Saturday, July 31, 2021

Play

Educators' unions call for efforts to ensure in-person learning keeps students, teachers, families, and staff safe; and an update on hate crimes by state.

Play

Congress passes Capitol security funding; House Freedom Caucus members want Cheney, Kinzinger out of GOP conference; Schumer closes a deal to advance $3.5 trillion reconciliation package; and a new report says investor-owned utilities try to block rooftop solar.

Tips for Financial Health During Pandemic-Year Tax Season

Play

Wednesday, April 14, 2021   

LITTLE ROCK, Ark. - The IRS has extended the income-tax filing deadline by an extra month, and experts say while the pandemic has shaken retirement planning for many families, tax season is a good time to get back on track.

Households should be reviewing finances and investing for the long term, said Sarah Holden, senior director of retirement and investor research for the Investment Company Institute.

"I think really, the past year has given us a chance to step back and take a look at our financial picture," she said. "There have been some rocks in the road, so we kind of need to dust ourselves off and get back on the path of saving for our long-term goals."

Eighty-two percent of Americans reported that the pandemic has affected their retirement plans, according to a poll released this year by Fidelity Investments. About one-third of people surveyed estimate it'll take two to three years for them to get back on track.

Holden said it is possible for people with Individual Retirement Accounts to make contributions up until the tax-filing deadline - which this year, is May 21 - and count those contributions as if they occurred in 2020. She said money in IRA accounts grows and compounds tax-free.

"And if you are able to make a deductible contribution to a traditional IRA," she said, "you could actually reduce last year's tax bill."

Holden also pointed out that stimulus checks offer an opportunity to invest and save money on those investment earnings.

"What works for most investors is to get in little by little, paycheck by paycheck, for the long haul," she said, "and that's how you compound and build that nest egg."

A survey last summer found that one-third of American households planned to use the first round of stimulus checks to first pay bills and then save.

References:  
Poll
Survey

get more stories like this via email
In addition to roof repairs and other home improvements to lower utility bills, a Michigan League for Public Policy report recommends expanding utility-shutoff protections to include households with young children. (Adobe Stock)

Environment

LANSING, Mich. - High utility costs are a major burden for Michigan's low-income residents, and a new study says they have an impact on their health…


Environment

TALLAHASSEE, Fla. - A new report shows an effort by investor-owned utilities in the Sunshine State to block the growth of rooftop solar. The …

Health and Wellness

By Troy Pierson / Broadcast version by Mary Schuermann reporting for the Kent State-Ohio News Connection Collaboration. As marijuana becomes more …


Across the United States, 46 states have laws allowing for harsher punishment for crimes based on bias. (Ludk/Adobe Stock)

Social Issues

SALT LAKE CITY - With rising numbers of people targeted in hate crimes and related violence, a new report analyzes the hate-crime laws in each state…

Social Issues

BOSTON - Educators' unions are calling on the state to support their efforts to ensure in-person learning in the fall keeps students, teachers…

According to AARP Connecticut, 47% of family caregivers have had at least one financial setback, such as having less money for retirement or savings, or cutting back on their own healthcare spending. (Adobe Stock)

Social Issues

HARTFORD, Conn. - In Connecticut, more than 460,000 people care for close friends or family members who can't manage on their own - and their …

Social Issues

ALBUQUERQUE, N.M. - Millions of Americans soon could find eviction notices on their front doors, but New Mexico renters will not be among them - as …

Health and Wellness

CONCORD, N.H. - New Hampshire advocates for affordable healthcare access want Congress to lower prescription costs by allowing Medicare to negotiate …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member and audience-supported news source since 1996 Copyright 2021