If the Social Security trust fund runs dry in 2033—which it is projected to do if no action is taken—a couple with average earnings would lose $17,400 in benefits that year alone, according to a new report.
Personal Finance
Should You Consolidate Your Student Loans? What to Know Before Payments Resume
About 27 million student loan borrowers are bracing for monthly payments on federal loans to resume now that a pause introduced during the pandemic is set to end.
Is Good News Finally Good News Again?
Good news is bad news: It had been the mantra in economic circles ever since inflation took off in early 2021. A strong job market and rapid consumer spending risked fueling further price increases and evoking a more aggressive response from the Federal Reserve. So every positive report was widely interpreted as a negative development.
2024 Key Numbers for Health Savings Accounts
The IRS recently released the 2024 contribution limits for health savings accounts (HSAs), as well as the 2024 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs).
3 Ways To Tell If You Are Ready For Retirement
Retirement is more of a balancing act than a one-and-done decision. You have to know if you’re ready before you actually do it.
How much cash should you have in your rainy day fund?
It is a first principle of financial planning that everyone needs an emergency fund. The idea is that investors should always have enough money to cover three to six months of regular outgoings in an easy to access account. Just in case the car dies, or a family member loses a job or gets sick.
The Biggest Financial Hurdles Young People Face
You’ve probably relied on your parents to manage your financial matters for years… Then you graduate from college, and suddenly you’re responsible for all kinds of important financial decisions. Learning to manage your money is about overcoming four big hurdles. But just because these tasks may be challenging doesn’t mean you can’t take them on.
Why It’s Now Easier to Underestimate Your Expenses and Overspend
Many people have a gap between what they think they spend and what they actually spend. This gap has widened recently as the financial and psychological effects of higher prices further strain people’s budgets.
Where’s the Recession We Were Promised?
The 2023 recession is missing in action. At the end of last year, economists were more convinced than they’ve ever been that recession was on the way, but it refused to arrive. Now investors, economists and Federal Reserve policy makers are giving up on the idea, expecting the economy to be (a bit) stronger and stock prices and bond yields to be higher.
The Retirement Tax Break That Can Pay You an Annual Income
At college reunions and your favorite charity, there is a new ask: Donate up to $50,000 from your individual retirement account and get back monthly retirement paychecks at fixed rates of up to 9.7%, depending on your age.