As the calendar flips to 2025, many Americans are greeted with their first paycheck of the year. For some, there may be a noticeable change as a result of new federal tax law adjustments. The Internal Revenue Service (IRS) recently announced its updated federal income tax brackets for the year, implementing an increase in thresholds
Personal
In a significant step towards alleviating the financial burdens faced by millions of Americans, the Consumer Financial Protection Bureau (CFPB) has enacted a new rule that stands to remove approximately $49 billion in medical debt from credit reports. This action is poised to affect around 15 million individuals, offering them a chance to rebuild their
Target-date funds (TDFs) have established themselves as a predominant force in the landscape of retirement savings, especially in 401(k) plans. As of 2023, they accounted for a staggering 29% of the average 401(k) plan’s assets, per data from the Plan Sponsor Council of America (PSCA). This figure underscores a significant upward trend, marking an increase
Retirement planning has become an increasingly pressing issue for many Americans, particularly those who feel they are lagging behind. According to a recent CNBC poll, approximately 40% of U.S. adults are not making sufficient preparations for their financial future. However, with the onset of new rules and strategies on the horizon for 2025, it’s a
As we approach retirement in 2025, a growing number of American workers are realizing the importance of enhancing their 401(k) contributions. According to a survey conducted by Bankrate, over half of U.S. employees believe they are behind in their retirement savings journey. This sentiment is a crucial wake-up call, especially considering the upcoming changes to
The ongoing conversation surrounding student loan forgiveness in the United States has seen significant turmoil, particularly with the Biden administration’s recent withdrawal of broad debt cancellation proposals. This shift has left many borrowers feeling uncertain about their financial futures. However, experts point out that while the landscape may be challenging, ample opportunities for targeted forgiveness
As the global workforce gradually adjusts to life after the pandemic, the future of remote work remains a contentious and evolving issue. Elon Musk and Vivek Ramaswamy recently articulated a vision advocating for a reduction in the size of the federal government, emphasizing a full-time return to office work for federal employees. Their stance, presented
The landscape of student loan repayment in the United States is on the cusp of change, particularly for the 40 million federal student loan borrowers. As President Joe Biden’s administration draws to a close, expectations are mounting regarding the future of various loan policies, especially in light of President-elect Donald Trump’s reserve views toward student
The holiday season, often characterized by joyous gatherings and merriment, can paradoxically transform into a source of financial anxiety for many. Each year, as people flock to stores and online platforms to secure the perfect gifts, they often fail to realize the financial consequences that may ensue once the celebrations are over. This year, a
Recent developments from the U.S. Department of Education have brought renewed focus on student loan repayment strategies, as the agency reopens access to two critical income-driven repayment plans: the Pay As You Earn (PAYE) Repayment Plan and the Income-Contingent Repayment Plan (ICR). These options emerge as pivotal solutions for borrowers grappling with skyrocketing educational debt.