Personal finance

amriphoto Amid the nationwide flurry of tax cuts, two states are voting on whether to enact a “millionaire tax” on top earners in November. In California, Proposition 30 would add a 1.75% levy on annual income of more than $2 million, in addition to the state’s top income tax rate of 13.3%, beginning Jan. 1. 

Asia-pacific Images Studio | E+ | Getty Images After nearly a year of stock market volatility, high inflation and rising interest rates, a growing chorus of experts are warning investors about a recession. Goldman Sachs CEO David Solomon recently told investors there’s a “good chance” the U.S. economy is heading for a recession, and JPMorgan

Charles Rettig, IRS Commissioner, testifies during the Senate Finance Committee hearing in Washington, D.C., June 8, 2021. Tom Williams | Pool | Reuters The IRS said it has passed a milestone of hiring 4,000 new customer service workers as the agency prepares for the 2023 tax filing season. Hired over the past several months with

Brandon Bell | Getty Images It’s no secret that higher prices are taking a bite out of household budgets. They also appear to have made some people change their retirement savings habits: Inflation has caused 54% of adults to either reduce or stop their contributions, according to a new report from Allianz Life. Additionally, 43%

Soaring prices are making it hard for many Americans to afford expenses each month. Costs are rising for nearly every major expense from housing and food to medical care. Employee wages aren’t keeping up. Having the money that’s coming in each month going out just as fast is becoming increasingly common.  Due to high inflation,

Zoom In IconArrows pointing outwards The average cost to attend a private college in 1970 was about $3,000 a year. Today, it costs more than $50,000. How we got to this point, and its seemingly endless consequences on families and U.S. society, are the issues explored in Will Bunch’s new book, “After the Ivory Tower

Fly View Productions | E+ | Getty Images For individuals or families that get — or could get — health insurance through the public marketplace, the opportunity to choose coverage for 2023 is nearing. Open enrollment, when you can pick a health plan for next year, runs Nov. 1 through Jan. 15 for the federal

Rohit Chopra, director of the Consumer Financial Protection Bureau, testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on April 26, 2022. Tom Williams | Cq-roll Call, Inc. | Getty Images The nation’s consumer watchdog is upping its efforts to clamp down on so-called junk fees that some banks charge consumers. The Consumer

nd3000 | iStock | Getty Images Despite signs of a cooling housing market, home prices are still relatively high, resulting in bigger down payments.  Over the past year, average down payments in the country’s 50 biggest metros have grown by more than 35%, according to a LendingTree report, based on 30-year fixed-rate mortgage data from

PeopleImages Federal regulators on Wednesday adopted rule changes intended to make it easier for consumers to understand what they’re invested in and how much it’s costing them. Under amendments approved by the Securities and Exchange Commission, investment company ads will need to promote “transparent and balanced presentations” of fees and expenses. Additionally, shareholder reports from

Michael M. Santiago | Getty Images A monthly gauge of what could lie ahead for the U.S. economy is flashing a recession warning sign. The Leading Economic Index dipped by 0.4% in September from August and is down 2.8% since March, according to the Conference Board, an independent group that publishes the index. The latest

Insta_photos | Istock | Getty Images If you’re eager to secure 9.62% annual interest for Series I bonds for six months, the deadline is quickly approaching. You must purchase I bonds and receive your confirmation email by Oct. 28 to lock in the record 9.62% rate, according to TreasuryDirect. The rate is expected to drop

Mstudioimages | E+ | Getty Images Americans now expect they will need $1.25 million to retire comfortably, according to a new study from Northwestern Mutual. That figure represents a 20% increase from the $1.05 million respondents cited last year. That’s not necessarily good news for individuals who have seen their retirement savings decline in the

Nicoletaionescu | Istock | Getty Images As it has become more difficult to stretch a dollar at the grocery store and gas pump, some Americans are pulling back on one key long-term goal: retirement savings. More than half of workers — 55% — said they feel they are behind on their retirement savings, a new

Porquenostudios | Istock | Getty Images For those with student debt, the last few months may have given you whiplash. First, President Joe Biden said in August that he’d be forgiving up to $20,000 for millions of borrowers. But before much celebrating could happen, Republicans brought a slew of challenges to the policy, leaving it

BartekSzewczyk | Getty If you’ve already maxed out 401(k) plan contributions for 2022 and you’re eager to save more for retirement, some plans have an under-the-radar option, experts say. For 2022, you can defer $20,500 into a 401(k), plus an extra $6,500 for investors 50 and older. But the total plan limit is $61,000 per

Sarah O’Brien hard at work writing about personal finance. Salvatore Agostino One of the best benefits of being a personal finance reporter is my keen ability to recognize the many money mistakes I’ve made in my life. I’ve already divulged a few in the first iteration of this confessional two years ago. While some of

miodrag ignjatovic The nation’s youngest workers appear to be taking the save-for-retirement message to heart, research suggests. Defined as workers ages 18 to 25, Generation Z is saving an average of 14% of their income for their golden years, according to new study from BlackRock. Among millennials (ages 26-42), Gen Xers (ages 43-55) and baby

Families don’t like to skimp when it comes to the holidays, under any conditions. But with rising prices and fears of a recession, holiday shoppers are feeling less generous this season. Many consumers are planning to make fewer purchases — and at a discount, according to a recent holiday retail report by Deloitte. Still, households

When it comes to getting into college, every little bit helps. Often college hopefuls turn to applying early to their top school to gain that edge. By demonstrating a preference to a particular college, studies have shown, an early application can give you a leg up, which goes a long way in the hyper-competitive world