Senior Editor, Money Team

Eileen Ambrose is a senior editor and writer for the Money Team. She previously was a personal finance columnist with the Baltimore Sun.

Illinois Is First State With New Savings Plan for Workers

Illinois will become the first state with a broad-based effort to automatically enroll private-sector employees without retirement plans into a new savings program. Gov. Pat Quinn signed legislation on Sunday that creates the Illinois Secure Choice Savings Program. Employers with at least 25 workers and no retirement plan will be required to offer employees the option of enrolling in Secure Choice, which allows employees to invest in a Roth IRA through payroll deduction. Employees can decline. “This turnkey program will make it …

New 529 Plan Created for People With Disabilities

Tax-friendly 529 savings plans no longer will be just for college. Legislation recently signed by President Barack Obama will allow states to set up similar savings programs to benefit those with disabilities without jeopardizing their federal benefits, such as Medicaid. Money invested in an Achieving a Better Life Experience (ABLE) account — sometimes also called a 529A account — can be withdrawn tax-free to pay for qualified expenses, including education, housing, transportation, health care, employment training and legal fees. >> …

Congress Extends a Few Tax Breaks for You

So Congress wasn’t totally Scrooge-like this holiday season, as members tossed a few tax breaks to the rest of us. They passed legislation to extend a number of tax breaks that expired at the end of last year. If they hadn’t, you wouldn’t be able to take various deductions and credits when filing your 2014 tax return. >> Discussion: How do you make the most of your money? Among the key tax breaks for individuals: IRA charitable deduction. Those 70½ and older …

Those Pension Cuts and What You Need to Know

Congress recently carved a hole in a 40-year-old pension law that has prevented employers from cutting benefits earned by those already retired. This change applies to people covered under multiemployer plans that are in critical financial shape. Here’s what you need to know: What is a multiemployer plan? This is a pension covering workers and retirees from more than one employer in the same or related industries, such as trucking or construction. (Most of them were established under collective bargaining between …

Making Social Security Work for Women

Social Security is gender neutral, meaning men and women earning the same amount in their careers should receive the same size benefit. In reality, a woman’s benefit on average is lower than a man’s — $1,103 vs. $1,417 in 2012 — because her work and personal experiences are rarely the same. Women tend to earn less — an average of 78 cents for every $1 a man makes. They are more likely to be in low-paying jobs without pensions and to …