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Yahoo
6 days ago
- Business
- Yahoo
Do you rely on your monthly Social Security check to get by?
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Many Americans are heavily reliant — even solely reliant — on their Social Security benefit to get by in retirement. More than half of non-retired Americans (53%) expect to rely on their benefit to 'pay their necessary expenses once they retire,' according to a survey from Bankrate. This includes 28% of Americans who expect to be 'very reliant.' Of those already retired, 77% say they rely on Social Security for necessary expenses. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) President Trump has promised to protect Social Security, but has also floated the idea of cutting taxes on Social Security benefits. This means baby boomers could get a bump in the short term, but experts predict this could speed up its insolvency. So, no matter what happens (or doesn't happen), it may be a good time to take control of the reins for your retirement. Here are three money moves you can consider that will possibly provide more financial stability in retirement and reduce your reliance on Social Security. Some financial experts, like founder of Financial Samurai Sam Dogen, say you should aim to max out your tax-advantaged retirement vehicles. 'Hopefully, it's something that becomes automatic, and you're not going to touch it until you're 59½,' he said to CNBC. This will help you set yourself up for a comfortable retirement. However, as Dave Ramsey's Ramsey Solutions points out, you should avoid doing this if you're still getting out of debt, don't have money saved for emergencies or are saving up for other financial goals. Only 15% of private sector workers had access to a defined benefit retirement plan as of 2023, according to the U.S. Bureau of Labor Statistics. 67% have access to a defined contribution plan, such as a 401(k). For those who don't have access to either, there are other options available to help you save. For example, an individual retirement account (IRA) is a tax-advantaged savings account that can help you save for retirement. With a traditional IRA, contributions are tax-deductible; you pay taxes upon withdrawal – ideally when you're in a lower tax bracket. With a Roth IRA, you pay the taxes upfront, but investment growth and withdrawals are tax-free once you reach age 59½. For 2025, the contribution limit is capped at $7,000 (or, if you're 50+, at $8,000), and you have until Tax Day in April to top it up. Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link. If you'd like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver. To learn more about how Priority Gold can help you reduce inflation's impact on your nest egg, download their free 2025 gold investor bundle. In 2017, the Trump Administration passed the Tax Cuts and Jobs Act (TCJA). While this law is complex, it essentially provided for a number of tax breaks and deductions, many of which are scheduled to sunset in 2025. However, President Trump has said he plans to extend these tax cuts. In the meantime, it may make sense for you to convert a tax-deferred retirement account into a Roth IRA if you expect the tax rate on the converted amount to be higher in the future. 'One reason to consider a Roth conversion this year or next: Without further action from Congress, tax rates are set to rise with the sunsetting of the 2017 Tax Cuts and Jobs Act at the end of 2025,' according to Fidelity. 'Although the new administration and many Congressional Republicans support an extension of the current lower tax rates, record debt and deficits could complicate a full extension.' 'In the meantime, a Roth conversion at current lower rates could reduce taxes on the conversion, and allow for qualified distributions in retirement that are tax-free.' This should be done over time so you don't end up getting bumped into a higher tax bracket. Whether this strategy is right for you depends on your financial situation, so it's worth talking to a financial advisor about your options for capitalizing on lower taxes. With Vanguard, you can connect with a personal advisor who can help assess how you're doing so far and make sure you've got the right portfolio to meet your goals on time. Vanguard's hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals. All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard's advisers will help you set a tailored plan, and stick to it. Once you're set, you can sit back as Vanguard's advisors manage your portfolio. Because they're fiduciaries, they don't earn commissions, so you can trust that the advice you're getting is unbiased. Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now Even with Medicare, retired Americans can expect to spend a chunk of money on healthcare throughout their golden years. Medicare doesn't cover premiums or deductibles and other out-of-pocket costs, nor does it cover long-term care. For example, a 65-year-old retiring in 2024 can expect to spend an average of $165,000 in health care and medical expenses throughout retirement, according to Fidelity's annual Retiree Health Care Cost Estimate. Unfortunately, Fidelity research found the average American estimates these costs will be about $75,000 — less than half the amount it calculated. If you're relying on Social Security to get by, unexpected medical costs could leave you stretched thin. One way to save for these additional costs in retirement is to enroll in an eligible High Deductible Health Plan (HDHP) and open a Health Savings Account (HSA). An HSA has three big tax benefits: contributions are tax-deductible, the money can be spent tax-free for qualifying healthcare expenses and any investment growth in your account is tax-free. You cannot contribute to your HSA once you enroll in Medicare at age 65, so you may want to max out contributions to your HSA until then. 