As the year draws to a close, many retirees consider making charitable donations, but there’s a strategy they should be aware of that can maximize their tax benefits. Qualified Charitable Distributions (QCDs) represent a powerful tool for individuals aged 70½ and older. A QCD involves transferring funds directly from an Individual Retirement Account (IRA) to
Personal
The notion of retiring early is an alluring dream for many workers. However, a startling shift occurs in reality: a significant majority, specifically 58%, find themselves retiring sooner than they had originally intended. This trend, highlighted in a recent study by the Transamerica Center for Retirement Studies alongside the Transamerica Institute, exposes the stark gap
With the impending end of the year, many individuals contemplate charitable contributions as a way to give back and also as a potential strategy for tax optimization. As financial experts highlight, informed choices regarding charitable giving can not only enhance the impact of donations but also create meaningful tax advantages. Beneficial strategies surrounding this timely
In the lead-up to the recent election, the United States has witnessed a pronounced gender divide that has significantly influenced electoral outcomes. Notably, polls indicated that women overwhelmingly supported Vice President Kamala Harris, favoring her by an 8-point margin. In contrast, a majority of men rallied behind President-elect Donald Trump, giving him a substantial advantage
As the holiday season approaches, a remarkable phenomenon unfolds: parents, particularly millennials, are poised to indulge their children more than ever. Drawing insights from a recent study conducted by TransUnion, it is evident that 63% of millennials with school-age offspring are planning to spend the same or even more on holiday gifts compared to 2022.
As America faces a looming retirement crisis, the introduction of new measures under the Secure 2.0 Act aims to address the challenges many workers encounter in building sufficient retirement savings. Approximately 40% of American workers are currently feeling the weight of inadequate retirement readiness, primarily stemming from factors such as ongoing debts, insufficient income, or
As the holiday season unfolds, the landscape of gift-giving has shifted dramatically, with a notable surge in the popularity of “dupes,” or duplicate products. These affordable alternatives to high-end brands have become increasingly confident contenders on many shoppers’ wish lists. The once-stigmatized notion of purchasing a cheaper imitation has transformed into a badge of honor,
As challenges continue to arise within the student loan landscape, millions of federal borrowers currently find themselves in a state of limbo due to the Biden administration’s controversial student loan repayment plan. Legal disputes have cast a long shadow over the Saving on a Valuable Education (SAVE) initiative, which many had hailed as a potential
In recent times, a growing chorus of worry among American citizens has emerged regarding the stability of Social Security, particularly in light of projections that the program’s retirement trust fund may be depleted as soon as 2033. A survey conducted by Bankrate, involving 2,492 respondents, illustrates the depth of these concerns, revealing that approximately 73%
Health Savings Accounts (HSAs) have emerged as vital financial tools for employees seeking to manage medical expenses effectively. They offer unique tax advantages that can lead to significant long-term savings, positioning them as an attractive alternative to traditional savings options. As healthcare costs continue to rise, leveraging HSAs can provide individuals with a robust strategy