Now Live: WBKO News

Personal Finance from Forbes.com

  • How Did The Government Waste Your Tax Dollars In 2014? Separating Fact From Fiction
    The federal government expects to collect nearly $2.8 trillion in individual, corporate, payroll, estate and gift taxes in 2014. This number is considerably higher than only two years prior, because as you may recall, starting January 1, 2013, four changes to the taw law took effect that increased taxes on the "wealthy:" A rise in the  top rate from 35% to 39.6%, An increase in the top rate on long-term capital gains and qualified dividends from 15% to 20, A return of the phase-out of itemized deductions, and The new 3.8% surtax on net-investment income.
  • The Retirement Crisis Facing Gays And Lesbians
    A new LGBT study finds serious fears and concerns.
  • 'Market Timing' For Your IRAs: Grab The Early Premium
    By Dan Egan
  • Multitasking Can Damage Your Brain, Your Career, And Maybe Your Retirement, Too
    By doing less, you’ll accomplish more, says a recent Stanford study. I read this in “Multitasking Damages Your Brain And Your Career” an article by Forbes contributor Travis Bradberry. I said out loud (to no one in particular), “It can also damage your retirement!” In the study, Stanford researchers were trying to figure out where high multitaskers had an edge over those who focus on one thing at a time. Unfortunately for serial task-switchers, they found that there is actually no advantage to multitasking — in fact, multitaskers performed more poorly than singularly-focused people on tests of their memory and focus (ability to filter out irrelevant information). According to the study, those who had a singular focus — doing less — accomplished more. We can take this revelation and apply it to our retirement planning. Many people find themselves with a long list of retirement and investment accounts at different financial institutions and with former employers. When the time comes to do a simple investment review, the task can be overwhelming when it really doesn’t need to be. Overwhelm and lack of focus can cause mistakes and oversights, which can hurt you in the long run. Here are some simple solutions to simplify your finances, which in turn can improve your retirement planning: Pare down your retirement accounts to five or less. In general you should be able to count your dedicated retirement accounts on one hand. Five accounts seems like a number you can easily work with. You have your 401(k) or retirement plan with your current employer — this may include pre-tax traditional funds and/or a Roth 401(k) component. Then you might have an IRA and/or a Roth IRA with a bank or brokerage firm. Beyond that, you might have some kind of outlier, such as a cash-balance pension plan or something that doesn’t fit in either the 401(k) or the IRA buckets. Consolidate like accounts. If you have a 401(k) with a former employer, unless you have a compelling reason to keep it there, consider rolling it into your current plan (if your employer allows incoming transfers) or rolling it into an IRA. One advantage of moving a former employer’s dormant 401(k) plan to your current employer’s plan is that 401(k) plans (and some other ERISA qualified plans) may allow earlier access for people who want to retire before 59 ½. With a 401(k), if you retire or leave your job, you can take out your funds after age 59 ½ without incurring a 10% penalty for early withdrawal - the same age as your traditional IRA. (Unless you follow a complex formula using IRS code 72t.) Your current employer’s 401(k) may have an exception to his rule, however. The early withdrawal penalty tax may not apply if you retire or separate from service in or after the year you turn 55.
  • 11 Ways To Tap Retirement Cash Early
    Congress, in its wisdom, has seen fit to create more than a dozen different tax-advantaged retirement savings accounts, each with its own rules on contributions, loans, and when you can take money out without paying a 10% ?early withdrawal? penalty on the distribution.
  • Staples May Have Been Breached. (Should You Just Cut Up All Your Cards?)
    Staples may be the latest retailer affected by a data breach, according to recent reports. If it?s true, the company is just one more link in a chain of information thefts that has hit up to 6 in 10 consumers. Here's how to keep your credit information safe.
  • Tax Guide for Mutual Fund Distributions
    Ten rules that explain how your mutual fund payouts are taxed.
  • 7 Brain Biases That Could Affect Your Investing Strategy -- And How To Outsmart Them
    Recency bias. Bandwagon effect. When investing, your brain can play tricks on you?thanks to these psychological blocks.
  • How Far Some Men Will Go To Get Out Of Dividing Assets In Divorce
    How Far Some Men Will Go To Get Out Of Dividing Assets In Divorce I often say that divorce can bring out the worst in people. Occasionally, a case in news headlines makes even that seem like an understatement. Judges in family law courts have seen and heard it all. Still, it may have been something of a novelty when Michael Mandelbaum claimed never to have been legally married to Debra, his wife of 20+ years, who now seeks to divorce him.
  • Social Security Benefits Rising 1.7% For 2015, Top Tax Up 1.3%
    The 1.7% COLA means the average retired worker will see a $22 increase to $1,328 a month and the average retired couple will get a $36 boost to $2,176.
Livestream" class="test

Money

WBKO 2727 Russellville Road Bowling Green, KY 42101-3976 Phone: 270-781-1313 After Hours Hotline: 270-781-6397 Fax: 270-781-1814
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability