Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. About half of Americans have taken or plan to take an early withdrawal from a retirement account during the pandemic, according to one survey.

Everyone hates paying taxes. So why don't we all live in one of the nine states without an income tax? Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming don't tax earned income at all. If you're retired, that also means no state income tax on your Social Security benefits, withdrawals from your IRA or 401(k) plan, and payouts from your pension. That sounds pretty darn good to me! [...]

If you've been planning on retiring soon, recent events may have you rethinking your choice. The coronavirus crisis has led to some significant declines in the stock market that may have affected your retirement account balance. Millions of Americans have also been left unemployed or with reduced income. For some Americans, delaying retirement simply won't be an option, either because you've already set your plans in motion or because your [...]

It’s more than just toilet paper. Any common sense understanding of the madness of crowds suggests random acts of overreaction can cause irrational demand. This, in turn, often leads to shrinking supply. High demand? Low supply? If you remember your ECON 101, that formula can lead to only one conclusion: price inflation. Will inflation define your near future and what does that mean if you’re retired or nearing retirement? The April [...]

Between the Secure Act and the Cares Act, retirement savers and retirees are grappling with a number of changes designed to enhance the durability of savings as well as emergency provisions meant to ease coronavirus-related hardships. With so many people in desperate economic situations or confused about how the rules apply, here is a primer to help clarify some things retirement savers need to know. RMDs Beginning this year, the [...]

No matter how you look at it, retirement's not cheap. You'll likely be spending tens of thousands of dollars per year, which adds up quickly over the decades. And if you're planning on traveling, renovating your home, or picking up expensive new hobbies during your senior years, retirement could be even more expensive. How much retirement will cost varies widely from person to person. Some people may only spend a [...]