'While your HSA can't pay your premiums, it exists as an emergency fund for health care, and maxing it out can leave you better prepared for large out-of-pocket medical bills,' says Experian author Emily Starbuck Gerson. 'There is a risk of saving more than you need, and later wanting that money for other purposes. You can't withdraw that money penalty-free until after age 65, and even then, you'll still owe taxes on non-qualified expenses.' Many people combine the benefits of an HSA with a traditional health insurance policy to manage their health care expenses. Access to this $22.5 trillion asset class has traditionally been limited to elite investors — until now. Here's how to become the landlord of Walmart or Whole Foods without lifting a finger Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Are you rich enough to join the top 1%? Here's the net worth you need to rank among America's wealthiest — plus a few strategies to build that first-class portfolio This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Sport
- Yahoo
Brewers send Quintana to IL with should impingement
When the Milwaukee Brewers signed veteran left-handed starter Jose Quintana in March, the hope was he would serve as a steadying presence in the back end of the rotation. Turns out, he had been much more through the first six weeks of the season. Quintana, 36, in his 14th year of Major League Baseball had as good a start to the season as ever. He took a few weeks of extra time to warm up, so to speak, staying with the Brewers' Arizona Complex League team until Tax Day. When he arrived in Milwaukee, he was great, especially considering his age. Advertisement Quintana carried a 2.65 earned-run average alongside a 1.235 WHIP through six starts with the Brewers. That steadying presence proving even more necessary considering all the injuries Milwaukee had been dealt. Now, Quintana is out, too. Milwaukee Brewers pitcher Jose Quintana against the Chicago Cubs in May Sieu-Imagn Images The Brewers placed the Colombia native on the injured list Wednesday left should impingement. They recalled right-hander Tobias Myers to take his place. Myers himself began the year on the injured list before struggling upon return and being quickly sent down. Quintana became the sixth Brewers starting pitcher to hit the IL since spring training began. Projected No. 2 Brandon Woodruff still hasn't made his debut. Veteran Aaron Civale made one start before hitting the shelf and newcomer Nestor Cortes made two. Myers missed time because of an oblique injury. And Aaron Ashby and DL Hall because of an oblique injury and a lat injury. Advertisement Milwaukee entered Wednesday with a record of 20-23, five games back of the National League Central leading Chicago Cubs. Related: Braves Superstar Homers in First Rehab Game, Nears Return Related: Cleveland Guardians Lose Ace to Injured List
New York Post
08-05-2025
- Business
- New York Post
Millions of New York residents to get ‘inflation refund' checks — here's how much you can expect to receive
New York Gov. Kathy Hochul and state lawmakers have reached a tentative agreement to issue so-called 'inflation refund' checks to millions of residents, offering direct payments of up to $400 later this year as part of the state's $254 billion budget plan. Roughly 8.2 million tax filers are expected to qualify for the relief payments, which will cost the state approximately $2 billion, according to the Division of the Budget. The measure is being framed as a way to help residents cope with the continued effects of inflation and the high cost of living across the state. 3 New York Gov. Kathy Hochul and state lawmakers have reached a tentative agreement to issue so-called 'inflation refund' checks to millions of residents. Erik Pendzich/Shutterstock 'This is targeted relief for middle- and working-class New Yorkers who need a little extra help,' a spokesperson for the budget division told Gothamist. While final legislative text has yet to be made public, budget officials have outlined the eligibility criteria and payment structure expected to be included in the final plan, which lawmakers are scheduled to begin voting on later this week. How to qualify To qualify for the checks, residents must have filed a New York State income tax return for the 2023 tax year and have a state adjusted gross income (AGI) of $150,000 or less for individuals, or $300,000 or less for joint filers. Those who earned more than those thresholds or were claimed as dependents are not eligible. The size of the check will vary depending on income and filing status. Individual filers earning $75,000 or less will receive $200, while those earning between $75,000.01 and $150,000 will receive $150. Joint filers with an AGI below $150,000 will receive $400; couples earning between $150,000.01 and $300,000 will get $300. 