Many retirees face Dec. 31 deadline to make mandatory account withdrawals from traditional IRAs and 401(k) plans

If President Trump's new import tariffs are about to sink the United States into a recession, as some economists fear, it will be one of the most widely anticipated downturns in recent memory.

The deadline to file your taxes is less than a month away, and if you’re doing them for the first time, you might be feeling added pressure.

The best free no-fee checking accounts let you manage your money without taking a monthly bite out of your cash, and even zero out common bank penalties, such as overdraft charges.

Roth IRAs provide tax-free withdrawals in retirement. Workers who exceed income limits cannot fund a Roth IRA directly. High earners can contribute indirectly via a backdoor Roth IRA.

A pension is a workplace benefit that pays qualified retirees a lifetime income. Very few private employers offer pensions nowadays, and most have shifted to defined contribution plans such as 401(k) accounts. Both employees and employers can contribute to 401(k) plans, which come with tax advantages. Unlike a pension, a 401(k) provides no guarantee that workers will have a specific level of income in retirement.

If you die without a will, you could cause all sorts of problems for your heirs.

It’s not uncommon to receive an unexpected windfall this time of year thanks to a bonus from work or a tax refund. Whatever the circumstances, it’s easy to make costly mistakes.

Those celebrating a 72nd birthday this year have more time before having to pull money from retirement accounts

Overcome financial worries without falling into these traps

Tim McGrath, managing partner at Riverpoint Wealth Management in Chicago, says tax-related questions make up the bulk of client discussions in the fourth quarter, including a look at capital gains.

Tim McGrath, founder of Riverpoint Wealth Management in Chicago, says he sometimes recommends that the client work an extra year or have a part-time job during retirement. “That makes a difference,” he says.