Today: 5. Nov, 2024
The Internal Revenue Service (IRS) has announced significant changes for federal tax liabilities that could impact families in 2025. These adjustments include increases in the earned income tax credit (EITC) and modifications to various tax thresholds, all designed to accommodate inflation and…
Although the general advice is to avoid carrying a balance on your credit card, there are some specific scenarios where doing so could actually be a smart financial move. Credit cards are commonly used for everyday expenses, and while they offer perks…
Inheriting a pre-tax individual retirement account (IRA) can seem like a financial windfall, but if not handled carefully, it could trigger a significant tax burden. Since the Secure Act of 2019, experts have warned that inherited IRA holders must plan their withdrawals…
As retirement nears, many Americans face the daunting reality of insufficient savings. According to recent data, around 20% of Americans over the age of 50 have no retirement savings at all. This can be a frightening prospect, especially for those who have…
In personal finance, most people focus on eliminating credit card debt or saving for retirement. While these goals are undeniably essential and can lead to long-term financial security, they might not be the most urgent. Instead, financial advisors frequently emphasize that setting…
Prepare for Lower Rates with Smart Financial Decisions Last week, Federal Reserve Chair Jerome Powell hinted at an upcoming interest rate cut, marking a significant shift in economic policy. “The time has come for policy to adjust,” Powell stated during the Jackson…
With most American workers contributing to Social Security throughout their careers, many expect to rely on these benefits upon retirement. However, a recent survey by the Nationwide Retirement Institute reveals that a staggering 72% of adults worry that Social Security will run…
Record inflation may have people questioning whether homeownership is still a good investment. With home prices rising faster than incomes, homeowners feel the financial pinch as maintenance costs soar. The Growing Cost Burden of Homeownership More than one in four homeowners with…
As of mid-2024, certificate of deposit (CD) interest rates have surged to heights not seen since before the 2008 financial crisis. With yields ranging from 4.00% to 5.00% or more, CDs are increasingly attractive for those looking to secure a safe return…
Retirees are still feeling the impact of higher prices, but one buffer for the effects of inflation — the Social Security cost-of-living adjustment, or COLA — may be lower next year. As inflation moderates, the Social Security COLA for 2025 might be…