3 Roughly 8.2 million tax filers are expected to qualify for the relief payments, which will cost the state approximately $2 billion. Christopher Sadowski What to do to receive an 'inflation refund' check Eligible recipients will not need to take any action to receive the payment. The state Department of Taxation and Finance will automatically issue checks using data from 2023 tax returns already on file. 'The process is entirely automatic,' the spokesperson told Gothamist. 'There's no need to apply or submit additional forms — if you're eligible, you'll get a check in the mail.' Officials say they are relying on 2023 tax data because it represents the most complete and up-to-date financial information available. 3 The measure is being framed as a way to help residents cope with the continued effects of inflation and the high cost of living across the state. Getty Images Although Tax Day for 2024 was April 15, many filers received extensions, meaning the current year's tax data remains incomplete. When people can expect to receive their check The state has not yet announced a specific timeline for when the payments will be mailed out, but a spokesperson for the Department of Taxation and Finance said the checks are likely to be sent in the fall. The proposed inflation relief payments come amid broader budget negotiations that have been delayed for weeks. While the refund plan has drawn praise from some lawmakers and advocacy groups, others have questioned whether a one-time check will do much to address deeper economic challenges in the state. Still, for millions of New Yorkers, the extra cash could offer some welcome relief. 'This is money people can use to buy groceries, pay utility bills, or just get through the week,' the budget division spokesperson said.
Yahoo
07-05-2025
- Business
- Yahoo
Tax reform fleeces Hoosiers with new taxes
The Libertarian Party of Indiana determines that the new property tax plan allows for more taxes rather than reductions. (Getty Images) Eighty-two cents a day. That's the maximum Hoosiers will save on their property tax bills, thanks to Gov. Mike Braun and the Indiana General Assembly's much-touted tax relief package. But as the state government touts how it's putting a few pennies in one of your pockets, it's allowing your local community to take dollars out of the other pocket. Senate Enrolled Act 1, which Braun signed into law on April 15, gives homeowners a 10% property tax credit through 2028, with a maximum credit of $300 per year – or 82 cents per day. But in the meantime, as is fitting for a law enacted on Tax Day, it's creating a new tax. Any city or town with at least 3,500 residents is now authorized to impose an income tax of up to 1.2%, within a local county tax bill of up to 2.9% Because politicians respond to incentives, expect this new taxing power to induce a new wave of involuntary annexations by towns and cities desperately seeking to add to their tax bases. More on new taxes Not only can they now collect property taxes, but they can also collect income taxes on top of that, and give citizens a double-whammy. What could also easily happen is the municipality will vote to raise the tax rate and then attempt to annex surrounding areas – who had no ability to vote for or against those taxing their income – after the fact. While Republicans are crowing about how this 'saves Hoosiers money' by capping the county income tax rate at 2.9%, when the cap had been 3.75% – it will only save them money in one county – Cass County currently has a 2.95% income tax rate. But municipalities now having an additional taxing power within the existing county income taxes will likely mean those living in incorporated areas will pay more. And counties will likely raise their rates on those in unincorporated areas to make up for the loss. Simply put, more of your money goes into your local government's pocket. Meanwhile, the state isn't done taking money out of your pocket. A $2 per pack cigarette tax was snuck into the state budget at the last minute to help cover a purported future revenue shortfall, as well as taxes on vaping and chewing tobacco. It doesn't have to be this way. Libertarian Donald Rainwater made property tax reform a centerpiece of his gubernatorial campaign, with a proposal that capped property taxes at 1% of the value of the home, sunsetting seven years after a sale. That was real reform, and it was popular. It also forced Braun's hand, as he scrambled to come up with a package that was significantly more watered-down than Rainwater's. But on fiscal matters, Indiana Republicans campaign like Libertarians and govern like Democrats. So we end up with an even more watered-down bill that is wrapped up in a lot of tax-cutting language, but eventually sticks Hoosiers with an even bigger bill. It's fitting this bill was signed into law on Tax Day. Enjoy your 82 cents, because you're going to be giving that – and even more – back on every future April 15. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
05-05-2025
- Business
- Yahoo
I'm a Tax Accountant: Here Are the 5 Best Ways To Get an Extra $2K Back Next Year
