SmartAsset

January 2024 has unveiled a slew of attractive bank account promotions, with M1 Finance's unprecedented offer of up to a $20,000 sign-up bonus for retirement accounts stealing the spotlight. This offer, designed for people with substantial retirement savings, is part of a competitive trend in the...

The American workforce is experiencing a significant demographic shift, with a notable increase in the number of older workers. A recent Pew Research Center report reveals that 19% of Americans age 65 and older were employed in 2023, a figure nearly double that of 1987. This trend is not just a...

Recent research by Edward Jones cast a spotlight on the financial vulnerabilities millennials face. The survey, targeting financial advisers, reveals that 43% view millennials as the most susceptible to financial difficulties, surpassing Gen Z, Gen X and baby boomers. This generational financial...

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2...

One of the key financial strategies in 2024 is the Roth IRA conversion. This process involves converting a traditional individual retirement account (IRA) to a Roth IRA, which can have significant tax benefits in the future. Although a traditional IRA conversion to a Roth IRA can result in...

It's a question that many face in their golden years, often shrouded in uncertainty and anxiety: Can a nursing home take your savings, including assets like a $100,000 individual retirement account (IRA), personal savings, a house and other possessions? This concern becomes particularly pressing as...

The concept of living off the interest and returns from a retirement account has become a focal point for many Americans. The common goal is to accumulate enough savings by their late 60s to enjoy a secure, indefinite retirement.  For younger generations, the ambition often shifts toward...

Considering assisting your son with a $30,000 contribution toward the down payment on his first home? This act of generosity can significantly ease his homeownership journey. However, it’s important to understand the tax implications for both you and your son as well as the reporting...

When selling a primary residence, homeowners often ponder the implications of capital gains tax on their profits. If a homeowner sells their property and realizes a profit of $1 million, they may face a significant tax bill. The amount of tax owed can range from tens of thousands to a hundred...

Retirement planning is a complex process that requires careful consideration of various income sources and expenses. For those considering early retirement, evaluating financial assets is crucial. This scenario examines the practicality of retiring at age 62, given a particular financial situation...

Retirement is often seen as a time of comfort and leisure, but it involves complexities, especially concerning financial stability. Some financial experts believe that the idealized view of retirement frequently contrasts with the experience. In particular, the significance of net worth undergoes a...

Young adults need to start saving regularly by age 25 at the latest to accumulate at least $1 million by retirement, according to a recent study by the Milken Institute. Starting early allows savers to take advantage of compound interest, which can significantly increase the value of their...

Retirement planning is an intricate process that requires understanding and integrating various income sources. Imagine the following financial scenario: You have a $1 million Roth individual retirement account (IRA), an annual state or local pension averaging $22,172 and a Social Security benefit...

Deciding when to take Social Security benefits is a critical component of retirement planning. Another essential aspect to consider is what might increase or reduce your benefit amount.  A common question is whether retirement income counts as income for Social Security. The answer is no,...

The economic landscape in the United States presents a challenging scenario for Americans nearing retirement. The convergence of inflation, high interest rates and an unpredictable stock market has significantly impacted retirement plans. Despite a decrease in inflation, concerns about income...