The landscape of Social Security benefits has dramatically shifted following the recent enactment of the Social Security Fairness Act. Signed into law by President Joe Biden, this legislation stands to impact nearly 3 million individuals by re-establishing the benefits of those previously hindered by pension offsets associated with public sector employment. While this is largely
Personal
The looming deadline of January 15 for submitting estimated taxes is critical for taxpayers, particularly those who rely on variable income sources like freelance gigs, small businesses, or investment earnings. Failing to adhere to this deadline can lead to severe financial repercussions, as the IRS warns of potential penalties and interest charges that could complicate
For student loan borrowers, one silver lining amidst the looming responsibilities of repayment is the potential for tax benefits. The student loan interest deduction allows qualifying individuals to deduct up to $2,500 annually on the interest accrued from either federal or private education loans. This benefit, though often overlooked, offers significant tax relief for borrowers
As the clock strikes 2025, a considerable number of Americans are greeted with a grim reality regarding their financial health, particularly concerning credit card debt. According to a recent report from Bankrate, nearly half of all credit cardholders—48% to be precise—find themselves in a position where they are carrying debt from one month to the
In the ever-evolving landscape of personal finance, the arrival of the new year often brings anxieties and anticipation regarding tax changes. As we step into 2025, many American workers will notice a shift in their paychecks, thanks to recent adjustments made by the IRS. In October, the Internal Revenue Service announced an increase in federal
In a significant move aimed at alleviating the financial burden of medical debt, the Consumer Financial Protection Bureau (CFPB) recently finalized a rule that could remove approximately $49 billion in medical debt from the credit reports of American consumers. This sweeping reform is expected to positively impact around 15 million individuals, offering them a chance
Target-date funds (TDFs) have gained significant traction in the realm of retirement savings, particularly within 401(k) plans. Designed to simplify the investment process, these funds automatically adjust their asset allocation based on an investor’s target retirement date. This hands-off approach has led to their prevalence; approximately 29% of assets in 401(k) plans were allocated to
As we approach 2025, many individuals are looking to enhance their retirement savings, particularly through their 401(k) plans. A recent CNBC poll revealed a concerning statistic: approximately 40% of Americans feel they are lagging in their retirement planning efforts. To ensure that you are not part of this statistic, it is crucial to analyze your
The landscape surrounding student loan forgiveness in the United States remains fraught with uncertainty, particularly following recent decisions from the Biden administration. As the withdrawal of wide-scale student loan forgiveness plans has left many borrowers feeling disheartened, a shift in focus towards other available options may be crucial for those struggling with educational debt. While
As we approach the year 2025, many American workers are finding themselves in a precarious position when it comes to retirement savings. A recent Bankrate survey reveals that over half of U.S. employees feel they haven’t saved enough for retirement. This sentiment underscores the urgent need for proactive financial planning. With 2025 on the horizon,