My job is being eliminated and I will get a severance package. Is that considered income for IRS limits on Roth IRA contributions?

I know my job is being eliminated at the end of March 2023. I will receive a severance package paid out over a period of almost one year. I understand I will not be able to make 401(k) deductions from...

I’m still working at 75: Do I need to take RMDs from my 401(k)? 

Dear Fix My Portfolio,  I retired from the U.S. Postal Service in 2004 and have a yearly pension from the Office of Personnel Management (OPM). I also work part time at a big hardware chain and have a...

How long does your retirement savings need to last? First, learn how long you might live.

One of the things that makes it so hard to save for retirement is not knowing how long it will last. You’re trying to amass a nest egg big enough to never run out of money while you’re alive — without...

White families are reaping over 90% of the benefit from this powerful tax rule

Tax season is starting for all Americans — but the tax code’s provisions play out very differently for white families compared to families of color, new research says. The tax benefits from some of th...

Scammers are out to get your mortgage money and even your home. Here’s how to fight them off.

We’ve all seen the email scams: “This is a genuie request.” “Your lendar has detected an unpaid sum.” “I’m a prince and I need your help.” Digital fraud has become highly sophisticated and, according ...

GM May Be Cutting a Battery Plant. What That Means for Its EV Spending.

Text size GM and Renewable Innovations are collaborating on a rapid charger that can help gas stations add fast-charging capabilities. Courtesy GM General Motors has plans to be a big seller of electr...

Retirement may be bad for your brain. Is working longer the solution?

When we retire from our jobs we may be giving up more than staff meetings, desk lunches and a paycheck. The social interaction and mental challenges found through work can be good for our mental healt...

Households earning $100,000 or more are cutting spending more aggressively. What’s going on?

We want to hear from readers who have stories to share about the effects of increasing costs and a changing economy. If you’d like to share your experience, write to [email protected]. Ple...

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...

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...

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 ...

‘Our kids say our small house is embarrassing’: My husband and I earn $160K, have $1 million in retirement savings, cook at home and drive an old Honda. Are we missing out? 

I’m a pretty fortunate person who lives a pretty fortunate life, and our annual household income at $160,000 is high compared to the rest of the world. However, we are still pretty frugal — we cook at...

IRS wraps up paying people this lucrative pandemic-era tax break. Here’s how much money they can expect — and why they’re getting it.

Nearly two years after lawmakers temporarily changed tax rules in the middle of the filing season in order to exclude a major chunk of jobless benefits from federal income tax, the Internal Revenue Se...

Elon Musk says he can’t get fair trial in California in Tesla shareholder suit, wants Texas

WASHINGTON — Elon Musk has urged a federal judge to shift a trial in a shareholder lawsuit out of San Francisco because he says negative local media coverage has biased potential jurors against him. I...

Noncompete agreements will be a thing of the past for workers — from hairstylists to executives — if federal regulators have their way

Employers would be banned from making staff sign noncompete clauses, according to proposed rules that federal regulators say would boost worker pay and end a major drag on people who wish to change jo...

Why a stock market obsessed with the Fed’s inflation fight should focus on Main Street jobs in 2023

Fortunes on Wall Street this year could hinge less on what’s happening to high-paid workers in San Francisco’s reeling technology sector and more on a familiar part of American life: the working class...

‘I can no longer be an executive at a high level’: Workers with disabilities, including long COVID, are finding their place as companies become more flexible

Dana Pollard started a new job at the end of 2022, after spending three years recovering from a 2019 stroke. Pollard, 56, lives in Fort Worth, Texas, with his wife. After the stroke, he could not reco...

‘A friend advised me to find a husband’: I’m nearly 50 and close to retiring. Would it be a mistake to marry and commingle my finances?

I’m a single female in my late 40s with no children. At 50 years old, my federal agency will allow me to retire with a full pension. I’m planning to, as I have a significant amount saved in my thrift ...

‘Am I crazy?’ I’ve paid my fiancée rent for 9 years and spent $10,000 improving her home. She’s also listed on my health insurance. What would you do?

I have a situation that is causing a lot of issues in my relationship. We have been dating for 17 years, have lived together for close to nine years and have been engaged for six.  When I moved into h...

Workers in California and Washington State will get more pay transparency

Do you know how much your job is worth? Millions of Americans are finally getting the answer.  Starting Jan. 1, California and Washington state will require employers to include pay ranges with their ...

Will 2023 finally be a good year to buy a home? Read this before making a decision.

The housing market is nothing if not unpredictable. Mortgage rates have skyrocketed, and the market has taken a beating. But don’t expect 2023 to turn into a buyer’s market just yet, housing experts s...

Democrats release six years of Trump’s tax returns, and CPAs have questions: ‘The personal tax return is just the tip of the iceberg.’

The nonpartisan committee’s findings also raised several red flags related to the filings, namely Trump’s carryover losses, loans to his children that may or may not also be considered taxable gifts, ...

Opinion: Hardship withdrawals from a 401(k) will get easier soon, but not quite yet

If you’re getting crushed by inflation and you have any money sitting in your 401(k), you may be wondering how you can get at it. In that kind of situation, something called a “hardship withdrawal” so...

5 things not to buy in 2023

It’s been a year of contradictions. The recession drum beats on, interest rates are rising, and the stock market has taken a tumble, and yet retail sales have risen 6.5% in the last 12 months, trailin...

‘Auto makers are building more expensive vehicles’: Why you should not buy a new car in 2023

There are always good reasons for most people not to buy a new car. Such a purchase can set you back for years, as high monthly payments delay the buildup of savings and investments that will be neede...

With this simple year-end change to your retirement accounts, you can reap significant tax rewards

If you are a middle-income earner, you may be in a much better position tax-wise than you realize. That’s good news: You may be able to take advantage of that better position to strengthen your retire...

Are high-deductible health plans worth it? Here’s who can benefit the most.

Hello and welcome to Financial Face-off, a MarketWatch column where we help you weigh financial decisions. Our columnist will give her verdict. Tell us whether you think she’s right in the comments. A...

Financial health dipped in 2022, and consumers aren’t ready for a downturn: CFPB

Americans’ financial health slid by some measures in 2022 amid rising consumer prices, the end of pandemic-era government benefits, and even a return to riskier alternative financial services like tit...

10 ways American finances actually improved in 2022, despite high interest rates and a slump in stocks

Many Americans are ending the year feeling gloomy about their finances, and you don’t need to be a psychiatrist to figure out why. Runaway inflation gnawed through household budgets as prices soared o...