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Defusing the Retirement “Tax Bomb” with David McClellanTax BreaksIf you’ve dutifully socked away money in a 401(k) or IRA for years, you could be in for an unpleasant shock when it comes time to take money out of those accounts. Also, the IRS is sending out a surprise round of checks. - Tax Breaks for College Finance with Kalman ChanyPaying for CollegePaying for (ever-pricier) college is a challenge that this consultant meets head on with highly specific guidance.By David MuhlbaumPublished 24 August 22
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Is a Recession Coming?Smart BuyingWith a lot of recession talk out there, we might just talk ourselves into one. We take that risk with Jim Patterson of The Kiplinger Letter. Also, dollar stores: deal or no deal?By David MuhlbaumPublished 31 May 22This Couple Tackles Love and Money as a TeamGetting MarriedFyooz Financial, the husband and wife team of Dan and Natalie Slagle, have carved out a niche advising other couples with the money questions that come with pairing up. Also, where is this troubled stock market headed?By David MuhlbaumPublished 24 May 22Which Documents to Keep, Which to Shred and Which to Scanhome insuranceA speedy recovery from disaster can depend on your recordkeeping. Kiplinger’s Personal Finance writer Rivan Stinson tells us how to get our papers in order.By David MuhlbaumPublished 4 May 22Decoding ESG Investing with Ellen KennedyBecoming an InvestorEnvironmental, social and governance investing is simpler than it sounds, and has a profitable track record to boot.By David MuhlbaumPublished 19 April 22High Gas Prices with The Kiplinger Letter’s Jim PattersoncarsWhy are we paying so much more at the pump? How long will it last? What can you do? Plus: Congress is making changes to retirement-savings rules again.By David MuhlbaumPublished 5 April 22The 2022 Real Estate Market with Daniel BortzBecoming a HomeownerDaniel Bortz doesn’t just write about home sales and housing prices – he’s been in the business. He’ll share insights about the real estate outlook for 2022 and “how-to” tips for both buyers and sellers. Also, the pain of high gas prices.By David MuhlbaumPublished 23 March 22The Future of Certified Financial Planners with Kamila ElliottBecoming an InvestorCFPs will tell you (and we’d agree) that not all financial advice is the same. We talk with the chair of the CFP Board about what she’s doing to preserve her organization’s brand and extend its reach. Also, the right way to file your tax returns for free.By David MuhlbaumPublished 8 March 22There’s No Escaping Your Credit Score (So Make It Count)Financial PlanningKiplinger’s credit expert, Lisa Gerstner, joins us to talk credit strategy. Also, a number of new electric cars hit the market this year. Will one work for Sandy?By David MuhlbaumPublished 24 February 22National Taxpayer Advocate Erin M. Collins Wants to HelpFinancial PlanningYour tax dollars are at work funding a government bureau to help you deal with the IRS. Strange but true! Also, the price of Amazon is going up.By David MuhlbaumPublished 10 February 22The “Gray Resignation” with Liz WindischMaking Your Money LastPandemic pressures (and high stock and real estate values) are leading many to try to move up retirement. Plus, tax-filing season gets under way.By David MuhlbaumPublished 25 January 22The Kiplinger Letter’s Top 10 Forecasts for 2022Economic ForecastsWhat to expect from the U.S. economy and an election-year Congress, as well as the outlook for cryptocurrency regulations, TikTok and more. Plus, we give the Elizabeth Holmes verdict a think.By David MuhlbaumPublished 13 January 22The 2022 Stock-Market Outlook with Anne Smith and James K. GlassmanMarketsSure, measuring stock markets by calendar years is a bit artificial, but it’s still a good way to give your portfolio a checkup. We forecast what stocks and sectors will fare well in 2022. Also, how the 401(k) got its start.By David MuhlbaumPublished 28 December 21Investing for Income with Jeffrey KosnettinvestingCold, hard cash working from home! No, this isn’t a scam — it’s an investing strategy built on bonds, REITs, preferred stocks and more.By David MuhlbaumPublished 30 November 21Changes Coming to Flood Insurance with Laura LightbodyBecoming a HomeownerThe National Flood Insurance