When it comes to assessing your retirement readiness, many people turn to comparing their 401(k) balances to those of others to see if they are on the right track. Recent data from Fidelity reveals that the average 401(k) balance for investors on their platform was $125,900 in the first quarter. However, looking at age breakdowns,
Personal
Gen Z has been making waves in the world of investing by getting an early start with their financial future. According to the 2024 Schwab Modern Wealth survey, Gen Z adults are beginning to invest and save at an average age of 19. This puts them well ahead of baby boomers, who typically started investing
As we approach the second-quarter estimated tax deadline for 2024 on June 17, it is essential to remember the significance of making timely payments to avoid penalties imposed by the IRS. These payments are typically required for individuals with income sources that do not have withholdings, such as contract jobs, freelancing, gig economy work, or
The real estate market is experiencing a shift as more homeowners are listing their homes for sale, but properties are taking longer to sell due to high prices and interest rates. New listings from home sellers increased by 13% in May compared to a year ago, according to a report by Zillow. However, despite the
The ongoing debate in Congress on the topic of trillions in expiring tax breaks has brought to light several Democratic proposals for increasing taxes on corporations and wealthy individuals. Advocates of these plans argue that higher taxes on the rich are necessary to address income inequality and the growing federal budget deficit. One of the
Recently, the U.S. Treasury Department and Internal Revenue Service announced that the federal government has issued over $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles. Under the Inflation Reduction Act, approved tax credits for new and used Electric Vehicles (EVs) can now be delivered by car dealers at
As the 2025 deadline for the expiration of tax breaks enacted by President Trump approaches, both presumptive nominees, President Joe Biden and former President Donald Trump, have vowed to extend these tax breaks. However, the question that remains is how to pay for these extensions. The Tax Foundation has estimated that failing to extend these
Supplemental Security Income (SSI) has been providing financial assistance to individuals with disabilities and older adults for the past 50 years. When the program was first implemented in 1974, the monthly benefit payments were around $140 for individuals and $210 for couples. Fast forward to 2024, the maximum monthly benefit has increased to $943 for
Living and working abroad as a U.S. citizen while needing to file taxes can be a complex process. The regular tax deadline for most taxpayers was April 15th, but there is an automatic two-month extension to June 17th for U.S. citizens residing outside the country. This extension also applies to resident aliens, including dual citizens.
The U.S. economy seems to have split consumers into two distinct groups: those who have and those who have not. This division is evident even among retirees, as research indicates a substantial wealth transfer is currently taking place. Cerulli Associates estimates that a staggering $84 trillion will shift from older to younger generations by 2045.