Investments

Seniors will face a 20% penalty on top of income taxes if they withdraw funds from a health savings account for non-medical expenses before the age of 65.

Not having a full understanding could hurt workers’ retirement prospects by causing them to possibly miss out on their employer’s match or not reducing their taxable income as much as possible.

The Pension Benefit Guaranty Corp. is facing a $54 billion deficit for insuring multiemployer plans in unionized industries, says the GAO report.

Those who signed up in the past year will get a smaller pension than they would under the old system, but they can expect additional benefits from the tax-advantaged Thrift Savings Plan.

Although the test is complicated and misunderstood, eliminating it could “do more harm than good,” according to an expert.

Although earnings in a deferred annuity will not be included in an investor's adjusted gross income, future withdrawals from the annuity could trigger a bigger tax bill.

The stock market typically recovers from bear markets in far less time than most doom-and-gloomers think, says an expert.

Many workers overlook the importance of diversification, but employers have tools to guide them in a better direction — including financial wellness programs.

Benefits are meant to replace just 40% of preretirement income, so many retirees should consider creating new income sources, such as running a small business or renting out a property.

Working longer and taking on a part-time job are two of the simple strategies for workers to curb the impact of a market correction. But there are other tips to consider as well.