Advisors

Tim Bieber | Photodisc | Getty Images Amid stock market gyrations, recession fears and loftier payouts, consumers last year pumped a record sum of money into annuities, a type of insurance that offers a guaranteed income stream. Buyers funneled $310.6 billion into annuities in 2022, according to estimates published by Limra, an insurance industry trade

Moyo Studio | E+ | Getty Images The first Social Security check was issued 83 years ago. The check, for $22.54, went to retired legal secretary Ida May Fuller of Ludlow, Vermont. Today, in 2023, the average retirement benefit is $1,827 per month, according to the Social Security Administration. The maximum Social Security benefit for

D3sign | Moment | Getty Images It’s tax season, and Americans are confronted by a lot of tax jargon when preparing their returns. Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can

ozgurcankaya As tax season begins, you may be eager to file your tax return for a faster refund and to check the annual task off your list. For most filers, the tax deadline is April 18, and the IRS urges Americans to prepare before filing to avoid processing and refund delays, along with future IRS

Drakula & Co. | Moment | Getty Images Tax season officially kicked off for individual filers on Jan. 23. This year’s tax deadline is April 18 for most filers.  Although the IRS expects to start the filing season stronger, taxpayer service improvements may take time as the agency hires and trains more workers.   In the

Damircudic | E+ | Getty Images This is an excerpt from the Personal Finance team’s weekly Twitter Space, “This week, your wallet.” Check out the latest episode here, and tune in every Friday at 11 a.m. ET. Tax season kicked off Jan. 23. The IRS expects taxpayers to file more than 168 million returns, most

Bill Oxford | E+ | Getty Images If you’re banking on a tax refund, it may be “somewhat lower” than last year’s payment, according to the IRS. Typically, you can expect a federal refund if you’ve overpaid yearly taxes or withheld more than what you owe. One of the big reasons for smaller payments this

Maskot | Maskot | Getty Images Getting a $7,500 tax break for the purchase of a new electric vehicle will likely get harder in a few months — meaning prospective buyers who want the financial incentive may wish to speed up their timeline.   The Inflation Reduction Act, a historic climate law President Biden signed

pcess609 If you’re expecting a refund this season, it’s critical to file a complete and accurate tax return to avoid “extensive processing” and delays, according to the IRS.    One of the keys to error-free filing is including all your required tax forms, known as information returns, which employers and financial institutions send yearly, with copies

Residents drop off Covid-19 PCR tests at a testing site run by the Centers for Disease Control, Federal Emergency Management Agency and eTrueNorth in Washington, D.C., on Jan. 5, 2022. Eric Lee | Bloomberg | Getty Images When Christopher Perry got sick in July 2021, he thought he just had a bad cold. But after

Insta_photos | Istock | Getty Images If you’re getting close to retirement age, there are some upcoming changes enacted as part of a government funding bill that may be of interest to you. Dozens of retirement-related provisions known as Secure 2.0 were included in an omnibus appropriations package that cleared Congress last week. While the

Mike Yada Courtesy: Mike Yada Mike Yada remembers the day in August 2020 when it became clear that his unusual symptoms — which emerged after a mild case of Covid-19 earlier in the year — were worsening. “I went for an easy hike, but by the end I was so winded that I couldn’t walk