Study: Social Security benefits still lag inflation
Retirees will likely receive a cost-of-living increase of about 6% in their Social Security benefits next year, the biggest jump since 1982. But if you expect to see seniors dancing...
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Retirement: The pros and cons of Roth conversions
Converting a traditional IRA to a Roth can shield your retirement savings from future tax increases, but there are pitfalls and trapdoors too. You'll owe taxes on a conversion, and...
Family finances: Bad news for super savers
Every year, the IRS adjusts the maximum amount taxpayers can contribute to tax-advantaged retirement savings plans to reflect increases in the cost of living. Inflation was so low in 2020...
Family finances: Trim your tax bill
Use these strategies to trim your upcoming tax bill — and avoid a tax surprise. Give to charity. Since the 2017 tax overhaul doubled the standard deduction, the vast majority...
Social Security recipients can expect a modest raise
Q: Are we getting a raise in our Social Security checks for 2021? A: Yes, but a modest one. The Social Security Administration says seniors will receive a 1.3% cost-of-living...
The holidays won’t be canceled, so don’t procrastinate on shopping
With a coronavirus vaccine still months away from broad availability, many people are reluctant to go to stores and malls. So perhaps it's not surprising that more than two out...
Retirement: Lump sum versus traditional pension
Many older workers with a pension are faced with a difficult decision: Take the retirement benefits in monthly payments or a lump sum. The decision is usually irrevocable, so weighing...
How retirees can create a paycheck
No question, these are tough times for retirees who don't want to take much risk with their portfolios. Bonds, cash and other low-risk investments are delivering such paltry returns that...
Family finances: How the stimulus package could help your finances
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion package, is designed to provide relief to individuals and businesses hit hard by the pandemic. Here are answers...
Tax tips for retirees
Filing taxes this year as a retiree? There are some advantages, such as a larger standard deduction than what younger taxpayers receive. But if you're filing a tax return for...