As the tax season commenced on January 27, the Internal Revenue Service (IRS) has been inundated with millions of tax returns as individuals rush to secure their refunds. This rush is not merely for economic convenience but rather out of necessity; a recent survey by Credit Karma revealed that nearly 40% of taxpayers are counting
Personal
As recent reports shine a light on millennials’ financial gains, the narrative surrounding this generation is shifting dramatically. Once labeled “lazy” and “entitled,” millennials have made substantial strides in building wealth. According to analysis by the St. Louis Federal Reserve, millennials collectively hold approximately $15.95 trillion in net worth as of 2022, a significant increase
In today’s landscape, many young adults find themselves grappling with financial instability, leading to significant stress regarding their economic wellbeing. Recent surveys have revealed alarming insights into the financial stresses faced by individuals aged 18 to 35. According to a survey conducted by Intuit, a staggering 61% of respondents in this age group reported feeling
As we transition into a post-pandemic economy, many older investors are grappling with the implications of governmental policy shifts on their retirement finances. With the dawn of President Donald Trump’s second term, it is crucial for those nearing retirement to stay vigilant about upcoming changes effective in 2025. Despite many being caught off guard by
The landscape of federal student loan collections is on the brink of a significant shift. For nearly five years, many borrowers of federal student loans have experienced a form of reprieve, free from the immediate repercussions tied to missed payments, such as wage garnishments and the withholding of Social Security benefits. However, new directives from
In recent years, a notable trend has emerged on LinkedIn—the green #OpenToWork badge, which indicates a user’s search for employment. Over 220 million individuals have adopted this feature to signal their job-seeking status, representing a significant 35% increase from the previous year. This surge encapsulates the unpredictability and challenges characterized by the current job market,
The world of individual retirement accounts (IRAs) is often hailed as a robust tool for financial planning, especially when it comes to leaving a legacy. Inheriting an IRA can initially be perceived as a financial boon. However, impending changes slated for January 2025 are set to transform the inherited IRA landscape drastically, introducing complexities that
As the political landscape shifts, President Donald Trump’s re-election campaign laid out bold promises that have implications for the financial health of American citizens. The aim of his second term is to introduce tax cuts, reduce product prices, and bolster the economy. However, the real questions remain: Can he fulfill these promises? And how might
In a significant move that highlights persistent issues within the credit reporting industry, the Consumer Financial Protection Bureau (CFPB) recently imposed a $15 million penalty on Equifax. This action followed allegations that the company mishandled consumer disputes related to credit reports, a critical component of personal finance. Equifax, along with its counterparts Experian and TransUnion,
The future of various federal agencies hangs in the balance as President-elect Donald Trump approaches his inauguration for a second nonconsecutive term. His administration is poised to undertake sweeping reforms that could drastically reshape the regulatory landscape of the United States. While the announced formation of the Department of Government Efficiency (DOGE) signals a focused