Inflation dropped slightly in April, yet it’s still close to a 40-year high, with consumer prices rising at an annual rate of 8.3%. Rising costs for housing, food, airfares and new cars were the biggest contributors to that key gauge of inflation. The typical American family is spending about $450 more per month for goods
Personal finance
A shopper at a San Francisco grocery store on May 2, 2022. David Paul Morris | Bloomberg | Getty Images Inflation is a growing concern as Americans spend hundreds more every month. But some retirees may avoid the sting of price hikes for gasoline, groceries and other costs. Annual inflation rose by 8.3% in April,
In this article PTON Most people love the convenience of buy now, pay later. Since the start of the coronavirus pandemic, installment payments have exploded in popularity along with a general surge in online shopping. Initially, spreading out the cost of a big-ticket purchase — like a Peloton, for example — just made financial sense, especially at
Piksel | Istock | Getty Images Older Americans lose an estimated $2.9 billion per year to financial scams. The House of Representatives is moving forward with an initiative aimed at helping stem those losses. On Wednesday, the chamber passed the Empowering States to Protect Seniors from Bad Actors Act by a vote of 371-48. The
Win McNamee | Getty Images As spring warmth takes hold, homeowners may want to make sure they’re prepared for the severe weather that will likely soon follow. That preparation should include checking your insurance coverage. Whether you live in an area prone to hurricanes, tornados, flooding, hail, wildfires or severe storms — all of which
Foto Sipsak | Getty Images For decades, a college education was the “golden ticket” to the American Dream, translating into higher lifetime earnings and better job security. To that point, the median college graduate makes a total of $2.8 million throughout their career, compared to $1.6 million (a 70% difference) earned by their high school
Luis Alvarez | Digitalvision | Getty Images Inflation is hovering near 40-year highs. The Consumer Price Index, a key inflation metric, increased 8.3% in April from a year ago, the largest jump since the summer of 1982, the U.S. Department of Labor said Wednesday. While a slight reduction from the 8.5% rate in March, the
Joe Raedle | Getty Images News | Getty Images Social Security beneficiaries could see another record cost-of-living adjustment in 2023, based on the latest government data showing persistent high inflation. But that increase may not be enough to pare the loss in buying power recipients have experienced over the years, according to a new analysis
To keep up with rising prices, many consumers are leaning on their credit cards. Credit card balances rose year over year, reaching $841 billion in the first three months of 2022, according to data released Tuesday from the Federal Reserve Bank of New York. Although balances fell slightly from where they stood at the end
Sarote Pruksachat | Moment | Getty Images The stock market has been off to a rough start this year. The S&P 500 Index is currently down more than 16% year to date through Monday’s close. That’s sparked worry for some investors. Some 43% said they’re too nervous to invest in the market right now, according
Hero Images | Getty Images Deciding when to claim Social Security retirement benefits is a complicated decision. But when two people are in the mix — particularly a couple where one spouse is the primary breadwinner — the decision may be even more complex. New research from Lafayette College takes a look at how Social
Jessie Casson | DigitalVision | Getty Images Stocks are sliding. But there may be a silver lining for investors. An investment loss poses an opportunity to trim your annual tax bill, via a mechanism called tax-loss harvesting. Here’s the basic premise: You sell an investment that’s in the red, and then use that investment loss