Retiring soon with a pension? How interest rates affect your benefits

Courtneyk | E+ | Getty Images One major decision facing near-retirees who are due a pension can be whether to take those benefits as an upfront lump sum rather than over time as an annuity. If you’re among those leaning toward a one-time payment and are edging close to retirement, it may be worth considering … Read more

I bonds are paying 7.12%. Rising inflation may increase yearly rates.

RyanJLane | E+ | Getty Images If you’re ratted by soaring prices, I bonds, a popular inflation-protected and nearly risk-free asset, may soon become even more appealing, experts say. While I bonds currently pay 7.12% annual returns through April, that rate may jump to 9.62% in May, according to Ken Tumin, founder and editor of … Read more

I bonds to deliver a record 9.62% interest for the next six months

Marko Geber | DigitalVision | Getty Images If you’re eyeing ways to fight swelling prices, I bonds, an inflation-protected and nearly risk-free asset, may now be even more appealing. I bonds are paying a 9.62% annual rate through October 2022, the highest yield since being introduced in 1998, the US Department of the Treasury announced … Read more

Considering a Roth IRA conversion? Here’s how to reduce the tax bite

If you’re considering a Roth conversion, your timing and yearly planning can significantly reduce the tax bite, financial experts say. The popular retirement savings strategy allows higher earners to skirt the income limits for Roth individual retirement account contributions. While the maneuver may kickstart tax-free growth, you’ll owe levies on pretax deposits. And boosting your … Read more

How to decide whether to spend or save your tax refund

Ahead of tax day, the IRS has issued more than 70 million refunds, at an average $3,256. That’s over $400 more than last year, when the average refund was just north of $2,800. For many Americans, a lump-sum payment of this size is rare and it’s tempting to squander it. Still, a growing number of … Read more

A retired nurse lost $43,000 to bitcoin — watch out for red flags online

A New York retired nurse lost $43,000 of her life savings to bitcoin scammers, after transferring the money to them through a malicious computer pop-up – an unfortunate reminder to be vigilant when it comes to your money. Retirement Tip of the Week: Be careful of what sites you trust, and if a pop-up or … Read more

5.9% Social Security cost-of-living adjustment takes effect this month

An employee watches as checks are run through a printer at the US Treasury printing facility in Philadelphia. William Thomas Cain | Getty Images The new year will usher in bigger Social Security checks for many beneficiaries starting this month. That’s as a record 5.9% cost-of-living adjustment, or COLA, takes effect. It marks the biggest … Read more

Here is the age when many Americans hope to retire

Clemens Porikys | Getty Images Entertainment | Getty Images Many workers look forward to the day when they can retire. A recent survey from Natixis Investment Managers set out to find out exactly when most Americans hope to stop working. The average age is 62, the research found. However, it turns out when people to … Read more

People will get bigger Social Security checks in 2022. How to prepare

VALERIE MACON | AFP | Getty Images People who collect Social Security are about to see bigger checks. The cost-of-living adjustment in 2022 will be 5.9%, the Social Security Administration said Wednesday. The bump, which will help beneficiaries keep up with rising costs due to inflation, is the largest increase in about 40 years. The … Read more

4 ways to spend your retirement savings — and make sure it lasts

Willie B. Thomas | DigitalVision | Getty Images Thought saving for retirement was hard? Spending that money — and ensuring it lasts through old age — is even harder. It may not sound tough at first blush. But consider all the unknowns: how long you’ll live; the need for costly health care or long-term care, … Read more