Personal finance

Getty Images The first half of 2022 has been a whirlwind for investors and financial advisors amid high market volatility. As they brace themselves for the second half of the year, a key way for them to succeed will be rebalancing, Omar Aguilar, CEO and CIO at Schwab Asset Management said at the CNBC Financial

The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. Sarah Silbiger | Reuters The Federal Reserve on Wednesday hiked its benchmark interest rate by 0.75 percentage points, the largest increase in nearly three decades. It’s the latest move from the U.S. central bank to combat the highest inflation in roughly 40 years, which

Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting on May 4, 2022 in Washington, DC. Win McNamee | Getty Images The Federal Reserve looks set to raise its benchmark rate again today, and may even hand out the first three-quarter-point hike in 28 years. The central

“I’m telling my clients to be very defensive,” said certified financial planner Ivory Johnson, founder of Delancey Wealth Management in Washington, D.C. Flamingoimages | Istock | Getty Images Financial advisor Ivory Johnson doesn’t sugarcoat what’s unfolding in the stock market and economy for his clients. “It’s a very bad time,” said Johnson, a certified financial

Rbkomar | Moment | Getty Images You may not want to check your 401(k) statement for a while. If you do, you may see a drop in your balance, as a recent market rout has sent the S&P 500 Index into bear market territory as of Monday. A “bear market” happens when equity markets are

Traders work on the floor of the New York Stock Exchange (NYSE) on June 10, 2022 in New York City. Spencer Platt | Getty Images Stocks fell into a so-called bear market on Monday, after an intense sell-off that saw the S&P 500 Index shed 3.9% and fall to its lowest level since March 2021.

The U.S. Securities and Exchange Commission headquarters in Washington on Feb. 23, 2022. Al Drago/Bloomberg via Getty Images Charles Schwab agreed to pay $187 million to settle an SEC investigation into alleged hidden fees charged by the firm’s robo-advisor, Schwab Intelligent Portfolios, according to an agency announcement on Monday. “Robo-advisor” is shorthand for a digital

Piksel | Istock | Getty Images Many people who have turned to Social Security for help in recent years have found long waits for service. The pandemic made those delays worse. But the issue actually dates back to before the onset of Covid-19. Congress has cut Social Security’s core operating budget by 17% since 2010,

courtneyk | E+ | Getty Images This week is the last chance to bypass a tax penalty if you’re earning money and the IRS still hasn’t received its share, according to the agency. While some employees pay taxes through withholdings, everyone else must make a second-quarter estimated payment by June 15 — and you’re on

A man shops for meat at a Safeway grocery store in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow. Jim Watson | AFP | Getty Images The highest inflation in roughly 40 years is prompting people to shift their shopping habits, especially at the grocery

Westend61 | Westend61 | Getty Images Many workers are finding themselves in an office less often than before the pandemic, and some haven’t gone back at all. So what to do with all those office clothes hanging in your closet? Here are some ideas. Get cash for your clothes You can sell your work clothing

Prasit photo | Moment | Getty Images If you are ready to jump into the market, there are a few things experts want you to know. Investing is a great way to grow wealth, but you have to be smart about it, said certified financial planner Cathy Curtis, founder and CEO of Curtis Financial Planning

Jamie Linton landed a job in marketing before she graduated from University of Tampa in May. Jamie Linton Jamie Linton just graduated into a job market that hasn’t been seen in generations. Despite rumblings about a possible recession down the road, job openings are still near all-time highs. Millions of workers have walked away from

In the face of rising inflation, higher interest rates and slowing economic growth, there’s more competition than ever for consumers’ dollars — and even how their purchases are made. During the pandemic, most shoppers showed a preference for buy now, pay later when it came to payment and still do: Installment buying has exploded in popularity along with a

People rally during a demonstration in support of Covid-19 relief, organized by Shutdown DC, on the National Mall in Washington, D.C., on Feb. 25, 2021. Al Drago | Getty Images When the U.S. began to shut down the wake of the onset of Covid-19, it meant millions of families were suddenly without the income they

Fuel prices at a Shell station in Menlo Park, California, US, on Thursday, June 9, 2022. David Paul Morris | Bloomberg | Getty Images Americans are still grappling with the worst inflation in roughly 40 years, and many are changing their spending habits to keep up. In May, prices were 8.6% higher than they were

Catherine Mcqueen | Moment | Getty Images Inflation is eroding the value of consumers’ savings at the fastest pace in four decades. The Consumer Price Index, which gauges how quickly costs are rising for a basket of goods and services, jumped 8.6% in May from a year earlier, the U.S. Department of Labor said Friday.

Prathanchorruangsak | Istock | Getty Images Maxing out your 401(k) isn’t easy, but if you reach the limit with money to spare, there may be a way to save more.  In 2022, employees can defer $20,500 plus $6,500 for investors 50 and older. However, after-tax contributions may bypass those caps up to $61,000, including company

Kieferpix | iStock | Getty Images For retirees who want to put their charitable dollars to work right away but worry about giving away a large sum all at once, there’s a relatively easy strategy that may be a good fit. It’s called a charitable gift annuity. It’s basically is a contract with a nonprofit

Damircudic | E+ | Getty Images Saving in a 401(k) plan may be tough for workers who switch jobs frequently — a dynamic that’s come into greater focus amid the Great Resignation. In 2021, 14% of people saving in a 401(k) plan left their employer, according to a new report from Vanguard Group, which is