It’s no secret that for most retirees, Social Security is an important part of their income. Exactly how much varies from individual to individual — and, apparently, from city to city. Among 100 U.S. cities with the largest 65-and-older populations, Social Security makes up an average 42 percent of retiree income, according to recent research

As student debt grows, so do the plans to squelch it. A new federal program offers up to $75,000 in student loan relief for those who work for three years in the healthcare field, battling the opioid epidemic. Meanwhile, student loan assistance, which started as a niche offering by a handful of companies, is finding

In order to reach your wealth-building goals, selecting the right kind of investment account is as important as choosing an appropriate asset allocation. By taking advantage of tax-favored accounts, millennial investors can supercharge their nest eggs. An often overlooked but powerful wealth-building tool is the health savings account. Contributions to an HSA are tax-deductible, and

There are big tax refunds, and then there are $980,000 tax refunds. Ramon Christopher Blanchett, of Tampa, Florida, and self-described freelancer, managed to scoop up a $980,000 tax refund after submitting his self-prepared 2016 tax return. He also allegedly claimed that he earned a total of $18,497 in wages — and that he had withheld

If health-care expenses have been squeezing your household budget, it could be worth checking if they’d get you a tax break on your 2018 return. A range of medical expenses can qualify, and as long as you itemize instead of taking the standard deduction, a portion of those costs can help lower your tax bill.

Average salary: $41,060 Recreational therapists get injured patients back on their feet using music and art, and games and sports. “You can utilize previous experience with a sport, art, dance or some other recreational activity — and the work demands compassion and interpersonal skills that older workers may have developed,” Shatkin says. Normally, these positions

As you’re scouting your dream retirement locale abroad, don’t forget to ask about those senior discounts. Retiree discount programs are available, for example, in a number of Central and South American countries. These programs offer senior citizens a range of perks, including affordable health care, reduced costs on travel and lower taxes. There’s a catch

Student loan borrowers would have their monthly bills automatically deducted from their paychecks if a Republican-backed proposal becomes law. Sen. Lamar Alexander, R-Tenn, chairman of the Senate Health, Education, Labor and Pensions Committee, laid out the details of the massive overhaul to the student loan system in a speech earlier this month. The changes could

Seniors lose an estimated $2.9 billion annually from financial exploitation, according to the Senate Special Committee on Aging. Impersonating the IRS was the No. 1 scam targeting seniors in 2018. More than 1,500 seniors across the country contacted the committee’s fraud hotline in 2018; however, Kansas Attorney General Derek Schmidt said in recent testimony that

The longest government shutdown in history could not have come at a worse time for the IRS, the National Taxpayer Advocate has told Congress. The IRS was heading into its first filing season under the massive new tax law when the federal government partially closed. Among the changes was the raising of the standard deduction

It’s one of the great certainties of life: Tax returns are due every April. And one more thing you can count on: Scammers will try to swindle money from unknowing taxpayers. These common schemes tend to increase around tax time. Here are the top things to watch out for as Tax Day approaches. Con artists

Illinois residents looking to save on taxes may want to start by getting estimates on a move to Alaska. At least that’s the recommendation from personal finance website GOBankingRates, which published a study Tuesday that rates the most and least tax-friendly states for the middle class. The study compared total sales tax, property tax and

Even if you haven’t started on your 2018 return, you’ve probably heard this tax year’s horror story: lower than anticipated refund checks or the possibility you will owe the IRS. This tax year holds surprises for many individuals following the implementation of the Tax Cuts and Jobs Act. So far, average refunds are down 8.4

If you are among the taxpayers expecting a refund this tax season, hold off on the champagne for a moment: A big check from the IRS isn’t necessarily good news. The taxman kicked off the new filing season on Jan. 28, marking the first time taxpayers will be submitting their returns under the Tax Cuts

Filing for bankruptcy is often considered a worst-case scenario. And for many Americans who do pursue that last-ditch effort to rescue their finances, it is because of one reason: health-care costs. A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for

