The U.S. economy has created a divide among consumers, separating them into groups of haves and have nots – retirees included. Cerulli Associates, a research and consulting firm, estimates that an $84 trillion wealth transfer will take place from older to younger generations by 2045. However, there are concerns about a retirement savings crisis brewing
Personal
The looming expiration of numerous tax breaks set to expire after 2025 has the potential to significantly impact American taxpayers. These tax breaks were initially implemented through the Tax Cuts and Jobs Act of 2017 (TCJA). The uncertainty surrounding the future of these tax provisions has become a crucial issue in the current election season,
In a time where the labor market is strong, some individuals may find themselves facing increased competition in their job search. Despite this challenge, experts suggest that prolonged unemployment and reduced income for the year 2024 could actually provide opportunities for effective tax planning. Certified financial planner Jaime Quinones from Stockade Wealth Management in Marlboro,
Mega backdoor Roth conversions are a strategy that can significantly enhance tax-free retirement savings by bypassing the IRS income limits associated with direct Roth IRA contributions. This approach involves making after-tax contributions to a 401(k) plan and then converting those funds to a Roth account. Unlike traditional backdoor Roth conversions, mega backdoor conversions allow for
Remote work has become the new norm in the contemporary job market, with many companies opting to allow their employees to work from the comfort of their homes for at least part of the workweek. This trend, which emerged during the Covid-19 pandemic, has proven to be beneficial for both companies and employees. Labor economists
When it comes to saving for retirement, investing as early as possible is key in order to maximize growth over time. One common way individuals save for retirement is through their 401(k) plan. However, it is crucial to be aware of how maxing out your 401(k) too early in the year can result in potential
Generation X, born between 1965 and 1980, is often referred to as the sandwich generation. This nickname stems from the fact that they are sandwiched between providing financial and emotional support to both their adult children and aging parents, all while trying to secure their own financial future and meet their current lifestyle aspirations. It’s
In recent months, there has been a noticeable shift in the labor market landscape, making it increasingly challenging for job seekers to secure new employment opportunities. The U.S. Bureau of Labor Statistics reported a decline in national job openings to their lowest level in over three years in April, indicating a potential weakening in employer
In a society where financial stability is often equated with success, the idea of seeking out a man in finance has gained popularity among women. This trend has been highlighted through a viral TikTok video posted by content creator Megan Boni. The lyrics of her song express the desire for a man in finance, emphasizing
Taking time off from work can be a challenge for many Americans, despite recognizing the importance of having paid time off. In a society where workaholism is praised, finding a balance between work and leisure can be difficult. According to a report by the Pew Research Center, 62% of workers consider having paid time off