Money Talk: Roth Gift Could Fund Down Payment
Question: My 29-year-old son recently married, and as a gift I pledged $20,000 as a down payment on a house. My daughter-in-law is beginning a career as a registered nurse and I know they will not be buying for a few years. Is there any type of account that will grow tax-free or tax-deferred for a first-time buyer? Maybe I could gift this money to them into a retirement account for the time being? Answer: You may be able to give them...
Workers Are Saving More for Retirement, Led By Millennials
New York — Workers are saving more for retirement, and the youngest — not exactly known for squirreling money away — are boosting their savings rates faster than any other age group. Millennials between the ages of 25 and 34 are saving a median of 7.5 percent of their pay for retirement, including whatever match they get from their jobs, according to a survey by Fidelity Investments of 4,650 households with at least $20,000 of annual...
Seaweed: Maine’s Hot New Product
Biddeford, Maine — It’s green, it’s gooey and it’s giving Maine’s famous lobsters a run for their money. Well, not really. At least not yet. But when it comes to seaweed production, Maine is the country’s No. 1. The state now supports more than 20 companies that grow or collect seaweed, about double from 10 years ago. Maine harvesters collected 17.7 million pounds of seaweed in 2014 — the most ever recorded for the state and more than...
Rembrandt Foods Joins Push Toward Cage-Free Eggs
Minneapolis — As McDonald’s, Wal-Mart, General Mills and other corporate egg buyers increasingly require roomier housing for hens, the egg industry is under pressure to move toward a future that’s freer of cramped bird cages. Earlier this month, Iowa-based Rembrandt Foods, the nation’s third-largest egg producer, became the latest to make a long-term commitment to producing cage-free eggs. The company plans to announce a major new...
Money Talk: Electronic Payments Best When Paying IRS
Question: I just received a letter from the IRS informing me that I missed a quarterly tax payment last September with several resulting penalties. I made that payment with a check from a securities trust account that I don’t closely monitor, so I didn’t realize the check hadn’t been cashed. The check was placed in a pre-addressed envelope with the IRS payment notice, stamped and deposited at the post office and has never been seen...