Getting a bigger tax refund should be at the top of everyone's to-do list, even if that means preparing well before the next tax season. So, even though Tax Day has come and gone in 2025, tax year 2025 should be next on your list to get the most out of what you both pay and get back. Discover More: Find Out: Taxes can be confusing and overwhelming, and it can be hard to figure out what you can do today to affect your return in a meaningful way. With tax law changes happening each year, it's best to consult with a licensed professional to make sure you're maximizing your tax return and paying the least amount possible to the IRS. Miles Brooks, a CPA and the director of tax strategy at CoinLedger, reveals his top five ways to significantly increase your tax return near year. Tax credits help reduce the tax you owe for the year, dollar for dollar. Finding as many tax credits as you qualify for can help significantly increase the amount of money you get back. 'Tax credits can reduce the tax you owe and, thus, increase your tax refund,' Brooks said. 'Different tax credits allow you to deduct a certain amount from your tax bill. For example, if you owe the IRS $7,000 in taxes and have tax credits amounting to $1,000, then your tax bill will be $6,000. You might refund some tax credits if you don't have outstanding tax debt.' While some tax credits are nonrefundable (meaning they won't give you a bigger refund), some qualify as refundable. Tax credits such as the EITC or child tax credit have refundable amounts, which can increase your refund by thousands of dollars when claimed. Read Next: There are several different tax filing statuses, but not many taxpayers know that claiming a different status can increase their return. 'If you are married, see if filing as a married or single person offers more advantages,' Brooks said. You can change your filing status, even if it doesn't describe your exact situation. Keep in mind that you should be careful with this, as there can also be unintended tax liabilities or consequences. Tax filing status also changes with life events. 'If you lost your husband or wife, you could file as a widow or widower if your spouse died more than two years ago,' Brooks said. 'The status you choose when filing will affect your deduction.' Divorce also has an impact on your status. For example, if you are divorced but retain custody of your children, filing as head of household can increase your standard deduction to $21,900 vs. the $14,600 deduction for single filers. Depending on your tax rate, this can net you thousands of dollars more. Itemizing your deduction may be able to give you a bigger refund. Itemizing is claiming deductions for qualifying expenses paid throughout the year. The expenses include things like property taxes, private mortgage insurance, student loan interest paid, state and local sales tax, and charitable donations. 'Most people do not bother to itemize their deductions,' Brooks said. 'However, you can improve your refund by itemizing deductions. If itemizing does not apply for this year, it can work in the future.' While the standard deduction for a single filer is $15,000 in 2025, if you had more than that amount in expenses, you should itemize your deductions. This will net you a lower tax burden and (potentially) a bigger refund. Did you lose any money last year? Maybe some crypto investing didn't pan out? You can use those losses to lower your taxes for the year. Brooks said, 'If you have an investment that brought about a loss or a bad debt, you can describe it and deduct it. You must, however, describe how you put your efforts into the investment and share how it made losses or why the bad debt is worthless.' In addition to poor investments, if you had any money or assets stolen from you, you can deduct the value of those as well. One of the best ways to lower your tax burden and increase your refund (and your wealth) is to invest. But don't just invest in any brokerage account; focus on tax-deductible retirement accounts. Brooks said one of the best ways to do this is by 'maximizing your 401(k) by the end of the year… will help maximize your tax refund.' In addition to your 401(k) account at work, consider maxing out a traditional IRA account. This is another tax-deductible retirement account that allows you to remove the contributions from your income for the year. As of 2025, you can contribute up to $23,500 if you're under 50. If you're over age 50, you can contribute an additional $7,500 in catch-up contributions, or $7,000 into a traditional IRA (or $8,000 if age 50 or older). That is $31,000 in deductions you can add to your tax return that could result in thousands of dollars back in your pocket. Not to mention efficiently growing your retirement account. The bottom line is that tax returns can be stressful, but if you focus on maximizing your return using these strategies, you could easily increase your refund by $2,000 (or more). It's important to understand what tax deductions and credits you qualify for and how you can increase your refund with a few simple moves. With the ever-changing landscape of U.S. taxes, it is wise to hire a licensed tax professional to help you stay in compliance while potentially increasing your refund for next year. Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early How Far $750K Plus Social Security Goes in Retirement in Every US Region 12 SUVs With the Most Reliable Engines Sources Miles Brooks, CoinLedger This article originally appeared on I'm a Tax Accountant: Here Are the 5 Best Ways To Get an Extra $2K Back Next Year Sign in to access your portfolio
