What is the Savers Credit? And how do you qualify for this special tax credit? Retirement Daily’s Robert Powell caught up with Jeffrey Levine, CPA and tax pro from Buckingham Strategic Wealth Pa...
Tag: savings
The IRS may be coming for your savings account (but don’t worry, it’s not as bad as it sounds)
Interest you earn from a high-yield savings account is generally taxable Getty Images/iStockphoto For years now, savings accounts have paid an abysmal rate of interest. But in recent months, we’ve see...
Suze Orman now says you need this much in emergency savings (and psst: you’re probably not going to like it)
Author and financial guru Suze Orman Anna Webber/Getty Images Financial experts have always urged people to create an emergency savings fund, but exactly how much should be in that fund has never been...
Should you park your savings in a money market account right now?
Should you park your savings in a money market account right now? A money market account, or MMA, offers you a place to stash some cash and earn somewhat higher interest — which is a real plus these d...
‘That was unheard of not long ago.’ This is what you should be earning on your savings account right now (and psst: many of you aren’t)
If you’re only saving $1,000 and your APY is 0.10%, that might not move the needle, however “if your savings is in the five figures or more, a higher APY could be more rewarding,” an expert said. Gett...
Ranking Your 401K Account Against Your Peers
Once in a while, U.S. retirement savers should sit down and compare their 401k amount totals with peers in the same age group. That task is made easier by the California Society of Certified Public Ac...
Jim Cramer Warns Crypto Will Take Your Life Savings
Alex Dovbnya Longtime CNBC host Jim Cramer has urged investors to sell their cryptocurrencies, admitting that he was wrong Longtime CNBC host Jim Cramer claims that investors should get out of cryptoc...
How Educators Plan To Manage, Outsmart Inflation This Back-To-School Season
Two boys and a girl put their hands up in class in the 1950’s. (Photo by FPG/Getty Images) Getty Images By now, it’s a safe bet to assume that most of us have at least heard the murmurs and whis...
Can Series I Savings Bonds or TIPS Get You Richer Quicker?
ibonds vs tips If you’re looking for an investment option that is less volatile than the stock market, your options aren’t limited to savings accounts. Both TIPS and Series I savings bonds are investm...
Grammy winner Ed Sheeran is worth an estimated $200 million — but he’s a fan of this penny-pinching savings hack (and psst: pros say you may want to do it too)
Ed Sheeran Getty Images for the Ruth Strauss Foundation Thanks to hits like “Shape of You,” “Bad Habits,” “Castle on the Hill” and “Perfect,” Grammy Award winning singer-songwriter Ed Sheeran has an e...
Genius Ways to Use Your Brokerage Account Like a Savings Account
SmartAsset: Brokerage Account vs. Savings Account Both brokerage and savings accounts can help you earn a return on the money you stash in them. However, there are some major differences in how they w...
Do You Keep Too Much Money in Your Savings Account? How to Tell
are savings accounts worth it Savings accounts are safe places to store cash you may need on short notice. You can open one at nearly any bank or credit union, often entirely online and with only a sm...
If You Have This Much Money in Your Savings Account, You Probably Owe Taxes
tax on savings account You are required to report and pay federal taxes on any interest income you receive from a savings account. The income is taxed as unearned, which means you’ll escape payroll ta...
Worried about inflation’s impact on your retirement savings? Invest in cryptocurrency
Around the world, personal financial stress is peaking. A recent study in America found that more than three in four people feel anxious about their financial situation. This is seeding anti-risk ment...
Warren Buffett says this is the ‘biggest mistake’ people make with their money (and psst: it has to do with savings)
Warren Buffett johannes eisele/Agence France-Presse/Getty Images Warren Buffett, the infamous 91 year-old Oracle of Omaha, is worth roughly $100 billion dollars — and could clearly spend frivolously. ...
8000 Plus Solana Wallets Drained Of Their Life Time Savings
A market wrecking cyberhack has hit the ninth biggest blockchain Solana (SOL). The current statistics report that roughly 8 million funds have been drained across several Solana wallets. This was conf...
Here’s exactly how much Americans have in savings at every age — and (yikes) here’s what they should have
How much savings you need Getty Images/iStockphoto No matter your age, savings is a necessity. But depending on your age, the amount of savings you will need changes according to life stages and your ...
Where Should I Stash Short-Term Savings?
Dr. Preston Cherry I’m holding $300,000 in cash that I plan to put into a new home. With the market as it is, I’m putting off that purchase for six to nine months. I’m 66 years old, ...
Central Bank of Uruguay Summons to Binance Due to Its Savings Focused Cryptocurrency Products – Regulation Bitcoin News
The Central Bank of Uruguay has issued a summon to Binance, one of the biggest exchanges in the world, due to the series of crypto-based savings products they are offering in the country. These saving...
Expenses: How To Cut Them, Boost Retirement Savings
Why don’t you save more for retirement? Because you can’t afford to, right? But what if you could ax a big chunk of your expenses and funnel the difference into retirement savings? X Leadi...
‘Savings are gonna run out’: Already battered by high inflation, Fed’s rate hike will hit lower-income and rural Americans hard
The Federal Reserve hiked its benchmark rate by 0.75 percentage points on Wednesday in an effort to temper the rising costs of consumer goods and services. While economists say raising the interest r...
Are U.S. Savings Bonds a Good Investment During Inflation?
are savings bonds a good investment U.S. savings bonds are ultra-safe offer tax advantages, especially when used for eligible education costs. However, other investments such as stocks and mutual fund...
When Will Savings Interest Rates Go Up?
SmartAsset: When Will Savings Interest Rates Go Up? As the Federal Reserve has raised its target federal funds borrowing rate during 2022, interest rates paid to savings account depositors have lagged...
I’ll be 65 soon, have $320,000 in retirement savings and a paid-off home but I’m $46,000 in debt – should I take more money out of my investments?
I’ll be 65 in a couple months. I retired at 63 and am currently receiving survivor Social Security payments (from my late husband). I plan on switching over to my Social Security at 70. I receive abou...
Worried your retirement savings will run out? These 5 states offer both adventure and affordability
Worried your retirement savings will run out? These 5 states offer both adventure and affordability After working for decades, retirement should be all about relaxing and getting some well-earned peac...
NYDIG Partners with New York Yankees to Offer Bitcoin Savings Benefit
NYDIG, a regulated Bitcoin company, has entered into a multi-year partnership with the American professional baseball team, the New York Yankees to bring Bitcoin Savings Plan (BSP) to all employees of...
Celsius token loses 85% of its value as investors lose life savings
Celsius inventors, a cryptocurrency lending firm that declared bankruptcy less than two weeks after halting client withdrawals continue to suffer losses. Following the suspension of withdrawals and th...
Investors lose life savings as Celsius goes bankrupt while CEL token loses 85% of its value in 2022
Investors in troubled cryptocurrency lending firm Celsius continue to incur losses after the company filed for bankruptcy, just weeks after freezing customer withdrawals. Following the freeze on withd...
Thousands of crypto investors have their life savings frozen as Voyager files for bankruptcy protection
Robert first came across Voyager Digital in March 2020. Like countless others, he decided to give the cryptocurrency broker a try. The platform was easy to navigate. It offered him an up to 9% annual ...
A prominent economist on how much inflation could be eating into your savings
What is inflation doing to your savings? Getty Images/iStockphoto Inflation stubbornly remains at a 40-year high, with the latest numbers showing that the U.S. inflation rate hit 8.6% in May, compared...