Personal Finance

When it’s several decades away, you might categorize saving for retirement as a back-burner concern. And when you’re younger, contributing to an individual retirement account might seem like an impossible stretch. Yet people who made the leap generally say they’re sorry they didn’t start earlier. Millennials seem particularly drawn to Roth IRAs, which are showing
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Reports of Americans being unprepared for retirement have become so widespread that it no longer seems to elicit any emotional response. The Employee Benefit Research Institute found that 40.6 percent of all U.S. households (where the head of the household is between ages 35 and 64) are projected to run out of money in retirement.
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With no one hitting all winning numbers in Saturday night’s Powerball drawing, the top prize has jumped above the half-billion-dollar mark. Now at a whopping $550 million for Wednesday night’s drawing, the jackpot has been growing for more than two months of twice-weekly drawings. And while the odds are stacked against players winning it —
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Jason Edwards, a communications professor at Bridgewater State University in Massachusetts, learned seven years too late that he didn’t qualify for public service loan forgiveness. The Providence, Rhode Island, resident had been paying his debt for that long when the dreadful discovery arrived. Yet Edwards’ story holds a rare, happy ending. Stay tuned. The public
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The alleged college admissions cheating scam unveiled earlier this week has already triggered at least one call to change the law regarding some donations. Sen. Ron Wyden, D-Ore., said Wednesday that he will introduce a bill stripping tax benefits for donations made to universities and colleges before or during the enrollment of children of the
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President Donald Trump’s proposed budget might make it easier for seniors to save for health-care costs on a tax-free basis. The proposal calls for allowing Medicare beneficiaries to make tax-deductible contributions to health savings accounts “associated with high-deductible health plans offered by their employers or a Medicare Advantage plan.” That’s a change from current law,
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Retirees with high prescription drug costs might want to keep an eye on President Trump’s hoped-for changes to Medicare. The president’s proposed 2020 budget, released Monday, calls for allowing Medicare to negotiate lower prices with pharmaceutical companies and would cap how much beneficiaries pay out-of-pocket under Part D prescription drug coverage, among other provisions. Yet
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Most stories about Americans and retirement contain words like “crisis,” “poverty” and “horror.” Not this one. While many people are still not saving enough for their golden years, many of them are getting better at doing so — and hopeful signs abound. Today, American households headed by individuals between the ages of 35 and 64
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You probably know by now that charitable deductions are tax-deductible. But how about the cost of caring for your pet? Or your kid’s clarinet lessons? In select cases, the IRS has permitted taxpayers to deduct off-beat expenses on their tax returns. Here’s the key: Those costs must meet certain conditions; they can’t just be personal
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