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.
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The upcoming election season has brought attention to the trillions of dollars in expiring tax breaks from the Tax Cuts and Jobs Act of 2017 (TCJA). The fate of these tax provisions could significantly impact the taxes of most Americans after 2025, unless Congress decides to extend them. Both President Joe Biden and former President
In today’s competitive job market, many applicants are finding themselves facing tougher challenges when it comes to securing employment. However, despite the difficulties that come with prolonged unemployment, there may be a silver lining in the form of opportunities for tax planning. According to certified financial planner Jaime Quinones from Stockade Wealth Management, a temporary
When it comes to maximizing tax-free retirement savings, mega backdoor Roth conversions are a powerful tool that can be utilized by certain investors. This strategy involves after-tax 401(k) contributions that are shifted to Roth accounts, allowing individuals to bypass the IRS income limits for direct Roth IRA contributions. Unlike regular backdoor Roth conversions, mega backdoor
The work-from-home trend that emerged during the Covid-19 pandemic is now a permanent fixture in the modern workplace. While some companies have issued return-to-office mandates, they are the exception rather than the rule. The traditional five-day, in-office workweek is becoming outdated for a large portion of the workforce, as remote work offers both financial benefits
Generation X has often been referred to as the “sandwich generation” due to the dual responsibilities of caring for both their aging parents and adult children while also managing their own financial goals and aspirations. This generation faces a unique set of challenges when it comes to balancing life and finances, leading to stress and
When it comes to saving for retirement, investing as soon as possible is key to maximizing growth over time. However, there is a potential pitfall that many employees may encounter if they max out their 401(k) contributions too early in the year – missing out on their employer match. This could result in significant losses
In a world where social media influencers hold considerable power, it is no surprise that the finance bros are having a moment. A recent viral video posted by content creator Megan Boni, under the handle @girl_on_couch, features lyrics that have taken TikTok by storm. The song humorously outlines the search for a man in finance
The labor market has experienced a gradual cooling trend, making it more challenging for individuals to secure new employment opportunities. Job openings have decreased to their lowest level in over three years, indicating a potential weakening in the job market. Despite this shift, experts like Julia Pollak, Chief Economist at ZipRecruiter, reassure job seekers that
It is no secret that Americans struggle when it comes to taking vacation time. Despite 62% of workers expressing the importance of having paid time off, a significant portion of them do not utilize all the vacation days available to them. This trend highlights a concerning issue in the American work culture, where individuals prioritize