those figures hint at a quieter shift in where older Americans feel comfortable planting long-term roots….
Millions of workers will see their 401(k) plans change this year as new automatic enrollment rules take effect under the SECURE 2.0 Act. The Internal Revenue Service has now detailed how those rules work and when they start, and a misunderstanding of those dates could cause expensive compliance errors for employers and confusing surprises for…
Retirees who plan to live on Social Security alone face a tight budget, but where they live can still make a big difference. With the average benefit for retired workers reported at about $2,071 a month and only modest annual increases, the state someone chooses can determine whether that check covers basic bills or falls…
Millions of Americans now hold most of their retirement savings in individual retirement accounts instead of employer 401(k) plans, and that shift puts fresh attention on the Internal Revenue Service rules that govern withdrawals. When people do not follow those rules, the IRS can charge an extra tax on missed payouts, turning a helpful tax…