If you're a pre-retiree who needs to catch up on retirement saving, or if you don't need the income from some of your IRA or 401(k) accounts and want to leave them for your children, here are the limits on contributions to federally qualified defined contribution retirement plans for 2022.
Facing the prospect of a difficult tax filing season, the Internal Revenue Service says it will begin processing 2021 income tax returns on January 24 -- 17 days earlier than last year's filing season began.
The U.S. stock market’s 133% five-year return dominated this diverse group of 13 securities investments. None of the other asset classes came even close to the total return of the Standard & Poor’s 500 stock index.
The stock market is surprising everyone with its pandemic-defying performance in 2021. With just two trading days left until the end of the year, the Standard & Poor's 500 stock market index, with dividends reinvested, has returned a spectacular 27.4% in 2021!
Consumer sentiment is depressed, and business owner optimism declined by 18 points in the four months between August and November. Amid the Covid-weary, inflation-battered economy, here are 10 signs the economy is doing much better than most consumers and businesses think.
This is not a prediction but, if you do the math, earnings could drive the stock market higher in the months ahead. Predicting the market is risky business but professional prudence requires a realistic set of expectations about the future supported by math. Professional prudence requires realistic expectations supported by math. The current math indicates the market is at risk of melting up.
The stock market has been more volatile in recent weeks, amid a rising tide of bad news on inflation, the Omicron variant, and job creation. Yet key economic fundamentals are booming, and a hidden treasure of capitalism may slowly be making its way to the surface.
Since the Omicron variant was cited last Friday by the World Health Organization as a "virus of concern," stock prices for the last three stock-trading days have gyrated.
Population trends of the United States versus other countries rarely make headlines in the financial press, but a population bust has been in the news this week.
Since 1957, a 64-year span of modern history, 21 financial crises are shown here. Charting them against the performance of the Standard & Poor's 500 index, the key benchmark of the strength of the United States, puts current investment conditions in perspective.
- Read More
The myRa Is Cut Short, But Other Options Abound
Published Monday, September 18, 2017 at: 7:00 AM EDT
The myRA is going the way of the VCR. Citing unsustainable costs, the Treasury Department has announced it is closing down the program for this retirement savings vehicle. Participants will be notified about their options for moving funds into other investments.
The myRA was pitched as a way for moderate-income people to save for retirement and was designed to resemble the Roth IRA.
Just as in a Roth IRA, MyRA contributions were made with after-tax dollars, and withdrawals from the account during retirement were exempt from federal income tax. Unlike with a Roth, however, the MyRA had only one investment option: U.S. government savings bonds. So, you weren't risking principal, but yields were low.
Contributions were limited to $5,500 a year ($6,500 if you were 50 or older), but availability of this saving vehicle was phased out for upper-income taxpayers. And once your account balance reached $15,000, you had to roll over the funds to a Roth IRA, letting you choose from a wider array of investment options.
According to the Treasury Department, the myRA program has cost taxpayers $70 million, with projections that it would take $10 million a year to keep it going. It made the decision in mid-2017 to shut down the program. Yet most retirement savers still have numerous other options at their disposal.
© 2022 Advisor Products Inc. All Rights Reserved.