Citigroup‘s first-quarter profit fell 27% but beat market expectations on Friday, while taking a $483 million charge tied to CEO Jane Fraser’s sweeping reorganization. Net income fell to $3.4 billion, or $1.58 per share, in the three months ended March 31, the bank said on Friday. That compares with $4.6 billion, or $2.19 per share,…
Key Takeaways When deciding between a CFP and a CPA for retirement planning, it’s essential to understand their distinct roles and expertise. Integrating tax planning and financial strategy with CFPs and CPAs ensures comprehensive retirement planning. CPAs excel in tax planning, while CFPs receive extensive training in investment, estate planning and retirement strategies. Working with…
Key Takeaways Delaying IRA contributions can lead to missed investment growth and result in a procrastination penalty. Automating contributions can prevent procrastination, as can establishing a retirement savings budget. Catch-up contributions for investors aged 50 and older can accelerate retirement savings. Delaying IRA contributions can result in an opportunity cost of over $100,000 in potential…
Key Takeaways Workers age 50 and older can take advantage of 401(k) catch-up contributions, allowing them to contribute up to $7,500 more than younger participants. In 2024, you can put in up to $30,500 if you meet the requirements. You can receive tax benefits through catch-up contributions, especially if you set aside the maximum amount,…
MUMBAI: LIC has introduced a new plan called ‘LIC’s Amritbaal‘ designed to meet expenses related to a child’s higher education. The plan is an individual, savings, life insurance plan specifically tailored to accumulate a corpus for meeting the higher education and other needs of the child. It offers guaranteed additions at the rate of Rs…
Key Takeaways The median savings account balance for all families in the U.S. was $8,000 in 2022. Generally, higher-income earners and older individuals save more than younger ones. Some experts suggest three to six months’ living expenses as a goal. Are you curious how your savings stack up to other Americans? According to the Federal…
Key Takeaways: Banks and credit unions typically offer bank accounts geared toward children under 18. Some financial institutions offer attractive interest rates on kids’ savings accounts. A bank account for kids might require an initial deposit of $25 to $100. A savings account for youngsters can introduce them to the idea of putting money away…
Key Takeaways Take account of your savings, investments and retirement accounts to make sure you have enough funds to retire. Lay out the monthly costs you’ll have to cover and consider how your income will pay for those. Look into Social Security benefits so you can decide when to start the application process. Get rid…
Key Takeaways: A $750,000 annuity can generate income without risking the principal. Different annuity types, including guaranteed income annuities, act as a shield against market volatility and an insurance policy against outliving money. Calculating the annual income from a $750,000 annuity involves factors like age and annuity type. In some situations, investors may prefer annuities…
Key takeaways You may qualify for the saver’s credit if you have a low to moderate income and contributed to a 401(k) or IRA in the past year. The saver’s credit reduces your overall tax bill by a certain amount, depending on your level of income and savings. There are eligibility requirements for the saver’s…
