Democrats in the House of Representatives have put forward plans to restructure retirement account rules for the wealthy, with the House Ways and Means Committee expected to vote on legislation this week. These include prohibiting IRA contributions from those with account balances over $10 million, raising required minimum distributions for high-income taxpayers with large balances, and prohibiting Roth conversions for people making more than $400,000 a year.
A large number of Americans have retired earlier than expected during the pandemic, and millions of baby boomers are retiring annually. Here are several tips for maximizing savings and Social Security and managing withdrawals from retirement accounts.
A JPMorgan Asset Management research paper examines more than 31,000 people nearing or entering retirement, what types of retirement accounts they had, and how they withdrew and spent their money. Among their findings were that 80% made no withdrawals until they were required to, and those with annuities or pensions tended to spend more.
By the end of August, capital inflow to exchange-traded funds had hit $834.2 billion, topping a total of $762.8 billion for all of 2020. The strong appetite by investors has led many asset managers to bring their own ETFs to the market.
The 2019 Setting Every Community Up for Retirement Enhancement Act changed the rules on when beneficiaries of inherited 401(k)s or IRAs can take distributions. This article offers tips for avoiding costly mistakes.
People who work past age 65 will need to weigh several factors as they consider whether to stick with their current health insurance or move to Medicare. Many issues will determine which is the best choice, including individual health needs and whether doctors will be in-network.
In the first quarter of 2021, we saw a number of positive signs for the travel industry as it started to emerge from the pandemic. The second quarter of the year saw further encouraging trends—including strong global search growth, rising international searches, and lengthening search windows—which give more cause for optimism. Explore these current trends, and more, in this snapshot of key findings taken from our latest Travel Recovery Trend Report.
Consumers' expectation of inflation over the coming three years edged up 0.3 percentage point in August to reach 4%, the highest level on record, according to the Federal Reserve Bank of New York. The average expectation for the year ahead increased to 5.2%, marking the 10th consecutive monthly rise and the highest point since 2013.
Financial advisers with clients who are supporting adult children and aging parents need to make sure those clients have a strong financial plan, write Jennifer McCarthy, Paulina Mejia and Leticia Hernandez of Fiduciary Trust. Among the steps they recommend for those in the "sandwich generation" are to get organized, have a contingency plan, and understand the needs of their children and parents.
A survey by Spectrem Group shows qualities different types of investors look for in a financial adviser. The survey shows all groups favor honesty and trustworthiness in advisers, while other traits vary based on investors' professions.