As of now, individuals who purchase health insurance through the federal marketplace benefit from the premium tax credits, which help make their insurance more affordable. These credits can be used to lower premiums upfront or claimed as a tax break when filing taxes. The American Rescue Plan Act temporarily enhanced this credit during the COVID-19
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As President Joe Biden and former President Donald Trump prepare to face off in the first presidential debate of the 2024 general election, one of the key issues that will be discussed is tax policy. Experts believe that this debate will provide insight into where the presumptive nominees stand on crucial tax matters, particularly the
The recent pause on major parts of the Saving on a Valuable Education (SAVE) plan has left millions of student loan borrowers disappointed and confused about the future of their repayments. One such borrower, Cody Gude, was eagerly awaiting a drop in his monthly payment from $200 to $100, which would have provided him with
A looming retirement savings crisis is becoming increasingly evident for individuals with 401(k) plans and other retirement balances that fall short of what is necessary for a comfortable retirement. However, there is a glimmer of hope for some workers known as “super savers” who are successfully growing their retirement nest eggs. These super savers dedicate
As retirement approaches, individuals with substantial pre-tax retirement savings such as a 401(k) or an IRA must be mindful of the potential tax implications that could arise in the future. Required minimum distributions (RMDs) are mandatory withdrawals from pre-tax retirement accounts that trigger regular income taxes. With the recent changes brought about by Secure 2.0
The ongoing problems with the new Free Application for Federal Student Aid have resulted in significant delays in the distribution of financial aid award letters. As of June 14, only 45% of high school graduates have successfully completed the FAFSA, indicating a troubling decline from the previous year’s completion rate of 52%. This decline has
The recent surge in inflation has led to significant changes in retirement plans for many Americans, especially those nearing retirement age. According to a new study conducted by Prudential Financial, 43% of 65-year-olds have postponed their retirement due to inflation, while one third of 55-year-olds are considering delaying their retirement dates. This shift in retirement
Financial stress can put a strain on any relationship, leading to disagreements and tension between partners. It is crucial for couples to address these issues openly and honestly in order to find solutions and move forward together. However, new research from Cornell University suggests that many couples avoid talking about their financial problems out of
The trend in 401(k) savings rates has been on the rise in recent years, with the average combined savings rate hitting a record high of 11.7% in 2023, according to Vanguard’s analysis. This matches a previous record set in 2022 and indicates a positive direction in retirement preparedness for many workers. Additionally, a Fidelity report
One of the latest money-saving trends on TikTok is the “no-spend month,” which encourages users to cut out all non-essential purchases for a set period of time. This challenge can last for a week, a month, or even a full year, with the idea being that it can help individuals break the habit of overspending