Retirement is the largest financial goal most people will ever have. We tend to focus on the dollar amount you need to cover your costs, but there's more to it than that. You need a strategy for balancing your immediate financial needs with your long-term goals. You have to decide which accounts are best for your savings and which investments can help your money grow quickly without exposing you to too much risk. Then, you have to make adjustments over time to keep yourself on track.

Many Americans think less is more when it comes to income taxes. For them, owing as little as possible means they’ve beaten Uncle Sam. 

But many times these filers have it backward. Instead, they should focus on when more can be less for their taxes.

“The point is not just minimizing taxes today, but over your lifetime,” says Eric Bronnenkant, who is head of tax at Edelman Financial Engines.

“People see a complex structure and think, ‘This is what rich people do to reduce their taxes,’ ” says Bryan Skarlatos, a criminal tax attorney with Kostelanetz. “But a complex structure with no business purpose is often a sign of fraud to the IRS.” 

While taxes may not be the most romantic topic, understanding the financial advantages of marriage can help couples make informed decisions that can positively impact their joint finances.

Here’s a statistic to remember next year, as Congress debates extending President Trump’s 2017 tax cuts: The top 1% of income-tax filers provided 40.4% of the revenue in 2022, according to recently released IRS data. The top 10% of filers carried 72% of the tax burden. Self-styled progressives will never admit it, but U.S. income taxes are already highly progressive.

Boomerang children are threatening their parents’ retirement.

The phenomenon—where an adult child who has graduated high school or college and lived independently returns to live at home—has been on the rise. According to Thrivent’s 2024 Boomerang Kids survey, 46% of parents have had their adult children ages 18 to 35 back home to live with them at some point, up from 35% last year.