The federal government – following an idea proposed during Obama’s January 2014 State of the Union address – will role out a new simplified IRA plan later this year, designed as a starter retirement account, known by the catchy name MyRA. Geared to lower- and middle-income earners, the accounts will have the following features: 1. Automatic deduction [&hellip

Can you simultaneously find something personally un-appealing, yet respect its effectiveness, when considered on its own terms?  Of course you can. For example that’s my summary view of Miley Cyrus’ amazing career so far.  I did not enjoy reading Napoleon’s Hill’s Think and Grow Rich – indeed some parts are pretty darn annoying – but [&hellip

This “Ask an Ex-Banker” question came from reader Todd R.  In response to earlier posts about the cost of college education, he wanted to calculate the following: “If a family was sending their child to college this fall, AND they were fully able to pay cash (from an educational tax deferred plan) what would their [&hellip

The New York Times has a great Op-Ed today about the Expected Family Contribution (EFC) calculation, which I recently encouraged all parents with college-bound kids to check out. My main take-away from looking at my own family’s EFC estimate on the College Board site was jaw-dropping because there is Just.No.Way. Where would an ordinary (non-wealthy) [&hellip

For Throwback Thursday, the first day of Spring, and just three weeks until income tax returns are due, I offer up this vintage 1948 Federal income tax for 1040. My friend – whose grandfather worked in the steel industry in Youngstown, OH – found his old tax return and thought Bankers Anonymous readers would get [&hellip