Claiming Parents as Dependents: Income Limit, Support Test and Credits
Adult children who financially support a parent may be able to claim that parent as a dependent on their federal tax return. Generally, the parent must have income below an annual limit, and the child must provide more than half their support. Eligibility can unlock credits, deductions and favorable filing status, but each benefit has… read more…
Medicare Part B Increase: How COLA Is Affected, Rules and Examples
Social Security’s annual cost-of-living adjustment (COLA) raises monthly benefits, but most Medicare Part B enrollees have their premiums deducted from that same payment. When premiums rise, they absorb part of the increase, leaving less extra money than the COLA percentage suggests. Knowing how the deduction, hold-harmless protections and income-related surcharges work can help you estimate… read more…
She Inherited $400,000 at 60 and Claimed Social Security at 62. Then Her Tax Bill Went Up.
Retirees often believe that an inheritance won’t affect their Social Security taxes because the money they receive generally isn’t taxed. Income from inherited assets or withdrawals from certain accounts, however, can increase what you report to the IRS and make more of your benefits taxable. An inheritance on its own won’t reduce your monthly Social… read more…
Where a Minimum Wage Goes Furthest in 2026
Minimum wage laws expanded during the Great Depression to support a basic standard of living, but their value today depends on local costs. A relatively high minimum wage may still fall far short in an expensive state, while a lower minimum wage may cover a larger share of basic expenses in areas where costs are… read more…
Editor's Picks
CFA vs. CFP®: Which Do You Need?
Chartered financial analyst (CFA) and certified financial planner (CFP) are common certifications for individuals working in finance, namely financial advisors. These are designed to tell a client (or employer) that the holder has received education in certain types of financial… read more…
6 Tips for Choosing a Wealth Management Firm
Wealth management firms are all different, with their own specializations and services. As a result, the process for choosing a wealth manager is a very personal one. Wealth managers work closely together with their clients to identify financial goals and… read more…
What Is a Fee-Only Financial Planner?
If a financial planner, financial advisor or another type of financial professional is fee-only, that means they receive compensation solely from the fees clients pay for their services. They do not earn commissions for recommending certain products. A fee-only structure… read more…
Why First Homes Could Be Investment Properties
If you’re young and looking to purchase a new home to live in, you may want to consider turning it into an investment property. While most people wait until after they’ve bought their first or second home to begin investing in… read more…
Data Articles and Studies
Where a Minimum Wage Goes Furthest in 2026
Minimum wage laws expanded during the Great Depression to support a basic standard of living, but their value today depends on local costs. A relatively high minimum wage may still fall far short in an expensive state, while a lower minimum wage may cover a larger share of basic expenses in areas where costs are… read more…
The 2026 Job Mix: Blue-, White- and Pink-Collar Employment by State
America’s occupational complexion varies widely by geography. Some states run on factory floors, others in office towers and still others in hotels and hospitals. But automation, artificial intelligence and changing demand are reshaping occupations unevenly, making each state’s particular mix of jobs increasingly consequential to its economic outlook. SmartAsset analyzed May 2025 Bureau of Labor… read more…
How Much Savings Do You Need to Retire in 2026?
Since its development in the 1990s, the 4% rule has become one of the most commonly cited rules of thumb in retirement planning. Using historical data, financial planner William Bengen found that a portfolio could sustain an initial annual withdrawal of 4%, followed by inflation-adjusted withdrawals, for at least 30 years without being depleted. While… read more…
America’s Scariest States
Halloween took shape as an American tradition in the 19th century, blending immigrant customs with seasonal observances. Since then, the holiday has evolved into a celebration of fear as entertainment. Once tied to harvest traditions, Halloween is now a spectacle of suspense celebrated by three-quarters of U.S. adults. But seasonal scares are not evenly distributed,… read more…
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