When I think back to my teenage years, one of the most thrilling moments was purchasing my first car—a modest Toyota Tercel. It was a moment of pride: securing an asset under my own steam, a liberating experience that many teenagers cherish. The car, new yet affordable at a few hundred miles for under $10,000,
Personal
In a significant shift that will alter the landscape of educational savings, the 529 college savings plans have undergone an impactful reform starting January 2024. Families can now roll over any unused funds from their 529 plans directly into the beneficiary’s Roth individual retirement account (IRA) without incurring taxes or penalties, provided the account has
As we approach the year 2025, taxpayers and investors alike are poised to take advantage of significant changes in capital gains taxation, offering unique opportunities for strategic financial planning. With adjustments announced by the IRS, the earnings threshold for qualifying for the 0% capital gains tax bracket is set to increase. Understanding these changes is
As the U.S. presidential election draws near, the atmosphere in financial markets has become increasingly volatile, leaving many investors anxious and uncertain about the future. With the election just weeks away, a significant percentage of American investors—72%, according to a recent survey from F&G—express concern over how electoral outcomes may affect the economy and, subsequently,
As we approach the mid-21st century, we are on the precipice of an unprecedented economic transition—often termed the “great wealth transfer.” With projections indicating that approximately $84 trillion will be redistributed to heirs by 2045, it is crucial for families to begin preparing for this significant change. The primary beneficiaries of this transfer are expected
As individuals approach retirement age, a prevalent concern surfaces: Am I financially prepared for retirement? The answer to this question often requires a deeper exploration of projected expenses and income sources. Christine Benz, a distinguished authority in personal finance and retirement planning at Morningstar, emphasizes a prudent approach to this daunting question. Gleaned from insights
Recent reports indicate a paradox in higher education in the United States; while the number of students qualifying for federal financial aid has risen, the interest in pursuing a four-year college degree has diminished. The National Student Clearinghouse Research Center disclosed that undergraduate enrollment overall has shown an uptick, yet the number of incoming freshman
As we approach the 2025 tax year, significant changes are on the horizon for federal income tax brackets and standard deductions. The Internal Revenue Service (IRS) has revealed updated thresholds that will affect how taxpayers calculate their obligations. Taxpayers must understand these adjustments as they plan for the upcoming tax season. Knowing the new income
As the holiday season approaches, a familiar pattern emerges among American consumers: an eagerness to splurge on gifts. This year, projections from the National Retail Federation indicate that holiday spending could rise dramatically, reaching between $979.5 billion and $989 billion from November 1 to December 31. This anticipated surge highlights a growing trend in consumer
The financial landscape is often a subject of significant concern for investors, especially in light of political events such as presidential elections. However, insights from a recent survey conducted by Natixis Investment Managers reveal a growing apprehension surrounding public debt, which most financial advisors consider a more pressing economic threat than election outcomes. This perspective