I ruined my family’s finances by withdrawing from my 401(k) to buy a house – I regret it

I recently made a panic decision to withdraw all my money from one retirement account and I am now closing on a house in February (about $200,000). I am 36 years old, married and have a 1-year-old. Half of me is regretting it, and I’m worried about next year’s taxes due to the withdrawal and … Read more

Congress may make it easier to set money aside for emergency expenses

Thomas Barwick | Digitalvision | Getty Images Many families struggle to come up with the cash when faced with an unexpected $400 expense. That lack of emergency savings may force them to borrow money at high interest rates to pay for the surprise expense, putting their financial security at risk. Now Congress has a window … Read more

What to do if you’re worried about tech exposure in your portfolio

marekuliasz | iStock | Getty Images Some big names suffered large stock losses last week as they reported earnings. Four companies — Google parent Alphabet, Amazon, Facebook parent Meta and Microsoft — collectively shed more than $350 billion from their market cap, the measure of the total value of all of their shares of stock. … Read more

IRS to Make Largest Increase Ever to 401(k) Contribution Limit

IRS to Make Largest Increase Ever to 401(k) Contribution Limit

The Bear Market Has Brought ‘Fear and Uncertainty’ for Gen Z. How They’re Coping.

Ella Gupta made her first investment when she was 10. With the help of her parents, she took half the profits of her bracelet-making business and invested in the stock market. At 14, she opened a Roth IRA, after beginning her first job cleaning dental instruments. Now, at 17, Gupta is confronting her first bear … Read more

I’m a 39-year-old single dad with $600,000 saved — I want to retire at 50 but don’t know how. What should I do?

I am a 39-year-old single father of one 16-year-old son. I have $70,000 in liquid savings, $530,000 invested in individual retirement accounts and owe $210,000 on a home worth $500,000. I also owe about $20,000 on my car. My take-home income is $7,200 per month and my monthly expenses total about $4,000. I do not … Read more

I’m house-rich and cash-poor. Should I refinance my house and set up a joint savings account with my husband? ‘I can tolerate him for 7 months — at the most.’

Dear Quentin, My husband of seven years owns a home in Minnesota and has a mortgage. I own a home in Florida with no mortgage. We have no savings or retirement accounts. Should I pull my equity from my home in Florida to start a savings account for us? I’m working and my husband is … Read more

RMD Age Stands to Rise to 75 as House Passes Secure Act 2.0. Here’s What to Know.

Dreamstime Text size The second major piece of retirement legislation in little more than two years advanced in the House on Tuesday, putting required minimum distributions in line to rise to age 75 over the next decade and increasing the limits on catch-up contributions to retirement accounts for older Americans.  The House of Representatives passed … Read more

Target date retirement funds work up to a point. When to reconsider

A retirement-savings option that can be smart at the outset of your career probably needs to be reexamined down the road. Target-date funds, as they’re called, offer a way to put your savings on autopilot: Holdings gradually shift away from riskier assets like stocks and toward more conservative investments (bonds and, perhaps, cash) as you … Read more