Don’t miss Orioles players, John Means & Paul Fry, as they guest host at our Brews and O’s event!

The Savings Game

  • Important differences between IRAs, 401(k)s

    Important differences between IRAs, 401(k)s

    Many investors have IRAs and 401(k) plans from their employer. It’s easy to confuse the two types of accounts because similar options and conditions pertain to both. But IRAs and 401(k)s have their differences, and it can be costly when investors make the mistake of believing an option is available...

  • Many not saving nearly enough for retirement

    Many not saving nearly enough for retirement

    Alarming studies have shown that a significant percentage of future retirees are not planning for retirement and will not have sufficient income to maintain a decent standard of living as they age.  A Fidelity study found that 82 percent of Americans don’t have a retirement plan. Almost half of...

  • Be aware of these common financial scams

    Be aware of these common financial scams

    We often read about financial scams targeting the elderly because they are perceived to be easy victims, but it’s not just seniors who are vulnerable, of course. The Senate Committee on Aging has identified the top scams that targeted the elderly and other age groups in 2018. If you believe you...

  • These red flags are likely to draw the attention of the IRS

    These red flags are likely to draw the attention of the IRS

    Nobody wants to face an audit from the Internal Revenue Service. Luckily, the probability of being audited is quite small for the average taxpayer. It’s estimated that only 0.6 percent of taxpayers are likely to be audited. If you report zero gross adjusted income, the probability of being audited...

  • Should you file for spousal benefits?

    Should you file for spousal benefits?

    Readers have many questions and I have some answers. Read on. Q: My wife filed early for her Social Security benefits before her full retirement age. I am waiting until 70 to file for my benefits. What benefits will she receive when I reach 70? A: When you turn 70 and file for your own benefits,...

  • A few moves to make during market jitters

    A few moves to make during market jitters

    It’s normal to worry about your portfolio when the stock and bond markets become volatile, and when you see your portfolio fall significantly in value. It’s natural to wonder what to do, if anything, to protect your portfolio. The best general advice is to keep focused on long-term objectives....

  • 529 plans, by the numbers

    529 plans, by the numbers

    The cost of a college education continues to be shocking. The average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents at public universities, according to the College Board....

  • What to know about RMDs

    What to know about RMDs

    I’ve received several questions from readers about required minimum distributions from IRAs and 401(k) plans, so I’m taking this space to address them. Q: I am 72, and I expect to retire in 2019. When will I have to take required minimum distributions? A: The answer depends on the retirement account...

  • How to get timing right on filing for Social Security, Medicare

    How to get timing right on filing for Social Security, Medicare

    Several readers have sent me excellent questions and I will answer a few of them this week.  Which way to go? A 61-year-old widow wrote that she is still working, needs more income and is wondering whether she should apply for Social Security survivor benefits or for benefits she earned with her...

  • More retirees filing for bankruptcy

    More retirees filing for bankruptcy

    A new study from the Consumer Bankruptcy Project indicates that the rate of bankruptcy among Americans ages 65 and older has tripled since 1991. More people ages 55 to 65 also are filing for bankruptcy. I am not surprised. People are going into retirement with more debt, including much higher mortgage...

  • Minimizing risk through diversification

    Minimizing risk through diversification

    Many readers are concerned about volatility in the stock market, as well as about receiving reliably consistent interest or dividends with their investments. Although the stock market has performed well for more than five years, there is no guarantee that it will continue to show comparable positive...

  • You probably won't get more money unless you ask for it

    You probably won't get more money unless you ask for it

    The U.S. unemployment rate is at a 10-year low. In fact, we're at or very near the level known to economists as "full employment." If you have a job, good news! It is a great time to ask for more money. Wages are a negotiation. You are an asset to your employer, and it would cost money to replace...

82°