As reported by experts, individual retirement accounts (IRAs) and self-employed Keogh accounts have been steadily growing over the years. The median IRA balance in 2022 was $87,000, showing an increase from $81,144 in 2019. Additionally, a Fidelity report found that the average IRA balance during the first quarter of 2024 was $127,745, which is up
Personal
Amidst the already challenging year for college applicants, a significant factor has emerged as the top priority when selecting a college – financial aid. The importance of financial aid in college choices has been magnified in 2024 due to ongoing issues with the new federal financial aid application process. The delays in financial aid award
The U.S. Department of the Treasury and IRS recently announced final tax reporting rules for digital asset brokers, setting the stage for significant changes in the world of cryptocurrency investing. These regulations, which will come into effect starting in 2026, aim to improve compliance and crack down on tax evasion in the high-risk space of
The unemployment rate has seen a significant decrease, with 30 months at or below 4%, which is close to a record low. However, not everyone who desires a job has one. A group known as “NEETs,” or individuals not in employment, education, or training, are choosing to remain out of the labor force due to
President Joe Biden’s student loan relief plan, known as the Saving on a Valuable Education (SAVE) plan, has faced legal challenges recently. However, a federal appeals court decision from the 10th Circuit U.S. Court of Appeals has allowed a key provision of the plan to resume. This decision is seen as a major win for
Recent years have shown a significant dominance of a few large companies in the U.S. stock market. The concentration of the market raises concerns among experts about whether this trend exposes investors to higher risks. This is evident in the S&P 500, the key benchmark for U.S. stocks, where the top 10 companies by market
When it comes to planning for retirement, many financial experts emphasize the need to keep an eye on your savings rate and the total amount in your nest egg. However, one crucial factor that often gets overlooked is your life expectancy. The uncertainty surrounding how long you will live can be uncomfortable and challenging to
Lawmakers’ interest in taxing the ultra-rich has been on the rise, but a recent Supreme Court ruling could pose a challenge to future wealth tax proposals, according to experts. The case of Moore v. United States focused on the “mandatory repatriation tax,” a one-time levy on certain foreign investments implemented in 2017. The Supreme Court’s
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
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