The upcoming 2024 presidential debate between President Joe Biden and former President Donald Trump is expected to shed light on their respective stances on tax policy. One of the key issues up for discussion is the fate of the expiring tax breaks introduced through the Tax Cuts and Jobs Act of 2017 (TCJA). If Congress
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Cody Gude, a 35-year-old from Tampa, Florida, was eagerly anticipating a decrease in his student loan payment from $200 to $100 due to the rollout of the Saving on a Valuable Education (SAVE) plan by President Joe Biden. This lower monthly payment meant he would no longer have to work extra delivering groceries on Instacart.
As individuals approach retirement with significant pre-tax 401(k) balances, it is crucial to have a comprehensive plan in place to manage future tax implications. According to financial experts, diligent savers could potentially encounter a “tax time bomb” once required minimum distributions (RMDs) come into play during retirement. Certified financial planner Scott Bishop highlights the impact
In the face of an impending retirement savings crisis, there is a glimmer of hope for individuals with 401(k) plans and other retirement accounts that fall short of the necessary funds for a comfortable retirement. These individuals, known as “super savers,” are setting an example for others by diligently contributing more than 10% of their
As the pace of inflation has gradually decreased from its peak in 2022, the repercussions are still being felt by retirees and individuals nearing retirement age. Recent research conducted by insurance company Prudential Financial indicates that a significant portion of Americans are making adjustments to their retirement plans in response to rising prices. According to
Financial aid has always been a crucial aspect for high school students looking to pursue higher education. However, the ongoing issues with the new Free Application for Federal Student Aid (FAFSA) have created significant barriers for students and their families. As of June 14, only 45% of high school graduates have completed the FAFSA, a
The average 401(k) savings rate, which includes both employee deferrals and company contributions, has reached historic levels in recent years. In 2023, the average combined savings rate was reported to be around 11.7%, matching the record high from the previous year. Another report from Fidelity also indicated record savings, with a combined rate of 14.2%
When couples face financial stress, the importance of open communication cannot be understated. Research conducted by Cornell University suggests that many couples struggle to effectively address their financial problems due to a fear of initiating difficult conversations. This avoidance is often rooted in the misconception that discussing financial issues will only lead to arguments, further
As TikTok continues to provide users with a plethora of tips on how to build wealth, one particular trend gaining traction is the “no-spend month.” This challenge urges individuals to refrain from making any non-essential purchases for a specified period of time. The idea behind this trend is to divert funds that would typically be
The U.S. Department of Education is considering extending the eligibility of the popular Public Service Loan Forgiveness program to early childhood educators. This move comes in response to the low wages that many workers in early childhood education settings face. U.S. Under Secretary of Education James Kvaal expressed the importance of supporting these educators who