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Mireya Acierto | Photodisc | Getty Images It’s not unusual for wealthy taxpayers to relocate from high-tax states to low-tax states. There’s evidence in population trends: Texas and Florida — neither of which have a state income tax — were the states with the biggest population increases from 2020 to 2021, according to the latest

Momo Productions | Digitalvision | Getty Images Parents with young kids or those expecting a child may wonder: What financial steps should I take to set my family up for success? Here are four of the top considerations, according to Rianka Dorsainvil, a certified financial planner and co-CEO of 2050 Wealth Partners. Dorsainvil is also

Getty Images The tax deadline is approaching, and there are still a few ways to reduce your 2022 bill or boost your refund, experts say. Once the calendar year ends, “the toolbox of options is much smaller,” said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas. He is also

Prostock-studio | Istock | Getty Images It’s a strange time for people with federal student loan bills, which means that their experience with this year’s tax season will likely also be unusual. The Biden administration’s plan to cancel up to $20,000 in student debt for tens of millions of Americans is on hold until the

Pascal Broze | Onoky | Getty Images An 8.7% Social Security cost-of-living adjustment for 2023 means beneficiaries received on average $140 per month more starting in January. Now, new research from Bank of America Institute finds faster spending growth among older generations that receive Social Security income. For the week ending Feb. 18, individuals born

In this article EOCW RJF Follow your favorite stocksCREATE FREE ACCOUNT sturti With expectations for a recession already in the forecast for 2023, the recent failures of Silicon Valley Bank and Signature Bank have further stoked fears that an economic downturn could be on the horizon. But it remains to be seen when a recession

When it comes to college these days, students are more concerned about how they will pay the tab than they are about getting in, according to a recent survey of college-bound students and their families. Higher education already costs more than most families can afford, and college costs are still rising. Tuition and fees plus room and board

Ronnie Kaufman | DigitalVision | Getty Images If you turned 72 in 2022, the last chance for your first mandatory retirement plan withdrawal is April 1 — or you may face a hefty tax penalty. Generally, you must begin these yearly withdrawals, known as required minimum distributions, or RMDs, by a specific age. Prior to

Skynesher | E+ | Getty Images For some young adults, retirement is so far away that it can feel absurd to put part of their income in an account that they can’t tap for decades. “They want to invest but can’t envision not being able to touch it until age 59½,” said Winnie Sun, co-founder

In recent days, a crisis in the financial sector sent markets into a tailspin, erasing hopes for an early 2023 turnaround. For retirement savers, these losses come on the heels of a year when 401(k) account balances already lost nearly one-quarter of their value. Average 401(k) balances sank 23% in 2022 to $103,900, according to

You may have heard that many taxpayers are in for a big surprise this tax season if they’re banking on a big refund check — or one that’s even close to the amount they received last year — but that’s more of a “tax myth” than reality. Last year, according to the IRS, more than

Despite the 2008 financial crisis, bank failures are considered extremely rare. However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank have many consumers concerned about their deposits, their bank and the U.S. banking system. “Every American should feel confident their deposits will be there if and when they need them,” President Joe Biden said Monday in an address aimed at

Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images News | Getty Images For small businesses that have been keeping their money at Silicon Valley Bank — which collapsed last week — the good news is that they will be

In the wake of the pandemic, there’s one topic that’s suddenly a lot less taboo, according to Lee Baker, a certified financial planner based in Atlanta. “We get more calls around estate planning,” said Baker, founder, owner and president of Apex Financial Services and a member of CNBC’s Advisor Council. “The last 36 months shifted the

Ippei Naoi | Moment | Getty Images Budgeting and saving money may seem challenging — but the 50-30-20 rule is an easy way for people to get started, said Cathy Curtis, a certified financial planner based in Oakland, California. The numbers refer to the share of take-home pay allocated to different areas of your life:

