Personal finance

Vladimir Vladimirov | E+ | Getty Images If you’re nearing retirement with a large pre-tax 401(k) plan or individual retirement account balance, you need a plan for managing future levies, financial experts say. Great savers could face a “tax time bomb” in retirement when required withdrawals kick in, said certified financial planner Scott Bishop, partner

Hispanolistic | E+ | Getty Images The average 401(k) savings rate — including employee deferrals and company contributions — has maintained historic levels as plan designs make it easier for workers to set money aside. In 2023, the average combined savings rate was an estimated 11.7%, which matched a record high from 2022, according to

Ascentxmedia | Istock | Getty Images The pace of inflation has subsided from its 2022 peak, but retirees and near-retirees are still feeling the shock of the surge in price growth. That is prompting many people to make significant changes to their retirement plans, according to new research from insurance company Prudential Financial. The firm’s

Ongoing problems with the new Free Application for Federal Student Aid have delayed financial aid award letters — and have even prevented many high school seniors and their families from applying for aid at all. As of June 14, only 45% of the high school class of 2024 has completed the FAFSA, according to the National College Attainment Network.

TikTok is chock-full of tips for building wealth. The latest money-saving trend taking over is the “no-spend month,” which encourages TikTok users to cut out all non-essential purchases for a set period. But, in this case, even the best intentions can backfire. Here is what you should know before swearing off unnecessary spending. The no-spend rules The

An exterior view of the Supreme Court on June 20, 2024 in Washington, DC.  Andrew Harnik | Getty Images In a closely watched case, the Supreme Court on Thursday denied a challenge to a federal tax on certain foreign investments — but left questions about whether a wealth tax is constitutional. The case, Moore v.

People walk past a restaurant, with a hiring sign outside, in Washington, D.C., on Oct. 5, 2023. Andrew Caballero-Reynolds | AFP | Getty Images The unemployment rate, which has remained low for two years, has been inching higher in the first half of the year, according to data from the Bureau of Labor Statistics. For

Lourdes Balduque | Moment | Getty Images The U.S. Department of Education may extend eligibility of a popular student loan forgiveness program to early childhood educators. The Department on Thursday announced that it was issuing a request for information on potentially broadening the Public Service Loan Forgiveness program to include workers in early childhood education

Fg Trade | E+ | Getty Images As older members of Generation X inch toward their golden years, the pressure of retirement saving is on — especially for those sandwiched between the financial burdens of caring for both elderly parents and adult children. About half, or 48%, of Gen Xers say they won’t have enough

Joe Biden and Donald Trump Getty Images Voters, ages 50 and up, will have a strong influence on the November election. And politicians who want to win their vote would be wise to emphasize personal economic issues that affect them, particularly Social Security, according to a new AARP poll of likely voters from the 44

Tanja Ivanova | Moment | Getty Images Student loan borrowers have until the end of June to meet a deadline that could lead to quicker debt forgiveness. Some could even see their debt cleared immediately. Those with several student loans who apply for so-called loan consolidation by June 30 — a move that packages multiple federal

A potential buyer walks in to view a home for sale during an open house in Parkland, Florida, May 25, 2021. Carline Jean | Tribune News Service | Getty Images Owning a home can provide a way to build wealth that will transfer from one generation to the next. But more than $32 billion in

Andresr | E+ | Getty Images With trillions of dollars in tax breaks scheduled to expire after 2025, financial advisors are working with clients to prepare for the looming tax cliff.     Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, included lower federal income tax brackets, bigger standard

Halbergman | E+ | Getty Images Most people know very little about the Uber drivers who take them to work, school and wherever else they need to go. In Jonathan Rigsby’s new book, “Drive: Scraping by in Uber’s America, One Ride at a Time,” he takes the reader into the driver’s seat. Despite Rigsby’s job

Car payments have skyrocketed in recent years due to a combination of high prices and high interest rates. While some relief may come soon, industry insiders say prices may still remain high for quite some time. As of May, customers were paying, on average, $760 a month for an auto loan, according to Moody’s Analytics.

A customer shops at a Safeway store on June 11, 2024 in Mill Valley, California.  Justin Sullivan | Getty Images The rate of price increases for food has subsided in recent months, according to the latest government inflation data. However, shoppers still report feeling burdened by the prices they’re seeing in the grocery store aisles.

The Federal Reserve left rates unchanged last week and signaled that only one cut is expected before the end of the year. That means anyone who carries a balance on their credit card won’t be getting much of a break from sky-high interest charges. “Consumers need to understand that the cavalry isn’t coming anytime soon,

D’Aungilique Jackson, of Fresno, California, holds a “Cancel Student Debt” sign outside the U.S. Supreme Court in Washington, D.C., after the nation’s high court struck down President Joe Biden’s student debt relief program on Friday, June 30, 2023. Kent Nishimura | Los Angeles Times | Getty Images It took Arkansas Attorney General Tim Griffin around

D3sign | Moment | Getty Images The second-quarter estimated tax deadline for 2024 is June 17, and you could owe a penalty if you don’t send a payment, according to the IRS. You typically owe estimated tax payments for income without withholdings, such as from contract jobs, freelancing or gig economy work, or if you

zimmytws | iStock | Getty Images A protester interrupted a January congressional committee hearing to consider a bill that would create a bipartisan commission to address Social Security. “A vote for a commission is a vote to cut Social Security,” the man shouted before he was escorted off the floor. While there was a protest