Retirement income

The Trump administration unveiled its proposed budget that includes provisions that would enable Medicare beneficiaries to contribute to a health savings account.

The employer added a retirement savings match in January for its more than 300 U.S. workers.

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 company joins a growing number of employers offering student loan repayment in conjunction with retirement benefits.

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

Employers are free to tackle their hefty pension obligations through a one-time, lump-sum payout to retirees and beneficiaries.

The worst thing investors can do is panic and sell.

To qualify for this feature, clients should have reported a minimum amount for at least 11 years.

For many workers, moving assets from old 401(k)s into a traditional IRA may not be a smart move. One reason: IRAs often don’t offer stable value or guaranteed fund investment options as do most 401(k)s.

Expect clients to take steps, such as maximizing automatic services, that will encourage positive behaviors to help individuals reach their financial goals.

If the client makes a mistake, they are advised to take the RMD as soon as they discover it so they can ask the IRS for a waiver of the penalty.

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.

The sandwich generation is struggling to save for its own needs, and when you add in family demands, it paints a "grim picture," an expert says.

Expect employers to take steps, such as maximizing automatic services, that will encourage positive behaviors to help individuals reach their financial goals.

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

The cap on state and local tax deduction under the tax law may prompt more employees to direct their retirement savings to their 401(k)s than to build home equity.

Although more taxpayers are expected to use the standard deduction, they can still claim the tax deduction for IRA contributions.

Retirees who opt to file at a much later date can earn delayed retirement credits that could boost their benefits by as much as 32%.

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.