The Money Section | You could still have time to lower your tax bill

͏Also, are your kids getting into your retirement fund? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( March 29, 2023 • Issue #26 [The Money Section] This week, we’re looking at how your personality affects your investment style, why parents are helping their adult kids pay their bills, and how you can still lower your taxes this season. Growing pains. [Adult Help]( Eddie Lee / Money; Getty Images Nearly half of all American parents are helping their adult sons and daughters pay their bills, according to a recent survey by savings site Savings.com. Alarmingly, many moms and dads are doing so at the expense of their own retirement savings. [Read more.]( 🍼 A parent’s priority. A new Morning Consult report reveals that as more millennials become parents, they are focused on raising their children with financial security, which they themselves lacked growing up. The preoccupation with their children’s financial success is a sign that the effects of the Great Recession still linger for millennials [more than a decade later.]( 😕 Economic pessimism. A large majority of Americans feel negatively about their current financial situations and their children's future, with 80% describing the economy as "poor" or "not so good", according to a new Wall Street Journal-NORC Poll. Additionally, 78% of respondents expressed a lack of confidence [in their children's future prospects.]( Personality matters. [Personality]( Eddie Lee / Money; Getty Images While factors like the age of an investor, their financial literacy and their degree of wealth certainly matter when it comes to how they'll approach investing, personality traits also appear to be determinants of investors’ risk attitudes and their beliefs about how markets will perform. [Here’s what you need to know.]( ⚠️ Generational differences. The overall US retirement score has declined five points from the record high of 83 recorded in 2020 due to people saving less and opting for conservative investments, resulting in a shortage of funds that may lead to necessary lifestyle changes in retirement. Here’s how much people in your [generation are saving now.]( 😱 Bailing out. Main Street American investors have sold $200 billion worth of stock mutual funds and exchange-traded funds since April 2022, while also pulling out $200 billion from bond funds during the same period, according to a report by Fidelity Investments. [Why is this happening?]( You can still lower your taxes. [Lower]( Pete Ryan for Money Taxpayers are able to make 2022 IRA contributions until April 18, 2023, which can potentially lower your tax bill or increase your refund while funding your retirement. In addition to lowering your taxes, making last-minute IRA contributions has other advantages as well. [Here’s what you need to know.]( ⏳ Last-minute options. With the tax deadline fast approaching, experts advise that there are still some ways to minimize your 2022 tax bill or increase your refund. While the options are limited after the calendar year ends, a few last-minute moves can be considered before the federal tax-filing deadline of [April 18 for most Americans.]( 👀 On I bonds. The interest rate for I bonds was at a record high of 9.62% in 2022, and while it has decreased to 6.89%, experts still suggest considering buying I bonds with your tax refund, especially since this move allows you to sidestep the typical $10,000 individual-purchase limit and potentially hit the maximum of $15,000. [Read more.]( [Best Places to Travel]( by Allianz Travel]( Money relaunches best places to travel series with 50 destinations Money's annual Best Places to Travel series has been relaunched with an expanded list of 50 destinations including affordable and family-friendly places, luxury on a budget, winter wonderlands, and great solo traveler options. The list was determined based on recommendations from travel connoisseurs, readers, and staff, as well as data on airfare, lodging, and other expenses. [View Money's picks for the best places to travel]( and start planning your trip today. Best Places to Travel 2023 is brought to you by Allianz Travel, a global leader in travel insurance that can help protect you from unforeseen circumstances like last-minute trip cancellations, lost baggage, and even medical treatments in foreign countries. [Check them out here]( Stories we're reading this week - [Amazon May Buy Distressed AMC Theater Chain in Seismic Hollywood Streaming Shift]( - [The Share of New Cars That Are Electric Vehicles Has Tripled in 2 Years]( - [The 7 Most Popular Ways People Are Saving Money on Groceries Now]( - [A Tale of Two Housing Markets: Prices Fall in the West While the East Booms]( - [Tax Refund Season Is a Popular Time to Buy a Used Car — but Shoppers Will Have Trouble This Year]( - [The Most Loved And Hated Brands From Around The World, Mapped]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails or newsletters from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. Please [contact customer service]( if you have any questions or concerns. 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