Roth IRA

Formerly called the Retirement Savings Contributions Credit, the Saver's Credit gives a special tax break to low-to-moderate-income workers who are saving for retirement. Contributors to a traditional or Roth IRA, 403(b), 457 and 401(k) plans are eligible to claim the Saver's Credit, a tax credit worth up to $1,000 for individuals and $2,000 for married couples. Workers can … [Read more...] about Are You Eligible for The Saver’s Tax Credit? | Professionals’ Columns

Courtesy Lakisha Simmons (NEW YORK) — Lakisha L. Simmons, Ph.D., was a 36-year-old working mom of two young sons when she got divorced in 2017. “I stayed in the family home with the boys and all of the bills were suddenly mine, all alone,” Simmons told Good Morning America. “That brought back rushing all of the feelings [of financial insecurity] from when I was a girl, that I … [Read more...] about How this single mom got out of debt and retired at 41

Thomas Barwick | DigitalVision | Getty ImagesIn July, the first of six monthly child tax credit payments went out to more than 35 million households with about 60 million kids, according to the IRS.The money is an advance on a 2021 credit and is an enhancement of the existing child tax credit. For 2021, the credit increases to $3,000 from $2,000 per child under the age of 17 … [Read more...] about Here are a few ways to make monthly child tax credit payments grow

Used cars. welcomia/iStock Here are three of the week's top pieces of financial insight, gathered from around the web:The used-car buying frenzy"The used-car lot, ordinarily a haven of haggling and wheeling and dealing, is now a hotbed for wallet-busting transactions," said Keith Naughton at Bloomberg. The average cost of a used car hit a record $26,457 last month, "up almost … [Read more...] about The used-car buying frenzy

NEW YORK — Lakisha L. Simmons, Ph.D., was a 36-year-old working mom of two young sons when she got divorced in 2017."I stayed in the family home with the boys and all of the bills were suddenly mine, all alone," Simmons told Good Morning America. "That brought back rushing all of the feelings [of financial insecurity] from when I was a girl, that I was alone and in this world … [Read more...] about How this single mom got out of debt and retired at 41 – WHIO TV 7 and WHIO Radio

getty Congratulations! Your child has a job! Now what? How about a Child IRA? Your child won’t be thinking of this, but you should. It doesn’t matter if the work is a full-fledged 1099-producing summer job or just a little gig helping out with the neighbor’s chores. You might not think this is a top priority, but according to experienced financial professionals, it … [Read more...] about How Parents & Grandparents Can Help Fund A Child IRA

Finances FYI Presented by JPMorgan Chase Have you ever heard the old saying, “You can’t start saving for your kids’ college education too early”? Unlike a lot of old sayings, this one is absolutely true. As soon as you bring that little bundle of joy home from the hospital, you should be thinking about how to save the bundle they may need about 18 years later. College … [Read more...] about The Key To Saving For College: Start Now

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.Why bother buying individual stocks when you can buy the entire market?That’s what you get when you buy an index fund—a reliable and … [Read more...] about How To Invest in Index Funds: A Beginner’s Guide

Omar Marques | LightRocket | Getty ImagesIn typical Robinhood fashion, the stock trading app hosted an unconventional virtual roadshow on Saturday. Rather than holding the event behind doors among investment bankers and hedge funds, as is typical, the event was democratized as Robinhood management fielded questions from everyday investors.Robinhood is seeking a market valuation … [Read more...] about Here are the highlights from Robinhood’s virtual roadshow

There is a beast that has loomed over generations of investors, waiting to devour gains. We are talking about taxes. At roughly 6,500 pages, the U.S. tax code is long and complicated. The IRS regulations that enforce the code run an estimated 4 million words. That’s akin to reading “War and Peace” – seven times. Fortunately, you don’t need to read it all … [Read more...] about How to Invest: Three ways to tame your tax bill