Once you turn 73, the IRS requires you to withdraw a minimum amount from traditional IRAs and 401ks each year, and those withdrawals are taxed as ordinary income. Large RMDs can push you into a higher bracket and trigger Medicare surcharges. Convert some traditional IRA funds to Roth before RMDs begin to shrink the future tax hit.
Even as multilateralism faces an existential threat, multilateral development banks are not only surviving but thriving. Thanks to MDBs’ ability to borrow at costs close to that of the US Treasury, they have created a new class of de facto risk-free assets that could help underpin the global financial system. BEIJING—Despite all the geopolitical chaos,…
Brazil has about 213 million people. As of the end of the second quarter, about 118 million of them — more than half the country, before even narrowing the count to adults — were customers of Nu Holdings (NU +9.33%), the digital bank behind the Nubank brand. The company reported second-quarter results after the closing…
JetBlue Airways’ fare classes will look much different by the end of the year. The airline is adding new domestic first class seats to some airplanes and plans to sell “basic” versions of domestic first class and extra-legroom fares. In total, customers will choose from four different types of seats and three different fare classes….
Last week, the American Association of University Professors made the first national political endorsement in its 111-year history, backing Abdul El-Sayed in Michigan’s Democratic Senate primary. Inside Higher Ed (IHE) reports that its Michigan chapters requested the endorsement, so the AAUP polled its Michigan members, and found that roughly 80 percent of those voting in the poll favored endorsing a candidate. 97 percent of those surveyed backed…
Financial conversations can be difficult and uncomfortable, leading many Americans to neglect them altogether. Whether it’s debt, retirement, investing or estate planning, more than 80% of people intentionally avoid discussing financial topics with family and friends, according to a report from the Consumer Financial Protection Bureau. While skipping these conversations may seem harmless, the silence…
Most retired couples rely heavily on Social Security benefits. When one spouse dies, there’s often a major loss of their benefits. The surviving spouse will get either their own benefit or the survivor benefit (the deceased spouse’s benefit), whichever is higher. If one spouse’s benefits are low, the impact on income will be small. But…
