Acting Labor Secretary Julie Su testifies before the Senate Appropriations Committee on May 9, 2024. Chip Somodevilla | Getty Images News | Getty Images ‘Almost a certainty’ courts will overturn However, the fiduciary rule’s survival is in doubt following recent court actions, attorneys said. Two federal district courts in Texas issued a national “stay” of … Read more
Fg Trade | E+ | Getty Images Gen Xers are starting to reach age milestones that give them penalty-free access to certain retirement funds. The eldest members of that generation will be turning 59 this year. And once they reach a certain milestone — age 59½ — they can withdraw money from their individual retirement … Read more
Sturti | E+ | Getty Images If your kids are working summer jobs, it’s a prime opportunity to help them open a retirement account and start saving for the future, experts say. Roth individual retirement accounts can be “triple-tax efficient” for teenagers, according to certified financial planner Carol Fabbri, managing partner of Fair Advisors in … Read more
Nancy Ney | Photodisc | Getty Images The new year has ushered in a big change to 529 college savings plans, which has made the accounts more attractive to some investors. But the adjustment may have unexpected downsides, experts say. Starting in 2024, families can roll unused 529 plan funds to the account beneficiary’s Roth … Read more
Up until now, 529 savings plans were widely considered the best way to save for college. But there was always a major sticking point, according to financial experts and plan investors. The funds had to be used for qualified education expenses such as tuition, fees, books, and room and board. Even though the restrictions had loosened in recent … Read more
Valentinrussanov | E+ | Getty Images Retirement balances for midcareer workers declined between 2019 and 2022, despite gains on financial assets such as stocks during that period, according to new research. However, the loss isn’t necessarily as bad as it may initially seem, financial experts said. Median combined 401(k) plans and individual retirement account balances … Read more