Halfpoint Images | Moment | Getty Images Women tend to outperform men when it comes to investing, yet some may still be at risk of falling behind. Over a 10-year span, women’s returns were, on average, 40 basis points higher than their male counterparts, according to a 2021 report from Fidelity Investments that was based

Marko Geber | DigitalVision | Getty Images Whether you’re filing a simple or complicated tax return, it’s critical to make sure it’s thorough — and you may have free online tools at your fingertips, in the form of IRS transcripts, to make the process easier. “Oftentimes, filing a complete and accurate return is much better

Mixetto | E+ | Getty Images For some retirees, heading back to work has emerged as an aspiration. Roughly 1 in 6 retired Americans say they are mulling over whether to get a job, according to a recent study from Paychex. On average, those “unretiring” individuals have been out of the workforce for four years.

Sdi Productions | E+ | Getty Images Married couples have a choice every year: file taxes together or apart. While the tax code generally rewards joint returns, there are scenarios where filing separately pays off, experts say. While “married filing jointly” involves a single return, “married filing separately” means you and your spouse have your

Dobrila Vignjevic | E+ | Getty Images Health care in retirement can come with a hefty price tag. A new study looks at how much money a 65-year-old — who’s at the age of Medicare eligibility — would need to have set aside to secure a 50%, 75% or 90% chance of covering their health-care

Seb_ra | Istock | Getty Images A bill that’s pending in the Senate aims to battle a persistent danger to older adults and other vulnerable individuals: financial exploitation. In a nutshell, the measure would allow so-called registered open-ended investment companies — which can include mutual funds, exchange-traded funds, hedge funds, some annuities and other pooled

Bill Oxford | E+ | Getty Images Tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,963, down from last year’s average payment of $2,201 at the same point in the filing season. Of course,

While the thought of funding your retirement adequately might be daunting, if you start planning now you’ll certainly be thankful later. Retirement usually entails replacing your former annual salary with other income sources to keep up with your lifestyle. While Social Security may cover part of your budget, the rest of your money will most

Ivan Kyryk | Istock | Getty Images If you got married in 2022, you can add “tax return” to the list of things you’ll now be sharing. For some newlyweds, this is going to mean a bigger tax bill due to a so-called “marriage tax penalty.” It can happen when tax-bracket thresholds, deductions and credits

Pekic | E+ | Getty Images More than 1 million people recently took to the streets in France to protest an increase in the country’s standard retirement age. In the U.S., a similar battle may be quietly brewing in Washington. The full retirement age for Social Security, when workers are eligible for 100% of the

Portra | DigitalVision | Getty Images Tax season is underway but millions of filers who received state tax rebates or payments are in limbo after the IRS told taxpayers to pause on filing returns. The reason for the delay hinges on one question: Are these payments taxable on federal returns? Filers in more than 20

As a young physician, Dr. Elizabeth Clayborne saw a need for a better way to stop nosebleeds, a common condition she saw at the hospital where she worked, especially among children. She developed a bandage-like device for your nose and secured patents for her invention, called “NasaClip.” Then, in 2020, the Washington, D.C.-Baltimore area physician

Halfpoint Images | Moment | Getty Images Moving money from a 401(k) plan to an individual retirement account — an action commonly known as a “rollover” — may sound straightforward. But the seemingly easy task has many pros and cons to consider before moving your money, according to financial advisors. More people may be facing

President Joe Biden delivers the State of the Union address on March 1, 2022. Win Mcnamee | Getty Images President Joe Biden will again call for a “billionaire minimum tax” during his State of the Union address on Tuesday. While details haven’t been released, Biden previously proposed a billionaire minimum tax in his 2023 federal

Constantine Johnny | Moment | Getty Images Tax season has begun, and it typically comes with a big uptick in tax-related scams. There were nearly 7.8 million reports of suspicious activities in 2022, according to a recent report from the Identity Theft Tax Refund Fraud Information Sharing Mission & Analysis Center, a partnership between the