Personal Finance

My Two Cents Financial-advice columnist Charlotte Cowles answers readers’ personal questions about personal finance. Photo-Illustration: by The Cut;…

A senior citizen holds their Social Security. One of the biggest surprises would-be retirees face when planning their retirement finances is the fact that their Social Security benefits could very well be subject to income tax.A financial advisor can help you plan for Social Security and potentially minimize your tax bill on your benefits.…

Despite taking up 20% of the state’s general funds and $11.6 billion in total, experts said lawmakers still underpaid the five statewide government retirement plans. Pension expenses are the single-largest item in the state budget, taking up nearly $10.5 billion,  or 20%, of the state’s general funds budget, and nearly…

Pending retirement: Can I request a further review of my state pension forecast and how can I discover who is the provider of the £20 per week. I have 45 years of National Insurance contributions but have been advised I was contracted out for four years. Consequently, I will receive a reduced pension, reduced by £20 per week.I have no…

If you fall into either category and you're approaching retirement age, it may be time to start preparing to live on a smaller budget after you stop working, says Anne Lester, a retirement expert and author of "Your Best Financial Life: Save Smart Now for the Future You Want.""You'll need to start thinking about how you can start paring back…

This is Emotional Investment, Joel Anderson’s column about money and how we think about it. To suggest a subject, or get in touch, email emotional.investment@slate.com. Looking back on his childhood growing up in North Carolina, a man who I’ll call William told me that when he was a kid, he was mostly oblivious to the struggles of…

While saving for retirement, is a 60/40 portfolio — a strategy of allocating 60% of investments into equities and 40% into fixed-income securities and bonds — the way to go for all investors?Evans May Wealth Managing Partner Brooke May joins Brad Smith to talk about which type of investors a 60/40 approach does and doesn't work for, and the…

However, many people in that age range have less than half of that in their 401(k)s.The median 401(k) account balance for Americans in their 50s is $60,900 as of the last quarter of 2023, per Fidelity data provided to CNBC Make It. The average account balance is $199,500, but a few larger account balances can skew the average to be higher.Here's…

Voyant has added three new financial planning and modeling tools focused on retirement planning to its financial wellness and wealth management software.  These retirement planning simulations are designed to help financial advisors illustrate complex solutions with the click of a button, providing greater visibility…

If you struggle with overspending, you’ve probably heard this misguided advice: Just cut out your daily trip to the coffee shop. And if you’ve followed this advice, it’s likely you quickly learned that you didn’t suddenly have thousands of dollars at your disposal or finally have enough money to buy a home. That’s because the…