Program is getting an overhaul that could send your rates up (or down). We dig into what's changing with this coverage that many have—and many more need. Also, a bond that pays over 7 percent, for now.By David MuhlbaumPublished 19 November 21Brandon Copeland on Reaching Financial FreedomFinancial PlanningThis NFL player’s path to a future of financial independence after his pro career is over can help the rest of us plan.By David MuhlbaumPublished 2 November 21The Pros and Cons of Target Date Funds with Tony DrakeFinancial PlanningThe simplicity of target date funds has made them popular, particularly among 401(k) savers. But investors may be paying a price.By David MuhlbaumPublished 19 October 21Oh Unlucky Heirs with Tim SteffenFinancial PlanningJust because you’re in the will doesn’t mean you’re sitting pretty. Also: Does October deserve its scary reputation for stocks?By David MuhlbaumPublished 5 October 21ETFs and Mutual Funds with Todd RosenbluthIndex FundsWhich is better: ETFs or mutual funds? And how do you decide where to put your investments? CFRA fund expert Todd Rosenbluth has some answers. Also, how to take advantage of your leased car’s true value.By David MuhlbaumPublished 22 September 21The Ins and Outs of IRAs with Ed Slott, CPARoth IRA ConversionsAre you saving for retirement? Good start. But almost everyone has something to learn about optimizing their individual retirement account from IRA strategist Ed Slott. Also, the next round of retirement-planning changes Congress is eyeing.By David MuhlbaumPublished 23 August 21Investing in Space: The Sky Is Not the Limit, with Andrew ChaninTechnologyWe talk to a pioneering fund manager about investing opportunities are in space. Also: Inflation is here — how should you adjust your investments?By David MuhlbaumPublished 5 August 21Get the Most from the Expanded Child Tax CreditTax BreaksThe latest government stimulus is a much-more generous child tax credit, with a new twist: The IRS is going to send you money each month, if you're eligible. Also, what marrying will do to your taxes.By David MuhlbaumPublished 12 July 21Perils and Profits of Cannabis Investing with Matt HawkinsBecoming an InvestorA rapidly evolving legal landscape is keeping cannabis investors on their toes. We talk to private-equity investor Matt Hawkins, who has long experience in the sector, about pot's potential. Also: unemployment insurance versus a tight labor market.By David MuhlbaumPublished 2 June 21Is Your Home Insured Against Disaster? Better CheckBecoming a HomeownerYour insurance policy might leave you high and dry when things get wet (or hot, or shaky). We'll talk about making sure you're fully covered. Also, inflation is here. Time to freak out?By David MuhlbaumPublished 18 May 21Tap the Money Tied Up in Your Home with Keith GumbingerMarketsHousing prices have been on a tear, and that means home equity is up, too. Turning that value into cash in your wallet can be complicated, though. Equity expert Keith Gumbinger helps us sort it out. Also, "sell in May and go away": urban legend or investing strategy?By David MuhlbaumPublished 11 May 21Annuities: How They Could Work for YouFinancial PlanningNo doubt, investing in annuities can be a tough call for the active investor. But there comes a time when relinquishing some control in exchange for reliable income can be a wise move. Also: remembering the biggest financial fraud in history.By David MuhlbaumPublished 6 May 21Estate-Planning Your Stuff with T. Eric ReichEmpty NestersWhat to do with the house, the vacation house and the china? We talk with a financial adviser who's got some wise counsel. Also, who makes up the so-called Generation I?By David MuhlbaumPublished 21 April 21How to Invest Green in a White-Hot Market, with Anne Kates SmithKiplinger's Investing OutlookSustainable stocks are going gangbusters. In an era of triple-digit gains for many market favorites (it's not just Tesla), we look for value options. Also, use your tax-day delay wisely.By David MuhlbaumPublished 15 April 21 FAQs
Specifically, those with over $1 million in retirement accounts are in the top 3% of retirees. The Employee Benefit Research Institute (EBRI) estimates that 3.2% of retirees have over $1 million, and a mere 0.1% have $5 million or more, based on data from the Federal Reserve Survey of Consumer Finances.
