The Motley Fool

With the right strategy, you can beat the average.

Surprise! Here's the Average Retirement Savings for 65-Year-Olds -- and How You Can Do Better

While we adhere to strict editorial guidelines, partners on this page also provide us earnings. As children, we tend to get used to our parents being the ones in charge — even once we get older and have families of our own. But what if you find yourself in a situation where you have to take control of your parents’ finances?

My parents are in their 50s and they’ve done nothing to save for retirement — are they destined to struggle in their golden years? 5 simple steps to help them catch up

The majority of Americans wouldn't be able to cover an unforeseen $1,000 expense with money from their own savings, according to Bankrate's 2024 emergency savings report. But a relatively new rule may offer some relief. As of the beginning of this year, it has become a lot easier to withdraw up to $1,000 from a retirement investment account, such as a 401(k), individual retirement account or 403(b), to cover an unexpected emergency expense without tax penalties.

You can pull $1,000 from your retirement savings penalty-free—but don't make it a habit, says retirement expert

While Roth IRAs are loaded with perks, they make it all too easy to get your money out ahead of retirement. I like the forced savings that comes with a traditional IRA. HSAs offer the same tax-free gains and withdrawals as a Roth IRA -- only with one key additional benefit.

I Used to Think a Roth IRA Was the Best Retirement Savings Plan. Here Are 2 Options I Now Like Better.

Virginia State

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Kentucky Vibes.net

Disclaimer: This article was written with the help of A.I. software. On July 28, 2024, a TikTok video posted by Erica W., known as @tasteofmelanin on the platform, garnered significant attention after she exposed disturbing racist decorations in an Airbnb rental. The incident occurred in a rental property that Erica had booked, although the exact location remains unspecified. The video has since gone viral, prompting widespread concern and leading to the removal of the listing from Airbnb's platform.

Airbnb Listing Taken Down After Black Woman Finds Hanging Monkeys and Cotton Used As Decor

FinanceBuzz

You can't always avoid taxes, but on these income sources, you won't pay as much as you expect.

Retirees Don't Have To Pay Taxes on These Kinds of Income

Business Insider

Dee, 71, dealt with a wage gap for years. Now she has minimal savings, and wants a cheaper cost of living.

Meet a boomer living off of $2,700 a month in retirement who plans on moving abroad for cheaper living and political stability

Salem, OH

Contributors represent independent, third-party users who have joined our contributor program and self-verified their accounts. They have also demonstrated their experience writing hard news for other outlets. Contributors are expected, like all users, to adhere to our Community Standards.

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Northern Kentucky Tribune

Every day, 8-year-old Emma sits in a small garden outside her grandmother’s home in Salem, Ohio, writing letters to her mom and sometimes singing songs her mother used to sing to her.

Thousands of parents die of overdoses; advocates say their kids need more help

Jersey City, NJ

Essex County, NJ

Morristown Minute

NEWARK, N.J. – Efrin Wade, a former correctional officer at Essex County Correctional Facility (ECCF), has admitted to accepting $14,000 in bribes to smuggle contraband, including tobacco and a cell phone, into the facility for inmates. The announcement was made today by U.S. Attorney Philip R. Sellinger.

Correctional Officer Guilty of Smuggling Contraband: $14K in Bribes Accepted

Colorado State

David Heitz

A bill quietly introduced this spring in the Colorado legislature to decriminalize the possession of drug paraphernalia obtained by harm reductionists has become law. As low-key as the legislation was introduced, the bill was signed into law without fanfare June 6. It garnered little to no media attention.

Colorado legalizes needles, pipes for meth and crack if obtained by harm reduction group

Mortgage refinancing is back from the dead — sort of. As mortgage rates edge down this month, more homeowners are looking to lock in a better rate and lower their monthly payments. Compared to this time last year, mortgage refinance applications have increased 118%, according to the latest reading from the Mortgage Bankers Association. The growth seemed to accelerate recently, with week-over-week applications spiking 35% as of Aug. 9.

Homeowners Are Refinancing Again as Rates Dip. Should You?

Making one extra payment a year on a 30-year mortgage can save you serious interest. But it might not be the best use of your money.

Is It Worth It to Make Just 1 Extra Payment a Year on Your 30-Year Mortgage?

Jacksonville, FL

Jacksonville Today

A historic marker could be erected to honor the victims of the racist mass shooting at the Dollar General store in Jacksonville’s New Town neighborhood nearly a year ago. If approved by the Jacksonville City Council, a marker would be installed at Kings Road and Canal Street on Aug. 25, a day before the first anniversary of the shooting, when a white gunman took the lives of three Black people.

Memorial considered to honor Dollar General victims

Camden, NJ

Cornelius, NC

CAMDEN, N.J. – Lisa Smith, 61, of Cornelius, North Carolina, has admitted to her role in a fraudulent scheme involving over $3.5 million in Paycheck Protection Program (PPP) loans. U.S. Attorney Philip R. Sellinger announced today that Smith pleaded guilty before U.S. District Judge Karen M. Williams in Camden federal court on July 17, 2024, to a charge of bank fraud conspiracy.

Woman Pleads Guilty to $3.5M COVID Relief Scam

Los Angeles, CA

Herbie J Pilato

It's been four decades since Emmy-nominated actor Lloyd Haynes died of lung cancer at only 52 years old. Best known for his compassionate performance as history teacher Pete Dixon on television's groundbreaking, academic-geared dramedy, Room 222 (ABC, 1969-1974), Haynes was beloved by his fans, family, friends and colleagues alike. This is his story.

In Memory of 'Room 222' TV Actor Lloyd Haynes: 4 Decades After His Tragic Death From Lung Cancer

SmartAsset

Transferring funds from a pre-tax retirement account such as an IRA to an after-tax Roth IRA is a move many retirement savers might want to consider. A Roth conversion, as the move is called, has many benefits. It can help you avoid required minimum distributions, or RMDs, in retirement, as well as taxes on your […] The post Is It Wise to Convert 20% of My IRA to a Roth Each Year to Avoid Taxes and RMDs? appeared first on SmartReads by SmartAsset.

Is It Wise to Convert 20% of My IRA to a Roth Each Year to Avoid Taxes and RMDs?

Washington, DC

Carole Cole, 70, loves her retirement freedom and financial stability. She went to Virginia for a mojito recently.

A 70-year-old 'cool old lady' is living it up in retirement because of her 'good government job'  — and all the senior discounts she's found

GOBankingRates

While baby boomers are seemingly the last generation to truly have it all regarding finances, some are still dealing with serious financial regrets. From sweeping lifestyle changes to unforeseen...

Boomers Share Their Biggest Financial Regrets (So You Can Avoid Them)

Between high cost of living, inflation and the wide vanishing of pension plans, a comfortable retirement in the U.S. can be incredibly expensive. In order to ensure you have enough for your golden...

Dave Ramsey’s 5-Step Retirement Budget

Think you need a fortune to build wealth? Think again. With the right strategy and a healthy dose of patience, even small monthly investments can grow into substantial wealth over time. GOBankingRates...

I’m a Financial Advisor: 5 Ways To Become Wealthy by Investing Just $100 a Month

NewsBreak

Dollar Scholar Asks: How Can I Catch up on Saving for Retirement?

This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don't...

Dollar Scholar Asks: How Can I Catch up on Saving for Retirement?

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