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Here's what to do with your 529 savings plan in a bear market

Here's what to do with your 529 savings plan in a bear market

Finance
With stock returns in the red this year, people are generally advised to leave their investments alone until they recover. That can be hard with a 529 college savings plan if you expected to tap the account for a tuition bill due in a few months or weeks. The state-sponsored investment plans encourage parents to save for college and they can withdraw money from the accounts tax-free, so long as the funds are used for qualifying education expenses. Many of the accounts are likely to have taken a hit as of late. The S&P 500 entered Wednesday down more than 20 percent from an intraday high set in September, meaning the major...
How to catch up on retirement savings in your 50s

How to catch up on retirement savings in your 50s

Finance
Planning young: a retirement roadmap If you're nearing retirement age and your savings are looking a little sparse, you're not alone. Forty-six percent of baby boomers don't have anything stashed away for retirement, according to a study from the Insured Retirement Institute, which means nearly half of soon-to-be retirees need to supercharge their savings if they don't want to work the rest of their lives. The bad news is that if you're in your 50s and are just now starting to save, it's going to be a tough road ahead to save enough to enjoy a comfortable retirement. The good news is that it can be done, and even if you can't save half a million dollars by the time you turn 65, you can put away a decent chunk of change — which is far better than nothing. Picking up...
Investors can enjoy a tax savings on advisor fees by using this strategy

Investors can enjoy a tax savings on advisor fees by using this strategy

Finance
When investors sit down with their financial advisor to prepare their tax returns next year, they'll be confronted with new rules that for many mean an increase in the cost of having an advisor. The new tax law passed by Congress last year ends deductions on some types of advisory fees, including those based on the value of assets under management (AUM), a common way advisors charge clients. For both the client and advisor, this change is causing quite a bit of angst. Yet much of this worry is needless because many clients can still get a tax savings on some fees by using an equivalent strategy. ...
In your 40s with no retirement savings? Make these your next moves

In your 40s with no retirement savings? Make these your next moves

Finance
Will your nest egg last? It's no secret that Americans, on the whole, are behind on retirement savings. While it's one thing to be in your 20s or 30s with no nest egg, by the time you reach your 40s it's a bad situation. Though the average American aged 44 to 49 has a little over $ 81,000 socked away for the future, according to the Economic Policy Institute, there are plenty of 40-somethings with no savings at all. If you're one of them, here's how to recover. 1. Don't panic Nerve-wracking as it may be to find yourself in your 40s without a dime set aside for your golden years, don't flip out about it too much. The good news is that you still have a number of working years ahead of you to catch up, so rather than harp on what you haven't saved, focus your energy on do...
What the new tax law means for your college savings plan

What the new tax law means for your college savings plan

Finance
Your trusty college savings plan is no longer just for higher-education costs, thanks to the new tax law. Whether you have young children or grandchildren, you're probably aware of the rising cost of higher education: The average annual cost of tuition, fees and room and board at a four-year private college rose 3.5 percent, to $ 46,950, for the 2017—2018 school year, according to data from the College Board. That figure hit $ 20,770 for in-state tuition at a four-year public institution, the College Board found. Families can save for those expe...