It's important to understand when they apply and how to make it so they're less of a nuisance. It's important to know how RMDs work -- and plan for them accordingly. Saving for retirement in a traditional IRA or 401(k) has its benefits. You get a tax break on the money you contribute to these accounts, and you don't pay taxes on your gains year after year. Rather, those investment gains are tax-deferred until you start taking withdrawals, which you can do without a penalty beginning at age 59 1/2.

3 Myths About Required Minimum Distributions (RMDs) in Retirement You Shouldn't Believe

Does the U.S. have a looming retirement crisis on its hands?. Researchers at Morningstar recently performed an exhaustive analysis of U.S. workers' retirement preparedness to find out, and the data revealed good and bad news. Bad news first: Across the U.S., Morningstar's model predicts about 45% of households will run...

The 3 biggest 401(k) mistakes that can derail your retirement, according to investment researchers

The Motley Fool

Retirees in these states could receive financial relief on the state level, but federal rules still apply.

It's True: These 13 States Don't Tax Retirement Income

FinanceBuzz

Whether you're filing your own taxes or you are a professional, understanding what income the IRS doesn’t tax can be very helpful. Here are 10 types of earnings that are not taxed.

10 Types of Income the IRS Will Not Tax in 2024 (Thankfully!)

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

Vice President Kamala Harris reportedly wants to force Americans to be taxed up to 44.6% of the profits they make from selling their homes. The report comes after Harris endorsed President Joe Biden’s Fiscal Year 2025 budget proposal. The Wall Street Journal reported Harris’s support for the major tax...

Harris supports a 44.6% tax on Americans for selling their homes: Report

SmartAsset

Real estate investment trusts (REITs) are a popular way for investors to generate passive income. These investment vehicles allow individuals to invest in large-scale, income-producing real estate without the need to purchase or manage properties directly. By pooling resources with other investors, REIT shareholders can benefit from professional management, regular dividends and diversification. Understanding how […] The post How to Earn Passive Income By Investing in REITs appeared first on SmartReads by SmartAsset.

How to Earn Passive Income By Investing in REITs

Business Insider

Marcia Castro Socas owns rental property and flips houses. She says first-time investors should focus on finding the right house, not the cheapest.

A millionaire landlord has 3 tips for anyone thinking of buying rental real estate right now

Colorado State

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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

Scripps News

Vice President Kamala Harris announced a proposal that would greatly increase the child tax credit. Learn why time is of the essence for both presidential tickets.

VP Harris proposes expanding child tax credit up to $6,000 per kid

GOBankingRates

Leading up to retirement, you might be crafting a game plan for how to establish, grow and contribute to your financial wealth after you are done working. Be Aware: 5 Reasons Retirees Regret Selling...

5 Best Investments To Make in Retirement To Keep Building Wealth

For many people, early retirement means 62. This is the age they can start withdrawing money from their retirement accounts and receive Social Security. For example, let's assume an individual with $425,000 in a Roth IRA, a $1,000 monthly pension, and expect $1,600 in Social Security. Is it going to be enough? As often in […] The post I’m 62 With $425k in a Roth IRA and $2,600 per Month between Social Security and Pension. Can I Retire Now? appeared first on SmartReads by SmartAsset.

I'm 62 With $425k in a Roth IRA and $2,600 per Month between Social Security and Pension. Can I Retire Now?

Writers represent independent, third-party users who have joined our contributor program and self-verified their accounts. Writers are expected, like all users, to adhere to our Community Standards.

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A Dime Saved

Are you making any retirement mistakes? We all want to retire comfortably, but many don’t know how to reach that goal. Different people offer different advice, and it’s difficult to determine the best ways to approach retirement savings.

3 Retirement Mistakes To Avoid

The IRS has issued final regulations on inherited IRAs under the SECURE Act. The rules require most non-spouse beneficiaries to deplete inherited retirement accounts within ten years and take annual Required Minimum Distributions (RMDs). This marks a significant change from the previous lifetime “stretch” withdrawal option. The 10-year...

IRS issues new RMD rules for IRAs

Vesting schedules require employees to stay at a company for a period of time to gain ownership of their employer’s matching retirement contributions. At Vanguard, roughly one-half of retirement plans the investment firm manages have an immediate vesting schedule, but it's also common to have to wait several years to be vested.

Switching Jobs? Ignoring This 401(k) Detail Could Cost You Thousands In Retirement Savings

Ensure a smoother retirement by dispelling these tax myths that could impact your financial planning.

15 Retirement Myths You (Really) Shouldn't Fall For

When considering your finances for later in life, it’s important to understand your options. One common retirement planning tool, the annuity, provides financial protection by exchanging present contributions for future income. It’s a unique solution aimed at those concerned about outliving their retirement savings – but it’s not the perfect fit for everyone. In fact, there are some compelling reasons that might make you reconsider buying one. Here are 6 reasons why an annuity might not be your best choice.

6 Reasons You Should NOT Buy an Annuity

Editor's Note: This story originally appeared on Point2. These days it’s more important than ever to save a little bit of cash here and there. So, if you want to put some money aside, tax credits and deductions can be a fantastic place to start. While we often hear...

8 Tax Deductions You May Qualify for When Renting a House

Ever felt your blood boil over something trivial? Anger and irritation are emotions everyone experiences, but they can be puzzling. Why do we get angry? What triggers irritation? These emotions can affect our health, relationships, and overall well-being. Understanding them can help manage reactions better. This blog post dives into 20 intriguing facts about anger and irritation, shedding light on their causes, effects, and ways to cope. From the science behind these emotions to practical tips for keeping calm, you'll find valuable insights to help navigate life's annoyances. Ready to learn more? Let's get started!

20 Facts About Anger Irritation

Money Week

Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds

Pensions: 140,000 pensioners to be hit by surprise tax demand

NewsBreak

40 Facts About Unrealized Gains Tax

What are unrealized gains? Simply put, unrealized gains are the increase in the value of an asset that you haven't sold yet. Imagine you bought a...

40 Facts About Unrealized Gains Tax

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