Photo by Mike Kline (notkalvin) | Moment | Getty Images Just three years after the Secure Act ushered in the first major changes to the U.S. retirement system in more than a decade, a slew of additional modifications could be on its way. With recent committee approval of proposals in the Senate and an already-passed
Personal finance
Sporrer/Rupp | Image Source | Getty Images The biggest piece of advice that people in retirement would pass along to their younger selves is simple: start saving earlier for the end of your career. Roughly 70% of retirees said that changing their habits to save or invest more and earlier is the top advice they’d
A Social Security Administration office in San Francisco. Getty Images A new Social Security trustees report points to a slightly longer time horizon for the program’s trust funds. But even with a new depletion date of 2035 — a year later than projected last year — the program still faces a 75-year deficit. A one-year
d3sign There has been a lot of chatter recently about the possibility of a recession. Yet what exactly does that mean — and what would a potential downturn look like? A recession is defined as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months,”
President Joe Biden remarks on efforts to lower high gas prices at the Eisenhower Executive Office Building in Washington, D.C. on June 22, 2022. Jim Watson | AFP | Getty Images President Joe Biden has called on Congress to put a three-month federal gas tax holiday in place to help ease the financial pain drivers
Abortion rights activists hoist their signs near the U.S. Supreme Court in Washington on June 24, 2022. Olivier Douliery | AFP | Getty Images The Supreme Court’s decision to overturn Roe v. Wade on Friday may cause financial hardship for many women, especially those already facing economic instability, research shows. The court’s decision, ending 50
Samuel Corum/Bloomberg The Senate Finance Committee on Wednesday unanimously approved a series of proposals that make full congressional passage of a retirement-improvement package more likely this year. Called the Enhancing American Retirement Now (EARN) Act, the measure contains some provisions that are the same or similar to those proposed in the House, which passed the
If there is one investment every person should have right now, it is a series I bond, according to personal finance expert Suze Orman. The bond’s variable interest rate is based on inflation, which means the asset currently has a high yield. The Consumer Price Index rose 8.6% in May, the highest rate since 1981.
The recent run-up in gasoline prices is now being felt nearly across the board. The national average for a gallon of gas is currently $4.94 after topping $5 per gallon for the first time ever earlier this month, according to AAA. Last year at this time, the price was $3.07 per gallon. The increase has put a severe
Beyond highlighting the sky-high cost of college, the pandemic has also shed light on the overwhelming burden of student loan debt. Average college tuition and fees edged higher again in the 2021-2022 academic year, reaching $10,740 for in-state students at four-year public schools, according to the College Board, which tracks trends in college pricing and student aid. Tuition and fees at four-year
Doucefleur Rising interest rates have pushed the annual percentage rates on credit cards to new highs. The average annual percentage rate on a new credit card is now more than 20%, according to LendingTree’s tracker. It’s the first time that rates have topped 20% since the tracker began in 2018. “When you factor in that
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 Consumer Financial Protection Bureau signaled a crackdown on late fees charged by credit card companies on Wednesday, as inflation threatens to