Is Kiplinger reputable? ›
For decades, Kiplinger has had a successful history of independently considering and reviewing a wide variety of products, services, businesses, and locations, among other subjects. Kiplinger readers have been able to trust the expertise and judgment used by Kiplinger in making its selections.
What is considered wealthy in retirement? ›
To be considered wealthy at age 65 or older, you need a household net worth of $3.2 million, according to finance expert Geoffrey Schmidt, CPA, who used data from the 2019 Survey of Consumer Finances (SCF) to determine the household net worth needed at age 65 or older to determine the various percentiles of wealth in ...
How much net worth is considered rich? ›
For example, individuals with $1 million in liquid assets are generally classified as having a high net worth. To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more.
How much does the average 75 year old have in savings? ›
Savings by Age
| Age | Average Account Balance | Median Account Balance |
|---|
| 45 to 54 | $48,200 | $6,400 |
| 55 to 64 | $57,670 | $5,620 |
| 65 to 74 | $60,410 | $8,000 |
| 75 and older | $55,320 | $9,300 |
2 more rowsSep 19, 2023
According to the Federal Reserve's latest Survey of Consumer Finances, only about 10% of American retirees have managed to save $1 million or more. This leaves a significant 90% who fall short of this milestone.
Who is Kiplinger owned by? ›
Kiplinger (/ˈkɪplɪŋər/ KIP-ling-ər) is an American publisher of business forecasts and personal finance advice that is a subsidiary of Future plc.
Is Kiplinger subscription worth it? ›
Reviews of various types of investments, including their expenses, is of great value to most. I would highly recommend a subscription to Kiplinger.
How safe are Treasury money markets? ›
All investments carry risk. However, money market funds are still considered one of the safest investments available to retail investors, and the numerous SEC rules and reforms passed have made them safer.
What net worth is upper class? ›
The Federal Reserve provides the median net worth for these groups in its 2022 Survey of Consumer Finances. Here's the much each group has: The upper class starts with an average net worth of $793,120. That's for the top 80% to 90% of earners.
The average 401(k) balance by age
| Age | Average 401(k) | Median 401(k) |
|---|
| 40s | $344,182 | $151,274 |
| 50s | $558,740 | $247,338 |
| 60s | $555,621 | $209,382 |
| 70s | $417,379 | $103,219 |
3 more rowsIf you're 70, you should keep 30% of your portfolio in stocks. However, with Americans living longer and longer, many financial planners are now recommending that the rule should be closer to 110 or 120 minus your age.
What income is upper middle class? ›
Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.
What net worth puts you in top 10%? ›
Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.
What salary is considered rich in the USA? ›
You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C.
Is 3 million net worth rich? ›
Our definitions for “rich” and similar concepts come from the Pew Research Center's definition of “upper wealth tier” (net worth four times the median); Gallup polling about the net worth Americans would need to feel rich from 2011 and 2003 ($1 million, adjusted to $1.394 million for inflation); the definition of “high ...
What percentile is a $3 million net worth? ›
The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury.
What percentage of Americans have a net worth over $3 million? ›
According to the MacroMonitor, by 2022-23, the number of U.S. households with $3 million or more in financial assets represents 3.2% of all households, totaling 4.6 million.
What is the new rule of thumb for $3 million retirement? ›
He added that, according to this rule, the amount you withdraw should be considered safe enough to sustain your retirement for 30 years. “For example, if you retire with $3 million saved, you would start withdrawing $120,000 in the first year and adjust this amount for inflation thereafter,” he said.
