Financial advisers and retirement coaches often have two words for people in their 50s and 60s concerned about retirement: Work longer. Doing so, they say, can boost their savings, help them receive l...
Tag: Personal finance
I’ll inherit $40,000 from my grandmother. Should my husband and I boost our kids’ college savings accounts, or pay off credit cards and student loans?
After a terrible battle with dementia, my grandmother died a few weeks ago. She did not leave much, but I will — along with my siblings — receive about $40,000 in life insurance. I am trying to figure...
Here’s how much you can make in 2023 and pay 0% capital gains taxes
vitapix | E+ | Getty Images Planning to sell some investments this year? It’s less likely to affect your 2023 tax bill, experts say. Here’s why: The IRS made dozens of inflation adjustment...
Here come the 5% CDs
Don’t touch that dial. If you’re looking for certificates of deposit, the interest rates on offer should be—here’s hoping—heading higher following the latest inflation numbers out Tuesday morning. Rea...
Here’s the average tax refund through Feb. 3, according to the IRS
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 $1,96...
I will leave my daughter my house, but she doesn’t want to take over my $250,000 mortgage. Should she rent the house, or just sell it?
Dear MarketWatch, My daughter has a similar issue that this lady is facing, whose mother left her the family home. I will be leaving my daughter my house in my will. But she has a physical disability ...
Most couples financially incompatible. Having a money talk could help
Talking about money with your romantic partner or spouse can be tough — especially when you don’t understand or know much about how they think about money. A new survey finds that 64% of couples...
Will you regret that Roth conversion when you get a huge tax bill?
If you took advantage of the down market in 2022 to convert some of your IRA to a Roth, you’re about to get a reality check of how much that will cost you when you file your tax return. Tax-saving str...
‘Been there, done that.’ Suze Orman admits to making this ‘5-figure’ money mistake — but pros say there’s a very good way to fix it
Suze Orman Getty Images for WICT “When it comes to credit card debt, I’ve been there, done that. As in 5-figure debt,” Suze Orman recently wrote on her blog. But she says, if you find yourself in a si...
What to know about $10,000 deduction limit for state and local taxes
Rep. Bill Pascrell, D-N.J., speaks at a news conference announcing the state and local taxes caucus outside the Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images A group of bipartis...
These 2 banks are now offering $2,000 cash when you sign up for their checking accounts. Should you bite?
Moving your money into the right checking account can earn an APY that’s 15x the industry average. Getty Images/iStockphoto Flashy bank account sign-up bonuses are becoming harder to ignore. Citi and ...
7 Things You Can Do Now to Shave Your Tax Bill Next Year
The 2023 tax year has only just begun, and the tax-filing deadline for 2023 taxes is more than a year away. But if you get a jump on planning, you can lock in big tax savings. With stock prices still ...
These money and investing tips can build your portfolio’s offense and defense
Don’t miss these top money and investing features: Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! INVESTING NEWS & TRENDS 10 value stocks for today’s ma...
‘We expect rates to continue to rise.’ Car insurance already costs nearly 14% more than last year. Here’s the best thing to do now to combat that.
How to save money on car insurance Getty Images/iStockphoto Like eggs, postage and dining out, auto insurance costs are on the rise in 2023. According to data from Bankrate’s annual True Cost of Auto ...
AI is dominating the action in the stock market right now
OpenAI, the developer of ChatGPT, is receiving billions of dollars in funding from Microsoft Corp. MSFT, -0.20%. The rollout of this new technology has been followed by similar efforts by Alphabet Inc...
Where and how to charge an electric car for free, and will the IRS give me a tax break on my Super Bowl gambling losses?
Hi, MarketWatchers. Don’t miss these top stories. Skip the candy and flowers on Valentine’s Day for this valuable gift that won’t cost you a penny Your time and attention is much more meaningful and b...
How to decide between pre-tax and Roth 401(k) contributions
Prathanchorruangsak | Istock | Getty Images Whether you’re starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the ...
IRS says people in most states who got inflation-relief payments don’t have to report it on their taxes. Here’s where.
The IRS is not going to tax payments from most of the states that cut checks to residents last year in order to help them defray rising living costs. This week, the IRS has been trying to determine if...
Money Markets Pay 4.5%. If You’re Getting Less on a Sweep Account, It’s Time for ‘Cash Sorting.’
“Schwab cash solutions fall under two categories,” says the company’s website. They sure do. Here are some questions that can help determine which is right for you: Do you like money? Do you prefer go...
‘Cash is the cool kid on the block’: High-yield savings accounts, Treasury Bills, money market funds, and CDs — here’s where your cash can earn up to 4.5%
Cash isn’t just the dollar bills you put in your pocket — in this market, it might seem to be a patch of steady ground. There are multiple options: People can put their money in high-yield savings acc...
Taylor Swift says fans will reduce high egg prices. 3 things to know
Taylor Swift attends the 65th Grammy Awards on Feb. 5, 2023 in Los Angeles. Jeff Kravitz | Filmmagic, Inc | Getty Images This is an excerpt from the Personal Finance team’s weekly Twitter Space,...
TV prices sink ahead of the Super Bowl — here are the best deals
Nearly 200 million people will watch the Philadelphia Eagles face off against the Kansas City Chiefs in the Super Bowl on Feb. 12, which is a good reason to buy a brand-new television. While you may n...
‘You may want to think about a CD.’ Some CDs pay 4.5% or more right now. Should you get one?
The latest rates on CDs Getty Images/iStockphoto Certificates of deposit certainly don’t make headlines like, say, certain stocks do, but right now they maybe should. Indeed, many CDs — a type of savi...
‘Is my financial planner crazy?’ We’re 55 and 60, five years from retirement and were told we should invest more aggressively
Dear MarketWatch, Is my financial planner crazy? I recently saw a MarketWatch article that recommended that one’s retirement portfolio should be 100 minus their age in stocks or perhaps even more co...
Older workers are fooling themselves when it comes to work, money and caregiving
Denial runs deep when it comes to money and retirement. Older adults are working longer, but at first blush they contend they are working because they want to. Only when pressed do they admit they nee...
Sell your Bank of America shares now, says KBW
Shares of the largest U.S. banks have been performing well so far this year, but David Konrad of Keefe, Bruyette and Woods believes the party is over for Bank of America Corp. Konrad downgraded Bank o...
Here’s where the 60/40 could really fail you. But a better option may be under your nose.
Only once in the past 100 years have America’s long-term savers done worse than they did last year. Only in 1974 — the year of Watergate, OPEC embargoes, gas lines and recession — did the standard, be...