The great wealth transfer is underway. Here’s how to prepare
Andreswd | E+ | Getty Images The great wealth transfer is underway and families need to prepare, according to certified financial planner Stacy Francis, president and CEO of Francis Financial in New York City. An estimated $84 trillion of wealth will change hands by 2045, with the majority going to Gen X and millennial heirs, […]
Here’s how to know if active ETFs are right for your portfolio
Izusek | E+ | Getty Images Exchange-traded funds are generally known for passive strategies. But there has been a surge in actively managed ETFs as investors seek lower costs and more precision, experts say. Active ETFs represented just more than 2% of the U.S. ETF market at the beginning of 2019. But these funds have […]
How to incentivize your kid to start investing for retirement
Momo Productions | Stone | Getty Images Once you’ve decided that opening a Roth individual retirement account for your child is a great idea, now comes the hard part: convincing the child to save for a far-off retirement instead of spending that hard-earned money. I have some ideas for making the case to your child. […]
How to invest in bonds amid falling interest rates
Lucy Lambriex | Stone | Getty Images As the Federal Reserve cuts interest rates, investors should review their bond portfolio, which could see a boost from dovish Fed policy. The central bank in September kicked off its first easing campaign in four years with a 50 basis point rate cut, which brought its benchmark rate […]
How to avoid being a victim of post-storm scams
A van flows in floodwaters in the aftermath of Hurricane Helene on Sept. 28 in Asheville, North Carolina. Sean Rayford | Getty Images News | Getty Images States affected by Hurricane Helene are warning residents to watch for the risks of scams in the aftermath of the storm, including price gouging. Price gouging happens when […]
Here’s how to reduce a ‘tax bomb’ on an inherited IRA
Greg Hinsdale | The Image Bank | Getty Images If you’ve inherited a pretax individual retirement account since 2020, you could face a sizable tax bill without proper planning, experts say. Previously, heirs could take inherited IRA withdrawals over their lifetime, known as the “stretch IRA.” However, the Secure Act of 2019 enacted the “10-year […]
How to use required minimum distributions to improve your portfolio
Richard Drury | Digitalvision | Getty Images After funneling money into pretax retirement accounts, you will eventually face mandatory withdrawals in retirement known as required minimum distributions, or RMDs. Since RMDs can trigger higher taxes, the withdrawals can be a nuisance for some retirees who do not need the money. But the yearly activity could […]
How to cut down your wedding guest list to save money
Victor Dyomin | Moment | Getty Images Many wedding costs, such as meals, invitations and favors, are based on your headcount. The average cost of a wedding ceremony and reception in 2023 was $35,000, according to The Knot 2023 Real Weddings Study. The total cost is a $5,000 increase from 2022. “The No. 1 way to save money on […]
How to get your Social Security benefit estimate
Klaus Vedfelt | Getty Images For most retirees, Social Security benefits is a major source of income. Yet, just 11% of Americans who aren’t retired say they know exactly how much benefits they stand to receive, according to new research from the National Institute on Retirement Security. At the same time, 24% are “not very […]
How to effectively use credit cards for summer travel
Klaus Vedfelt | Digitalvision | Getty Images If you plan to spend money on travel as the days get longer, sunnier and warmer, be careful: It could leave you with high-interest debt you will still be paying off through the fall and winter. Almost half (45%) of Americans plan to take a summer trip requiring […]