More people are working “side gigs” outside of their 9-to-5 jobs these days. This can offer them more opportunities to save for retirement and even help them make up for lost time. Nearly 40 percent of people who hold more than one job say they do so to grow their nest egg, according to recent

Former North Dakota Democratic Sen. Heidi Heitkamp‘s path to the Capitol wasn’t paved in gold. In fact, Heitkamp said growing up in rural North Dakota, her family faced many financial challenges. “We talked about money all the time and how there wasn’t enough of it,” she told CNBC. The first thing she ever paid for

We’re only in the second week of tax season — and some filers are already in for a nasty surprise from the IRS. This spring marks the first time taxpayers are submitting returns under the Tax Cuts and Jobs Act, which went into effect in last year. Though the 2018 filing season only started on

Planning a trip is nice. Paying down your student loan tab may be nicer. Last year alone, American workers gave up about $62.2 billion in lost benefits by forfeiting over 200 million vacation days that could not be rolled over, according to Project: Time Off, which is sponsored by the U.S. Travel Association. What if

When it comes to job hunting, millennials have one question for prospective bosses: “How are you helping my balance sheet?” The search for better workplace benefits is among the three top reasons why younger employees change jobs, according to new data from LaSalle Network, a recruiting firm. The company polled 5,000 millennials in October and

Steele Burrow / Aurora Photos | Aurora Open | Getty Images Cattle grazing near Lexington, Virginia Set midway between Roanoke and Charlottesville, Virginia, scenic Lexington “delights visitors with cool shops and boutiques, a walkable downtown … restaurants that use locally sourced ingredients, and a wealth of Southern history,” says AARP. Trawl the Virginia Military Institute

By the time you reach your mid-50s, there’s a good chance you’ve thought about your own mortality. It appears that doesn’t always translate into planning for the end of your life. Close to half of people age 55 and older (45 percent) don’t have a will, according to a study released Thursday by Merrill Lynch

Maybe you want to visit Australia, buy a home or go skydiving before you die. You’re certainly not alone. More than 9 out of 10 participants in a survey by Provision Living, an operator of senior living communities, said that they had so-called bucket lists. Of those individuals, 66 percent said they’ll complete at least

President Donald Trump gave a ringing endorsement for federal paid family leave at his second annual State of the Union address on Tuesday. Many Americans are not so sure. A recent poll shows that public support mostly depends on one thing: how much it will cost. “I am also proud to be the first president

Millennials expect to go all out for their partners this Valentine’s Day. They also expect to be showered with gifts in return. And you can blame social media for it. That’s the finding of a new survey from Bankrate.com, which polled 1,019 people by phone last month. Participants in the 23-to-29 age cohort anticipate spending

Americans say they want better health care. How that will happen is still up in the air. Enter Medicare for All, a term that increasingly is being used by health care advocates, politicians and aspiring presidential candidates. The concept is the latest iteration of a complex discussion about medicine that goes back decades. The current

If a financial advisor is working with you to help you save for Junior’s education, be sure to ask if your college savings plan is appropriate for your child’s time horizon. That’s because the fees that you’ll ultimately pay on your advisor-sold 529 college savings plan will depend on the types of underlying funds you

It’s easy to get swept up in the romance of Valentine’s Day. Yet, all the heart-shaped chocolate in the world can’t make love last. What’s more defining is your financial compatibility, studies show. The vast majority of those in a recent poll said substantial credit card debt is a turnoff and bad credit, in general,

The markets have recovered from their year-end turbulence. Still, you’ll likely see the negative effects of that turmoil when you open up your latest 401(k) statement. Average account balances for 401(k), 403(b) and individual retirement accounts dropped for the fourth quarter of 2018 compared to the previous quarter, according to Fidelity Investments. The average 401(k)

Small-business owners filing their 2018 taxes may be able to take advantage of a brand-new 20 percent tax break. One of the new features of the Tax Cuts and Jobs Act is the introduction of the qualified business income deduction, which went into effect last year. This tax break allows owners of “pass-through” entities, including