Many Americans find themselves struggling with summer travel expenses long after the season has ended. According to a recent survey by Bankrate, 36% of Americans plan to take on debt in order to travel during the summer months. The payment methods for these expenses vary, with some individuals resorting to personal loans, buy now pay
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The American Rescue Plan Act, which was implemented during the COVID-19 pandemic, temporarily enhanced the premium tax credit for health insurance purchased via the marketplace. This act has benefitted more than 21 million participants in 2021 and 2022. However, the Inflation Reduction Act extended these benefits through 2025. After this point, without further action from
The upcoming 2024 presidential debate between President Joe Biden and former President Donald Trump is expected to shed light on their stance regarding tax policy. One crucial issue that will likely be discussed is the expiration of Republicans’ tax breaks, which were implemented through the Tax Cuts and Jobs Act of 2017 (TCJA). Several provisions
Cody Gude, a 35-year-old resident of Tampa, Florida, was eagerly anticipating his student loan payments dropping from $200 to $100 in July. This decrease in payment meant that he would no longer have to work extra hours delivering groceries on Instacart. However, his relief turned to disappointment when federal judges in Kansas and Missouri put
As the specter of a retirement savings crisis looms for many Americans with 401(k) plans, there is a glimmer of hope in the form of “super savers.” These individuals, who are contributing more than 10% of their salaries towards their retirement funds, are setting an example of prudent financial planning, according to research from the
As individuals approach retirement with sizable pre-tax retirement account balances, it is crucial to have a solid plan in place to manage future tax obligations. Certified financial planner Scott Bishop warns that retirees who have diligently saved for their future could face a “tax time bomb” once required minimum distributions (RMDs) kick in. The recent
The ongoing problems with the new Free Application for Federal Student Aid have caused significant delays in the disbursement of financial aid award letters for prospective college students. As a result, many high school seniors and their families are facing challenges in applying for financial aid. The National College Attainment Network reported that only 45%
The recent surge in inflation has not only affected the overall economy but has also had a significant impact on retirees and near-retirees. According to a recent survey conducted by Prudential Financial, a large number of individuals in the 55 to 75 age group are reconsidering their retirement plans due to the current state of
When couples face financial stress, the most effective approach is to engage in open and honest communication. However, according to a study conducted by Cornell University, many couples tend to avoid discussions about money when they are experiencing stress. The research suggests that individuals who are feeling overwhelmed by financial issues are more likely to
The average 401(k) savings rate has been steadily increasing over the years, according to reports from Vanguard and Fidelity. In 2023, the average combined savings rate was estimated at 11.7%, which matched a record high from the previous year. Similarly, a separate Fidelity report indicated a combined rate of 14.2% for the first quarter of