The Federal Reserve is expected to raise rates Wednesday as they look to contain soaring inflation. The first quarter-point increase in the federal funds rate in three years will likely lay the groundwork for additional hikes to follow. “The cumulative effect of rate hikes is what is really going to have an impact on the economy and
Personal finance
Sevdha Thompson, digital producer of marketing for Coalition Technologies, spent a few weeks working in Costa Rica last year. Courtesy: Sevdha Thompson Millions of Americans are quitting their jobs and rethinking what they want when it comes to work and work-life balance. Companies are responding, meeting their employees’ needs in areas like remote work, flexible hours,
Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C. Bloomberg | Bloomberg | Getty Images The IRS plans to hire 10,000 workers to tackle a massive backlog of more than 20 million unprocessed returns, including filings from previous years. They hope to fill 5,000 open positions in the coming months, with another 5,000
Anchiy | E+ | Getty Images There’s been a wave of state-level tax cuts spurred by budget surpluses, and more breaks may be coming, according to policy experts. “States have a lot of revenue on hand and they are looking to return it to taxpayers,” said Katherine Loughead, senior policy analyst at the Tax Foundation.
skaman306 | Moment | Getty Images Millions of underbanked people around the world are finally getting access to financial products such as savings accounts, investing and loans. They have technology to thank. “There’s this new type of excitement about putting your money to work for you,” Flori Marquez, the founder and senior vice president of
People wear face masks outside a supermarket on the Upper West Side in New York City. Noam Galai | Getty Images Government data shows that inflation has broken another 40-year plus record. And even Treasury Secretary Janet Yellen predicted higher prices could be with us for the rest of this year. “We’re likely to see
Fg Trade | Istock | Getty Images If your three-year auto lease is coming to an end soon, be aware that your car may be worth far more than you realize. The 2022 average trade-in value for 2019 model-year vehicles is 33% higher ($7,208) than the predetermined residual value — a vehicle’s worth at the
Xinhua News Agency | Xinhua News Agency | Getty Images Cryptocurrencies, such as bitcoin and other digital assets like non-fungible tokens, pose “significant risks and challenges” to 401(k) investors, including fraud, theft and financial loss, the U.S. Department of Labor said Thursday. The labor agency warned that employers that add crypto investments to their company
Tara Moore | Getty Images Retirees who are feeling the pinch of higher prices, take heart: There could be a much bigger Social Security cost-of-living adjustment next year. A preliminary estimate from The Senior Citizens League, a non-partisan senior group, finds that the 2023 cost-of-living adjustment, or COLA, could be as high as 7.6%, based
Getty Images Most Americans carry some debt, be it from student loans, a mortgage, credit card or a car loan. But what happens to debt management when you’re in or near retirement? While many Americans were able to pay off some of their debt in the early days of the pandemic when restrictions on activity
marekuliasz | iStock | Getty Images As conflict between Russia and Ukraine continues to send shock waves through the markets, many investors may be questioning what, if anything, they should do next. The most common advice is to stay the course. That can be difficult on days like Tuesday, when fresh losses prompted both the
Anchiy | E+ | Getty Images Lawmakers are considering a proposal to let 401(k) plans include annuities as a “default” investment option. Under a bill in the House, as much as 50% of a participant’s contribution could be put in an annuity, under certain circumstances. The idea, said supporters of the provision, is to help