I recently made a panic decision to withdraw all my money from one retirement account and I am now closing on a house in February (about $200,000). I am 36 years old, married and have a 1-year-old. Ha...
Tag: Personal finance
Jan. 17 is the deadline for 2022 fourth-quarter estimated tax payments
Constantine Johnny | Moment | Getty Images There’s still time to avoid a penalty if you didn’t pay enough taxes in 2022 — but the clock is ticking. If you are self-employed or receive inco...
To pick 2023’s winners, look to 2022’s losers
A good place to look for stocks that may be market beaters this year is a list of stocks that lost the most last year. That’s because such stocks typically bounce back in a big way. But it will take c...
These money and investing tips give you tools for the stock market’s ‘January Defect’
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 These top athletes are investi...
Secure 2.0 Lets Retirees Delay RMDs. That Doesn’t Mean They Should.
Text size It’s worth doing the calculations to determine whether taking RMDs earlier may ease your tax bill. Dreamstime The Secure 2.0 Act gives savers 72 and under an extra year before you have to wi...
MYGAs and Fixed Index Annuities Are Popular. What to Consider.
Rising rates have made annuities of all stripes more interesting investments, but two in particular are worth a hard look right now. Multi-year guaranteed annuities—MYGAs, for short—are the insurance ...
Why Utilities and Energy Are the Stock Market Sectors to Play Right Now
If 2022’s stock market could be described as brutal, 2023’s might best be described as befuddling. Thankfully, there is a portfolio for that. What’s so befuddling? It’s not just that there is uncertai...
For All His Criticisms of Disney, Peltz and Iger Probably Agree: Streaming Has to Be Fixed
“Great news: Nelson Peltz made a slide deck about me,” said no CEO ever. But maybe Walt Disney Bob Iger had mixed feelings about the 35-pager that dropped this past week. One one hand, it says that he...
Inflation has fallen. Is it time to buy inflation protected bonds?
Good news, especially for retirees: Inflation has fallen. The official rate has just tumbled to 6.5% — down from 9.1% last June. And while 6.5% is still a hefty hike in prices, that’s just the annual ...
JPMorgan Chase, Bank of America and Wells Fargo earnings show the good, the bad and the ugly of people’s finances. So how are they holding up?
Friday’s wave of big-bank earnings gives an important glimpse into Americans’ finances amid high prices, rising interest rates and recession worries. At first glance, most consumers appear to be keepi...
Opinion: The days of IRS forgiveness for RMD mistakes may soon be over
Katie St. Ores has a 100% track record of getting her tax clients out of paying the steep penalty for missing a required minimum distribution from their retirement funds. That amounts to only two hous...
Why inflation hit these 10 items hardest in 2022
David Paul Morris/Bloomberg via Getty Images Inflation popped in 2022 to a level unseen in four decades. But prices ballooned more rapidly for certain items than others, largely concentrated among foo...
Mega Millions jackpot is $1.35 billion. 3 tips for navigating a win
Fatih Aktas | Anadolu Agency | Getty Images There’s a chance a Mega Millions player is on the verge of joining a very short list: winners who snag a jackpot worth more than $1 billion. The grand...
Are high car prices the new normal? If you’re waiting to buy a car, stand firm, experts say—it may pay off.
The roller coaster economic ride that began with the emergence of COVID-19 in early 2020 has reshaped how car buying works. Will it ever get back to what we might call “normal?” Brian Finkelmeyer, sen...
President Biden Makes His Feelings Clear on House Republican Bill to Abolish IRS
A controversial proposal introduced by the newly elected, Republican controlled, House of Representatives has been making some headlines. It involves a scheme to get rid of the income tax in favor of ...
Here’s how to get a faster tax refund during the 2023 filing season
Bill Oxford | E+ | Getty Images Despite falling inflation, many Americans are still struggling financially and will need their annual tax refund to help cover the basics. Some 30% of Americans overal...
IRS says ‘Tax Day’ will be different this year — put these important tax dates on your calendar
It’s not too early to start thinking about your 2022 income-tax return, if you can bear the thought. That’s because the tax-filing season is scheduled to start on Monday, Jan. 23, the Internal Revenue...
Tax season opens for individual filers on Jan. 23
It’s official: The tax season kicks off for individual filers on Jan. 23, the IRS announced Thursday. For most taxpayers, you must file your federal return and pay your balance by April 18 this ...
Republicans Want to Abolish the IRS; How That Would Hit Your Wallet
While House Speaker Kevin McCarthy, R-Calif., was captivating a live audience with coverage of historically numerous votes for his new title, it was no secret he was making concessions to win votes fr...
‘My adviser insists this is a good, low-risk investment.’ I’m semi-retired at 63 with $2 million saved. My financial adviser wants me to sink half my money in an annuity. Should I do it?
I’ve never been a big fan of annuities, but my advisor insists this is a good low risk investment vehicle. Is a variable annuity a good option for me? Getty Images Question: I am 63 and semi-retired. ...
Here’s the inflation breakdown for December 2022 — in one chart
Kentaroo Tryman | Maskot | Getty Images The inflation rate declined in December as consumers saw prices plummet at the gasoline pump, providing another hopeful sign for households that price pressures...
Home prices to tumble over 25% from peak levels in ‘overheated’ markets, says Goldman
Credit researchers at Goldman Sachs now expect home prices in several “overheated” metro areas to fall over 25% from peak levels. Metro areas included in their forecast were San Jose, Austin, Phoenix ...
Here are 3 moves to make before the 2023 tax filing season opens
mediaphotos | E+ | Getty Images Enlist tax prep help One of the first things to consider: Will you be filing your own taxes this year or tapping an expert to file a return on your behalf? If you’...
Schwab Is Sending Out Settlement Checks. Here’s What to Know.
Clients of Charles Schwab ‘s robo-advisor have begun receiving distribution checks from a settlement the company reached with the Securities and Exchange Commission in summer 2022. Hundreds of thousa...
Did Trump donate his salary in 2020? Tax returns don’t tell full story
Former President Donald Trump arrives at his Mar-a-Lago home on Dec. 31, 2022. Joe Raedle | Getty Images When former President Donald Trump’s tax returns were issued publicly Dec. 30, some news ...
The ‘best job in America’ pays over $120,000 a year — and offers a low-stress, healthy work-life balance
We’ve had the great resignation, quiet quitting, resistance to going back to the office — and now? It turns out people are looking for happiness, stability, flexibility and a good salary. In 2023, in ...
House Republicans have voted to cut IRS funding
New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023. Jon Cherry | Reuters House Republicans on Monday night voted to slash funding for the IRS, fo...
Biden administration unveils sweeping changes to student loan repayment
The future of the Biden administration’s student debt-relief plan currently rests with the Supreme Court, but in the meantime, officials are moving forward with sweeping reform that could have an even...
10 simple investments that can turn your portfolio into an income dynamo
Many people are good at saving up money for retirement. They manage expenses and build up their nest eggs steadily. But when it comes time to begin drawing income from an investment portfolio, they mi...