Anybody who took a required minimum distribution from a retirement account in 2020 should take a look at new IRS guidance that says those who took a 2020 RMD can roll the money back into a retirement plan by August 31. IRS Notice 2020-51 provides rollover relief with respect to waived RMDs, permits repayments to inherited IRAs, and includes Q&As for employers and employees navigating the 2020 RMD waivers and rollovers. [...]

Due to the coronavirus pandemic, 30% of Americans have withdrawn from their emergency fund prematurely. The percentage is significantly higher for millennials: 45% of millennials have tapped their emergency fund, compared to 32% of Gen X and 16% of boomers. The harsh reality is the snowball effect this creates. People are having difficulty managing their current expenses, driving the need to access emergency funds just to get by. What does that do [...]

Who says you have to completely give up work when you retire? Once all your retirement planning comes to fruition, it can be a great time to relax, but it can also be a time to pursue retirement hobbies that make money to help supplement your retirement income. If you're looking for an activity, you could start with what you're passionate about and already know. Whether you enjoy beekeeping, professional gaming, fitness [...]

When planning for retirement, the truth is that the earlier you start saving and investing, the better off you'll be, thanks to the power of compound interest. And even if you began saving late or have yet to begin, it's important to know that you are not alone, and there are steps you can take to increase your retirement savings. "It's never too late to get started," says Debra Greenberg, [...]

While most workers are responsible for their own retirement savings these days, high schools don’t have required classes on 401(k)s and Individual Retirement Accounts (I.R.A.s). And colleges usually don’t teach anything about Roth I.R.A.s or 403(b)s. That’s where we come in. Here is what you need to know about saving for life after you stop working and getting on the path toward a comfortable retirement, no matter your career or [...]

The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify for special tax relief. Newly eligible: those who’ve had a job offer rescinded or a job start date delayed due to the coronavirus. The CARES Act, the $2 trillion stimulus package passed in late March, opened the door to taking huge sums out [...]