Saving for retirement isn’t always easy, but there are significant income tax benefits to low- and moderate-income families who choose to prioritize these long-term savings. The Retirement Savings Contributions Credit (otherwise known as the “Saver’s Credit”) is a tax credit designed to…
The No. 1 key to building wealth is your savings rate. Your savings rate is the percentage of your income that you save, invest, or put toward debts. The higher your savings rate, the faster you build wealth. Sure, it’d be…
To some people, bank safe deposit boxes seem like a relic of the past. Nowadays, it’s so easy to store financial records and other important documents in digital form that the idea of keeping important papers in a locked bank vault…
As the old saying goes, nothing is certain except death and taxes. Nobody loves either one of these things — and when you put the two together, people hate the combination even more. The best example of this is the federal…
How well do you know your financial health? If you’ve ever tried to improve your fitness, you know the importance of goals and measurements. It’s hard to lose weight without a diet, a scale, and an exercise plan, or to…
Small companies tend not to offer 401(k) plans, given the administrative costs and headaches associated with them. So where does that leave employees and owners of small businesses who want retirement benefits? There’s a type of employer retirement account specifically…
You’ve saved and saved and now have a considerable nest egg to use as an emergency fund or set aside for future financial goals, such as making a down payment on a home or funding your retirement. But where should…
When it comes to your federal income taxes, you pay the same rate no matter where you live, but each state – and sometimes locality – can set its own tax rules that apply to its residents. That means the…
Bank of America is one of the biggest and best-known banks in the United States. Although it has a comprehensive lineup of deposit accounts and credit products for just about every imaginable use, it’s difficult to argue that Bank of…
Roughly a quarter of U.S. households are either “unbanked” or “underbanked,” according to the Federal Deposit Insurance Corporation (FDIC). To be unbanked is to be without a checking or savings account at a licensed, FDIC-insured bank. The FDIC defines being underbanked…
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