Many Americans don’t save enough for retirement, but it’s entirely possible to save too much — at least according to the IRS. Tax laws limit how much you’re allowed to contribute to retirement accounts, and excess contributions can be penalized. Uncle Sam doesn’t want you to leave the money in the account too long, either. […]
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Today’s top story: What Grammy winner Brandi Carlile can teach you about money. Also in the news: What changed when you were ignoring travel, top 12 best business credit cards for startups, and how to claim your monthly child tax credit. What Grammy Winner Brandi Carlile Can Teach You About Money In her new memoir, […]
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Q&A: A sudden death brings a financial quandary
Dear Liz: My son suddenly passed away and his $1-million life insurance policy was awarded to me, his mother. I want the money to be divided equally between his two children for future use. They are 18 and 15 now. What financial vehicle should I use? The funds are in my money market account just […]
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Dear Liz: Can you explain the difference between a Roth IRA and a Roth 401(k)? What are the benefits of a Roth 401(k)? My company offers it and I am considering beginning to make deferral contributions there while continuing my 401(k) contributions. Answer: Contributions to Roth IRAs and Roth 401(k)s are after tax, which means […]
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