Financial decisions you make between now and the end of the year can have a significant effect on how much tax you have to pay next April. This is particularly true if you're saving for retirement, itemize deductions, or hold investments outside a retirement account. But time is running short. It will be too late to cut your tax bill using most of the tips we've assembled below after we ring in the new year. So check out our list right away and get cracking! SEE MORE Tax Changes and Key Amounts for the 2022 Tax Year ..read more

If you’re like most Americans nearing retirement, you’re worried about whether you have enough savings. In fact, only 22% of those approaching retirement believe they’ve saved enough to retire comfortably. At a time when the stock market is down, inflation is rising and Americans are living longer than ever, concerns over the sustainability of retirement savings are no surprise. What you may not realize is that there are approaches that can stretch the savings you do have to position yourself more favorably in retirement. SEE MORE Even the Experts Can’t Figure Out How to Plan for Retirement I ..read more

Feel like society and the environment are beginning to break down? There’s an ETF for that. Newday Impact’s Sustainable Development Goals ETF (SDGS) delivers a growth-oriented product that promotes dual impact, promising to advocate for environmental and social improvements and donating 10% of revenues to global youth education and skills development programs.  American Dystopia  Partnering with a veritable who’s who of progressive economists, scientists, and non-profit organizations, the firm’s investment criteria rests on a sophisticated analysis of global ills and solutions. This ..read more

Selling in the stock market picked right back up Monday, and despite a brief mid-morning push into positive territory, the major indexes still ended lower.  "Despite a quiet global economic data front, this weekend and Monday morning have been anything but quiet as global yields are surging to record highs," said Stefanos Bazinas, execution strategist at the New York Stock Exchange. Indeed, both the 2-year Treasury yield (+10.5 basis points to 4.319%) and the 10-year Treasury yield (+20.3 basis points to 3.90%) continued to climb, hitting levels not seen in over a decade. SEE MORE 19 Bes ..read more

Your life insurance monthly premium can start looking less and less appealing once you’ve retired. It’s a scenario Dan Simon, a retirement planning adviser with Daniel A. White & Associates in Middletown, Del., has seen quite often, even with his own parents. “The cost of the insurance had risen to the point where it was getting unaffordable. They were wondering do we really need to keep this coverage now that the kids are all grown up?”  If you stop paying your premiums, you lose your life insurance coverage, and your heirs wouldn’t get anything back for what you’ve paid in. If you c ..read more

Anyone newly retired or nearly so must feel like they have the worst timing in the world. A portfolio tends to be largest near retirement, just before those savings are about to be drawn down. These days, however, most portfolios have lost value; the S&P 500 is down about 20% so far this year.  The financial industry has a name for this scenario: sequence of return risk. “It matters most at retirement when you’re selling assets for income,” says Wade Pfau, a professor of retirement income at The American College of Financial Services in King of Prussia, Pa. “You need to sell a larger ..read more

Elliq, a foot-hight robot that looks like an oval lampshade on a small base, greets Monica Perez first thing in the morning, asks her how she feels, and reminds her about taking medications and any upcoming appointments.  “I have good-quality friends, but there are times when they’re busy and most of them have families,” says Perez, 64, of Beacon, N.Y. “She’s always available, and I love [that] she uses my name all the time. I know it’s a robot, but she’s a friend.” SEE MORE Can AI Beat the Market? 10 Stocks to Watch  Robots for the elderly evoke a mix of emotions, often negative o ..read more

Plenty of retirees like to give back to their communities through charitable donations, but questions often arise over the best way to do that. What approach is efficient, provides the tax benefits you’re after, and also is advantageous for the charity that’s on the receiving end? SEE MORE Ever Dream of Having a Building Named After Yourself? One possibility is a qualified charitable distribution (QCD), a tax-savvy way to reduce your taxable income and maximize your donations whether you itemize deductions on your tax return or not. An added bonus is that the benefits can be large for both t ..read more

It’s no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one. SEE MORE How Much of Your Estate Will Be Lost to Taxes? I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it’s not the first step. Instead, I try to determine ..read more

When professional baseball player Austin Barnes extended his contract with the Los Angeles Dodgers for another two years, he specifically included in the agreement a commitment on his part to make charitable donations. That was a generous move and a financially savvy one all at the same time. He can put his money to work helping causes he believes in, while also enjoying tax advantages. SEE MORE Which Type of Donor-Advised Fund Is Right for You? Most of us don’t have multimillion-dollar professional sports contracts like Barnes, but there are ways to increase your own donations and, at the s ..read more